As an entrepreneur, you have a clear vision of what you want to achieve on a business level. You probably have goals because you know what you want to achieve. But, the problem is not in setting up business goals. It’s more on the process of setting up achievable and highly committed goals.
This post will be as a guide which will lead you through the process to set up your business goals that will be achieved at the end of the period.
The simplest way to set up business goals is to start with the answer to the questions where you want your business to be after some period of time and define the roadmap how to bring it there. There are many directions that will help you to bring your business in the desired future position, but you need the right directions that will help you to be there with the optimal efforts and the quickest possible time.
#1 Start With Your Business Needs
First things as a first. You need a clear vision where you want your business to be in the future. If you didn’t know that you can’t start with setting up the goals for your business.
What are you needed? What does your business need to achieve in the future? What do you want?
As you can see in this level of setting up your business goals, you will use words as a need, want and wish.
For example, the sentence can be:
- I need to make $200.000,00 in profit.
- I want to make $200.000,00 profit.
- I wish to make $200.000,00 profit.
Your needs, your wants or your wishes will create a clear vision where you want to be in the future.
#2 Translate the Needs into Actionable Elements
If you look at the statements from the previous step you can conclude that they are not actionable, they are only wishes or your dreams. Your goals need to be actionable as more as possible.
The needs, wants or wishes can be useful, but they are not obligatory for you as an entrepreneur to achieve them. But, if you use statements as “I will make $200.000,00 profit”, then you will be much more pushed to work to achieve such a goal.
#3 Make a List as Small as You Can
You can have a large list of your dreams translated into actionable items. But, you don’t have a potential to achieve all of them in the same period of time. You need to decide what will be most priority items from your list.
Choose between 5 to 10 items as a good basis for your business goals.
#4 Make Your List SMART
Your goals need to be SMART goals.
- Specific. Your goals need to be specific as much as possible. Ask yourself are your goals specific? For example, you need a specific goal as I will make $200.000 profit instead of an unspecific goal I will make a profit.
- Measurable. Your goals need to be measurable which will enable you to measure the progress through them.
- Achievable. Your goals need to be something really achievable. For example, can you achieve the $200.000,00 profit? If you can’t, or it is not achievable, it is better to change your goals.
- Realistic. Are they realistic? You want to achieve the goal to make $200.000,00 profit, but do you and your business are prepared for such a goal? Do you have enough market to achieve such a goal?
- Time Limited. Are they time-limited? If you don’t make your goals time limited than you simply don’t have the goals at all. Something without limit of when must be achieved can’t be a goal. For example, your goal will be something like this: I will make $200.000,00 profit in the next twelve months.
#5 Do Not Forget about Emotional Connections
One of the biggest problems with the goals even they are SMART goals is lack of the emotional connection between you and your goals. You can have the best goals, and they can be SMART goals, but they are for the future. You set them today and will use them tomorrow. But, tomorrow can bring other possibilities or other different activities that will push you back from your initial goals.
After you make your goals until to this step you need to add a because after them. For example, I will make $200.000,00 profit because… Answer these questions to brainstorm possible ends of your goal sentences:
- Why would you achieve this goal?
- What will you get?
- What your customers will get from achieving this goal?
#6 Write Your Business Goals
Now as you have your goals defined you need to make them visible, you need to sit and write them down on the paper. The purpose of writing your goals on the paper is to increase your own commitment to the achievement of your just defined goals.
#7 Publicly Show Your Goals List
You need to communicate publicly your just defined goals if you want to increase commitment and accountability for you as an entrepreneur. You are in charge of the achievement of the goals.
Talk about them with your employees, customers and business partner. When you say something about your goals with important persons for your business you will be more committed to them.