6 Tips For Setting Business Goals

Start your business on the right foot.

Let us welcome 2021 on the right foot! With the new year upon us, many are setting their personal resolutions. That aside, in view of the current economic situation it would be fitting to review our business goals as well. Setting your business goals is just as important as achieving it, and is crucial to establishing a positive and motivated kickstart for the year. As said by Tony Robbins, “Setting goals is the first step in turning the invisible into the visible.” Business goals are an important benchmark to measure success, keep the employees on the right track and ensure the company is heading in the right direction.

Here are 6 tips to keep your team’s eyes on the prize and drive your business to success:

1. Define your quantifiable goals 

The first step to setting goals is to determine exactly what you want to accomplish. Are you aiming for higher revenue or more customer engagement? The team has to be on the same page from the getgo, as different goals require separate strategies. It is not a situation where one size fits all. Referring to your mission and vision while determining business goals is also important as it provides direction for you and your team. Most importantly, these goals must be worth your time and effort, otherwise, it would be futile and in turn frustrating.

2. Make your goals specific

No one wants to be in a position that leaves them aimless and confused. Being descriptive, specific and clear is essential. Merely saying ‘more customer engagement’ is vague, as compared to ‘an increase in 20,000 followers on your Facebook profile within the first quarter’. The specific goals set must also be realistic and achievable. Otherwise, we would be setting ourselves up for failure. It is helpful to use a goal setting framework that gives your goal a built-in action plan. For example, an annual plan with specific and quantifiable checkpoints at each quarter. This defines your end goal and creates a road map to achieve your goal. Breaking down the road to accomplish your goals is less daunting and more palatable for your team.

3. Commit your goals

Constantly remind yourself of the core motivations for your target goals throughout your journey, despite challenges arising along the way. Staying committed and motivated is key to the success of achieving your goals. If the plan gets monotonous, it is necessary to take a step back, regroup and find an effective way to overcome it. Do identify ways to prevent procrastination for you and your team. Impromptu casual meetings in a dynamic environment might be the solution to a mental block. It is important to enjoy the process and reward yourself for keeping focused.

4. Communicate your goals 

Communicating your goals means getting more people involved. When your team is on board with you during your goal setting, it promotes accountability and this in turn becomes a motivating force. No one wants to be the “slacker” in the group. Therefore, it is important to get everyone involved. Clearly disseminate individual roles and jobs, so that everyone is on the same page and are working towards a common goal.

5. Set a deadline 

Time is money. This phrase rings especially true in a competitive market in which businesses race against time to outperform other players in the industry. As the saying goes, “The early bird catches the worm”. You aim to keep your business at a winning advantage. Goals without deadlines indicate that you are not fully committed and you might end up wasting your efforts and your teams’ as well. Determining a deadline puts your goal into context and keeps your team focused. When picking a date, you need to be reasonable and not too aggressive. Having an overworked and burnt-out team is the last thing you need as this will most likely lead to failure in the long run.

6. Reward yourself and your team

The road to goal setting and accomplishing them is a challenging task. While it is important for you and your team to achieve them, it is just as important to acknowledge and celebrate the teamwork too. Every small victory counts. The joy and sense of fulfilment from these achievements renews the motivation for everyone involved.

Growing a business is like growing a plant, constant care and nourishment are necessary. The idea that sparks it is the seed. If left unattended the idea remains as it is. Setting goals and designing strategies are methods in which one nurtures a business to grow and flourish. Just like the famous words of Benjamin Franklin, “If you fail to plan, you are planning to fail.” We hope that our tips have alleviated your anxieties in setting up your business goals, and we wish you all the best.

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