Goals’ setting in business is a must for all corporate organization irrespective of size and structure. Its importance cannot be downplayed as they are tools in channeling and directing your energy in positive direction. Their role is as important as fuel is to an engine.
For more of this, see the abridged version of my write up if interested.
Tips for Setting Business Goals
Businesses just like individuals need to have goals to know what direction to take. A business goal is like fuel to an engine as this move the vehicle from one point to another.
However, business owners in this clime tend not to set business goals as they meander their ways through the different stages of business. When goals are absent in a business, such businesses tend to stagnate and struggle to achieve anything meaningful.
Just like you would not embark on any journey without knowing where you are going even if you cannot locate the exact place on your own, you will still need to tell people your plans to get to your destination.
Goals are tools used in focusing and channeling your energy in positive directions. They are also stepping stones to an end result and are very pivotal to organization success.
Figuring out your business goals is very important and will create a road map for your daily business activities. Your goals can be broken into yearly, quarterly or weekly goals that can now be further broken into the company’s daily activity.
Let us now look at some common tips that are important in goal setting for business.
- Put Your Goals on Paper – The power of a pen and paper cannot be overlooked. Take time to write down all you envision for your business as this has a more powerful effect of getting your attention. It is called the power of visualization. Example, I want to get new customers within the next six months. You need to write down the exact number you want within the time frame and then break it down on a monthly and weekly basis. What would be in place to enable you accomplish this? Once this is noted, you can now work your daily activities around the goals. Remember to be specific as you can be.
- Set Achievable Business Goals- Set goals that you really believe in. No matter what the business goal is, please ensure that you have a chance towards achieving it as it must be realistically set. You cannot come from a business turnover of N20million and want to achieve a N200 million turnover in less than two months without having any resources on ground to facilitate this quantum leap.
- Create Time and Milestone – No matter what you want to achieve in your business, be clear and have a defined date to know what time you want to achieve the goals. Do not be ambiguous with the goals without attaching any element of timing to it. Timing will add perspective to it and ensure it is measurable.
- Monitor and Review – Find a way of monitoring, assessing and reviewing your business goals on a continuous basis. Reaching your business goals without any form of tracking is quite impossible and can be quite frustrating when you get to change your objectives when you have already expended all your energy, effort and resources.
- Be Flexible with your Goals – No matter what your business goals are, always be open and disposed to changing your course of direction. Once you start tracking and notice that you are not getting the desired result, you need to adjust your plans when necessary.
Action Plans – What have you been procrastinating on? What plans do you have for your business? Could you take time to work on a fourth quarter goal?
Enjoy your week.
Rita Babalola
Business & Life Coach
