In the small business world, everything that you and your company take or every action that you take is about accomplishment of something. That something is your business goal.
Are you a type of entrepreneur who manage their company without goals?
Small business without proper objectives is the same as a man lost in the woods.
Know Your Finish Line
You can’t start setting up your business goals if you don’t know what you want to accomplish in the future period of time. You must know where you want your company to be in the future.
Answer these questions:
- Where is now my company in terms of customers, sales, revenue, profit…?
- What’re the results from the past? Why I have achieved and why I haven’t achieved my objectives from the past?
- What I need to improve in my goal-setting process learned from the previous two answers?
- Where I want to be my company in terms of customers, sales, revenue, profit… after five years henceforth?
- What’s my business vision?
- What’re my targets for the next five years?
- Have any type of obstacles to achieve my targets?
- How can I overcome obstacles if there are some of them?
- What will happen in the future?
- What are the trends in my industry, market or related business environment?
- What type of changes would you like to see within your company in the next five years?
- What type of changes would you like to see outside your company in the next five years? Is it possible, and how much?
Setting Up Your Business Goals
As you can see with the previous section and the questions, you’l have the basic framework for your business objectives. You’l know what you want to accomplish, you’l know the future trends and you’l know what you’l need to accomplish.
Look at your objectives as connecting dots on the trajectory where you want to be in the future.
Now with all that knowledge you need simply to put your business goals on the peace of paper and answer following questions:
- Is my business goal specific?
- Is my business goal measurable?
- Is my business goal achievable?
- Is my business goal realistic?
- Is my business goal time-limited?
Define Action Steps for Each Goal
Here, you only need to answer on one question and after that you are ready to start the race on the defined trajectory to the finish line.
- What actions I need to take to accomplish each of the defined goals?