Goalsetting is a crucial step in every business. Setting business goals that align with your morals, and are SMART, aims at improving the performance of your business
What is goal setting?
Every organization has business goals of achieving a particular target within a specific period. And the first step to execute this goal is the goal setting activity. Goals keep any organization or business effective, on track, and profitable. It helps enterprises in keeping their work aligned.
Goals are a level of success and competence that businesses want to achieve, and goal setting directs us on how to accomplish these goals.
Why is goal setting needed?
Goal setting in any business is the most positive way of engaging all the innovative minds in your business into completing a specific target. Accurate implementation of goals can motivate entire teams and help them achieve the desired results.
There are many studies conducted that show goalsetting increases an individual’s intensity of effort. For example, the more arduous and valued your business goal, the stronger your efforts will be, and, better your results.
Goalsetting gives your business a specific direction and helps you in obtaining the best results. Goal setting involves proper planning for achieving a specific target.
How to accomplish goalsetting?
“A goal without a plan is just a wish.” – Antoine de Saint-Exupéry
If you ask a simple question to someone “Are your goals important to you?” They will probably reply “yes’. In a new year, goal-setting is typically on your mind. While the initial motivation for change may be high, statistics show most of the New Year’s resolutions are broken. As time passes either the motivation drops, or you lose focus of your goals.
A simple reason is the lack of proper planning. And this is the reason why most of the business goals remain unachieved. So let us see proper ways of setting goals.
1. Choose the goal as per your priority
When it comes to goal setting you first need a very specific goal. Choose the goal that matters the most to you and the one that aligns with you and your business’s core values. Many business owners struggle with choosing the right business goals. When you prioritize your goal, the necessity of it will motivate you to achieve it. You will think of every possible way to accomplish it.
And as a business owner if you don’t know the most appropriate business goals for your business then think this way, instead of contemplating what goals you want for your business think about what you want. Take a look at your business growth, and determine the places where your business’s growth is lagging. Now come up with business goals that can create a spike in those flat graphs and increase your customers or business’s performance within the next six months or a year.
2. NLP visualization for goalsetting
Visualizing your future helps you stay motivated and makes you work harder. Most business owners have succeeded in keeping themselves determined in achieving their business goals with NLP visualization. If you have chosen a goal then visualize yourself as if you have already accomplished it. This simple process of imagining success makes you believe you can do it and helps to stay concentrated. The more time you spend thinking and visualizing your goals, the closer you get to your goal.
Practice mentally to achieve your goal. If you have a goal of running a marathon and you are working hard for it then visualize you have already won that marathon. As a business owner if your business goals are about dominating the market then visualize it!
They say the human mind is a huge web. With lots of effort, you might get a glimpse of your conscious mind. But it also includes a subconscious component playing a very important role. Digging into your subconscious mind is difficult to do on your own. Neuro-Linguistics Programming (NLP) is a tool that helps you tap inside your brain. A Business coach can help facilitate this technique for you.
3. The SMART goals
Now that you have business goals on which you want to work, let us see if the goals are the SMART.
SMART goals mean Specific, Measurable, Attainable, Relevant, and Time-bound.
Be Specific with your goals. Consider aspects of whom, what and when. Take notes of simple details, like the money that’s required for establishing this goal or the time. If your goal is to increase your customers by 30000 in the next six months then you will work according to it. Vague goals will mislead you.
Measurable goals are the ones by which you can measure your success. As a business owner suppose your target is of adding 30000 new customers within six months. So you set a target of adding 5k customers every month and when the new customers are added by the end of the first month you can measure your success and complete your goal.
Attainable goals mean realistic goals. Goals are created to stretch our limits but don’t keep unrealistic goals. In goal setting, it is important to know that your goals are achievable.
Relevant goals are the goals that are relevant to your core value and the target that you want to achieve. Relevant to the situations you are in. And that aligns your life and business.
Time-bound means every goal should have a certain deadline by which the goal is expected to be completed. Create a tentative time frame by which you expect to see your results. Like in the above examples you set a time frame that within six months your Business will have 30000 new customers. And These deadlines help you stay focused and accountable.
4. Written goals
Once there is complete clarity about the goals you as the business owner want to accomplish, write them. It is proven that people who write their goals are more likely to succeed in their path than the ones who don’t. Write your goals and stick them to a place where it is always visible to you. These goals will keep reminding you why they were written and what you want to achieve.
If you choose to skip this you might end up forgetting important business goals. Writing your goals is an action that signals your mind on remembering them and directs your thoughts toward achieving those goals.
5. Review the progress regularly
You take one step after another towards achieving your goals over a period of time. It is not an overnight change. As a business owner reviewing your progress regularly helps you ensure you are moving in the right direction.
Achieving business goals is a team effort. It’s incomplete without the support and assistance of your team. This also requires alignment of the overall business’s goals with your employees’ goals. Find a way by which you can keep track of your goals and progress that works for your employees as well.
Arrange regular review meetings in the office (for example once each fortnight) discuss the progress of your business and to review whether things are working in favor of achieving your goals or not. You can exclude the things that aren’t working your way. This process is about stopping, Observing, and Changing.
This meeting will have a strong effect on the employees and will provide new ideas to help the business reach its goals.
6. Have alignment with long-term goals
In goal setting, there are primarily two types of goals. You may have goals about your business that you want to achieve within next week or next month called short-term goals. Your long-term goals are the visions you have for your business that you want to achieve in the next 5-7 or even 10 years. These long-term goals give your business clarity. It gives your business the directions needed to reach a desired point.
Short-term goals work like a ladder to achieve your long-term goals. Think of your goal setting as a set of stairs where you need to walk step by step to reach the top. You need to write the long-term goals as short terms. Accomplishing these short-term actionable goals will help you as a business owner achieve the long-term goal. If your target is to achieve great success, break long terms goals into small achievable steps.
You achieve your long-term goals in a set duration and not in deadlines. For example, you will dominate your industry within the next 3 years, which is just an estimated duration by which you may be dominating your niche. Your long-term goals could be about increasing profit margins, dominating the market, selling your products or services on a bigger platform, and so on. A long-term goal helps every leader take decisions that align with the Business’s interests.
Make your business goals simple so that everyone can remember them. The long-term goal should be written in simple language, this ensures that every employee in your business understands your goal.
7. Manage your goals
For a business owner, managing goals is a very important step in goal setting. There are many types of software available in the market that can help you manage your goals and keep a track of your progress. Like Clickup, Monday.com and asanas Even if you have created your business goals, but forgetting to track them can result in a major loss. To avoid this, it is recommended to monitor your goals using a software hence there should be software to monitor your goals.
A Business Coach can help you set and visualize your goals. A coach also helps you overcome any challenges and holds you accountable to stay on track.
8. Commitment is necessary for goal setting
To achieve any business goals whether long-term or short, as a business owner you need to be committed to the goals. Achieving success will depend on you staying aligned to your goals. If you are determined to make your brand powerful, only then will you think about various ideas and help your employees drive your brand recognition in the market.
And lastly, have faith in yourself; everything you see around yourself was once a man’s crazy idea. By trusting the process you will achieve the goals. Every business in the starting phase is small and these business goals are what makes it successful.