How to Set Your Business Goals
You have been bombarded with well-intentioned advice to set your Goals early every year.
Great but how do you go about doing this and what do you focus on?
Working with many small businesses over the last 10 years have helped me hone what the key focus areas that are not only understandable but are most likely to get done!
5 key Focus Areas to Set Your Business Goals
Below are the 5 key focus areas to set your Goals to, but first please remember that Your Goals always need to be SMART.
Check your Goals have each of these characteristics:
· Specific: don’t be vague
· Measurable: or else you will not know if your achieved them
· Achievable: do not seek to solve world poverty in one go
· Realistic: stretch but doable
· Time-bound: trackable, keep yourself accountable
Focus your Goals
1. Purpose: what problem do you solve, can you articulate this easily for others to understand, why should anyone listen?
2. Existing Clients: are they the right ones and the right price and how do you nurture them?
3. New Clients: how many do I need, how do target them, what value do I exchange wit them?
4. Collaboration: where are my likeminded collaborators that understand the value of sharing and working together?
5. Resources: what don’t I have that I need, what do I need to stop doing?
Questions Your Might Ask About Goal Setting
How many Goals make sense so you do not overwhelm yourself and your business?
How often do you work ON Your Goals?
How much time should you allocate to working On your Business?
Can You do it alone?
No More than 3 Goals at Any One Time
I think you should have no more than 3 Goals at any one time and review and refresh your Goals on a rolling 90 day schedule. In this way you can continuously check the Goal’s ongoing relevance (things change) and measurable success.
Every Week Dedicate Specific Time
The frequency of working on your Goals varies greatly between business owners. The baseline I think is that you should be working ON your business every week and dedicate specific time to do so else you will use all your time working IN your business. My thinking is that you should be spending no less than 25% of your time working ON your business.
Successful business owners do not try to do things alone. They immerse themselves with likeminded others who seek to collaborate by sharing, learning, road-testing ideas and keeping each other accountable.
So make sure you keep your Goal setting simple and embed them in the SMART and 5 key focus area program.
If you are wanting some help to set your goals , let’s have a conversation. I
Call Leigh Powell on 0422601950 or connect with him on LinkedIn
Hello my name is Leigh Powell,
As a business mentor, I know that my clients have vision, expertise and ambitious goals, even if they are just starting out. They don’t need to be told what to do, they need someone who will listen to them respectfully, ask pertinent questions that help to explore the details and implications of their strategy and challenge so that they can identify & strengthen potential weaknesses in their business.
I help them lean into what they know you should do, take responsibility for it,& turn it into a profitable strategy. Mentoring is a way to explore & test your business ideas & strategy with an experienced business person who is independent from your business, not emotionally attached to your vision.
