5 Key Elements to Setting Goals
As any business owner knows, you must have a reason why you are in business. There must be objectives in mind to serve your market place by creating value to your customers.
Setting goals for your business helps you stay on track to meet those objectives for your customers and for your business to become profitable.
Listed below are the 5 key elements that helped me with setting goals for my business and why I believe they are important.
- Strategic goals that are specific. – Being specific is very important. You can’t just set a goal to make more money and expect it will happen. State your goal with a specific intent (15% increase in sales). Why it’s important to achieve that specific goal. What is involved in achieving that goal?
- Measurable – The goal you created must be able to be measured. If you can’t measure the specific goal how will you know if you are making progress? Or even when you meet your goal?
- Attainable – Make sure the goal you set is something that is realistic and achievable. I use 3 categories; short term goals, medium term goals, and long term goals. This helps keep the goals based in reality.
- Relevant – Are the goals you set moving you toward that strategic goal that you set earlier? Make sure that it is result based and aligns with your customers needs.
- Time Based – When setting goals in each of the 3 categories listed above make sure you have given a realistic time frame that the goals can be completed. I stretch mine out a little here because you never know what is going to come up to get in the way temporarily.
Once you have completed setting goals for your business you should be able to create a daily task list to make sure you stay on track.
I also review and adjust my goals every three months to make sure they still make sense and are heading in the direction I want my business to go.
A lot of people miss this setting goal activity for their business and end up floundering Don’t let that happen to you. You should have everything you need to be able to set goals for your business now!