7 Tips for Setting Business Goals
That Are Actionable and Achievable
The success and growth of your business directly correspond to the quality of the goals you set. In fact, only 8% of people who set goals actually achieve them, especially when it comes to business goals.
Both short-term and long-term goals need to have a clear list of actionable steps, along with timelines and deadlines. No matter how big or small your business is, setting goals will keep you accountable and help you grow and expand.
Keep reading to discover 7 ways for setting business goals that are both actionable and achievable.
1. Set S.M.A.R.T. Goals
Setting business goals is not enough to accomplish them. Your goals need to be well-defined, broken down into specific steps, and have clear deadlines. The best formula for accomplishing business goals is to set S.M.A.R.T. goals:
Specific - Your goals need to be clear, specific, and to the point.
Measurable - Your goals need to have KPIs to determine progress and success.
Achievable - You should be able to break down your goals into smaller steps.
Realistic - Your goals need to be realistic for your business and not out of reach.
Timely - Your goals need to have timelines, milestones, and deadlines for completion.
For example, if your goal is getting a business loan, you need to know how much money you'll need exactly, by when, where you'll get them from, what you'll use them for, and how long it'll take you to repay them.
2. Set Strict Deadlines and Targets
To learn the importance of goal setting in business, you need to put targets and deadlines to your goals. Targets can be weekly, monthly, quarterly, or yearly, depending on your goals and ambitions. Deadlines are necessary to keep you and your team on track and help you stay focused.
You can break down deadlines into milestones so that everyone can track their own progress. Then, put together a few milestones to create a deadline and communicate this with the entire company.
If you run a small business or don't have any employees, adjust the deadlines to your team's abilities and your company funds. Also, have a plan B in place in case you don't meet the targets and deadlines. This will help you move forward instead of getting stuck and not knowing where to go next.
3. Involve Your Team
Unless you're running a business on your own without other employees, it's always a good idea to involve your team in setting business goals. You can get great insights, ideas, and suggestions and set reasonable goals together so that everyone knows what to do.
It's also a great team-building exercise because it's a great chance to get to know your employees and see what their strengths and weaknesses are. They'll feel included in the growth of your business and more motivated to pursue the goals you decide upon together.
4. Set Key Performance Indicators (KPIs)
Once you learn how to set goals for your business, the next step is setting KPIs, or key performance indicators. These are the measures and numbers that'll show you if you're on the right track. KPIs can be big or small metrics, and include things like:
- Number of new customers per period
- Number of new contracts per period
- Number of new leads
- Money or resources spent on activities and sales
- Net sales and profits
- Value of contracts and leads
- Number of targets reached
- Customer satisfaction
- Customer lifetime value
- Customer support tickets
- Employee satisfaction
You can set KPIs based on your business ambitions, company size and structure, and company values. KPIs will help you get a clear vision for your goals as well as why it's important to reach them.
5. Build Better Business Habits
Running a business is not for everyone and requires a lot of motivation, dedication, and hard work. To accomplish even the smallest of goals, you need to build a set of business habits that'll guide you forward.
This means creating a schedule, setting deadlines, and planning details and steps. It means sacrificing one thing for the sake of another and also choosing employees that are aligned with your goals.
Take inventory of your current business habits and review each one for efficiency. If you discover that some habits don't bring you enough sales, profit, or productivity, replace them with new ones across the company.
6. Stay Organized and Focused
When setting goals, it's essential to stay organized and focused, and the same goes for your team. Though it's not easy to have everyone as excited as you, a good system with clearly set out steps can help everyone stay on track.
Eliminate all distractions for the time being and prioritize goals based on importance and consequences. This way, you'll know exactly what to focus on first and relieve some of the stress along the way.
Create a schedule together with your team that'll work for everyone. If you run a business alone, self-discipline is crucial for accomplishing your goals.
Sometimes, this means getting up two hours earlier than usual. Other times, it means setting tighter deadlines so you can speed up the goal accomplishing process.
7. Reward Yourself and Your Team
The best way to motivate yourself and your employees to accomplish a goal is to have a reward waiting at the end. This can be anything from a simple incentive to a big party depending on how significant the goal was.
When setting business goals, it's important to know what motivates people. This way, you'll know how to motivate each team and offer the appropriate rewards. You don't need to set up rewards for each small goal, but when you accomplish big goals, this calls for a celebration.
Setting Business Goals Is Easy With These Tips
Whether you're a new business owner or an established one, setting business goals and achieving them takes commitment and willpower. Sticking to your goals will help you grow your business, find your ideal customers, and boost sales throughout the year.
Want more business and success tips? Explore the rest of our articles on this topic and stay tuned for the latest industry news and updates.