As business owner, it’s important that you take the time in setting goals and measuring how you are tracking in achieving them. Having clear, well-defined goals can help you grow your business, achieve your objectives and impact your team in a favourable way, as everyone knows the direction they are heading in.
Most goal setting is done at the beginning of a financial year as it coincides with tax reporting and makes measuring progress much easier
To get started
Before you even begin to write down your goals, you need to know what areas your business needs to focus on and could improve in. Some tools that could help are doing a SWOT analysis – identify your business’s strengths, weaknesses, opportunities and threats, as well as Benchmarking – research similar businesses in your industry or location and compare industry averages on income, and expenses.
Setting SMART (specific, measureable, achievable, relevant and timely) goals can help you evaluate the goals you wish to set. Think about whether they are realistic. You should write down your goals in your business plan to help keep you on track to achieve them.
Here are a few things to consider when setting your goals:
So the SMART Goal might be: I will gain four new clients for my cleaning business within a three month period enabling me to increase my present income and the value of my business.
Achieving these goals
Once you’ve got your list of business goals, you’ll need to figure out how to achieve them. Be realistic in what you can achieve. It might be helpful to break down the steps. Consider the strategies needed to achieve the goals set:
Measuring progress and attainment
Put a system in place to help you measure your goals and keep you on track.
You can keep it simple, such as making a checklist and ticking off a completed task. You can also use more complex measurement processes like comparison with budget etc
Once you are happy that you have achieved your goals, consider what happens next – if I achieved all this, what might I be capable of achieving next. You may surprise yourself!!