If you really want to grow your business, one of the best things that you can do is set goals. A recent study found that people who set goals are up to ten times (yes, really!) more likely to succeed.
But goal setting is more than just thinking of a goal; you also need to think about priorities, deadlines and your team.
Here’s everything you need to know about setting clear business goals.
1. How To Set Clear Business Goals: Think About Your Priorities
If you’re not sure how to even start setting goals for your business, don’t worry; you’re not alone! Lots of business owners struggle to determine clear business goals when they first start out, but in reality you just need to think about your priorities.
Ask yourself these questions;
What can I do to push my business forward?
What is my budget?
Where do I want my business to be in one year?
Where do I want my business to be in five years?
What do I want to accomplish?
What are my core values and morals?
Do any areas of my business need improving?
Answering these questions will teach you more about yourself and your business; maybe you will realise your goal is to fix weak spots within your business, or maybe you will realise you want to expand and open a second location.
2. Be Specific (And Set Deadlines!)
Once you set a goal, get specific. Don’t just say you want to increase your profits; set a clear goal, such as increasing your profits by 20% within the next six months. Setting a deadline will motivate you to get started, and having a clear goal will also make it easier for you to stay on track.
3. Write Them Down
Don’t just keep your goals in your head; write them down to make them feel more real. This means you are more likely to achieve your goals; in fact, a recent study found that people who write their goals down are around 50% more likely to succeed!
4. Tell Your Team
If your business has employees besides yourself, set up a meeting to tell them about the new business goals. This will keep them in the loop so that you are all on the same page, and you also may require their help with some of the goals (for instance, you may want to improve your customer service, which could involve retraining your virtual customer service team).
5. Meet Frequently To Analyse Progress
It feels great to finally accomplish your goals – but it can be pretty difficult to do this if you don’t track and monitor your efforts. So set up a system to monitor your goals (for instance, an excel spreadsheet or a Google analytics program), and then take some time every week or month to monitor your current goals and progress. Ask yourself these questions;
Am I on track to meet the deadline I set?
Was one month more successful than another? If so, why?
Can I alter my current efforts to achieve this goal sooner?
What is the current status of the goal?
Goal setting can seem intimidating, but if you follow these steps you should have a clear, concrete goal plan that encourages your business to thrive.