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Set goals, success will follow

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Goals are dreams with deadlines,” says Diana Scharf-Hunt, author of The Tao of Time. When it comes to business ownership, nothing is more valuable then standing back from your business and seeing the ‘big picture’.

Having concrete goals may seem stifling but chances are if your business is without goals, its growth will be practically stagnant and that ‘big picture’, just a fantasy.

To achieve the success you envision, you need to clearly identify your goals and implement measures to track your progress.

According to Alex Alexander, creator of the Full Spectrum Business Coaching program, business goals should be:

  • Significant
  • Time-specific
  • Realistic but challenging
  • Actionable and focused
  • Trackable.

Sit back, relax and brainstorm all the goals you want to achieve within a set period.

Set a target number to be achieved by a target date, ensuring that the goal fulfills the above criteria. These goals can involve business aspects such as revenue, growth rates, profitability and sales.

Once you have an overall category, such as revenue, break it down into smaller, achievable goals and try to be as specific to your business and industry as possible. Ambiguous, large goals will seem unachievable and overwhelming.

Step two is to create a Key Strategic Indicator chart, a document that will help you track your set goals and your progress towards their fulfillment.

This document can be designed any way that is easiest for you to track your progress. It should, however, clearly catalog the measurables in an assigned time frame (a year, divided monthly, for example). Have a section for the current statistic and a target number for a specified future date.

Now you have some strong measurable goals and a system to track your progress, you need strategies to fulfill them. Analyse current figures against your intended goals and determine what strategies you can implement now to ensure their fulfillment.

For example, if your goal is to achieve 10 per cent more sales, ensure your sales staff are aware of the goal and there is a sales strategy in place to achieve this (a discounted offer, for example).

Heed these tips and your goals won’t seem so distant:

  • Avoid contradictory goals. For example, you can’t aim to cut spending if you have a major marketing campaign in the pipeline.
  • Be specific with your goals. Assign measurable numbers to each so that tracking them will be a breeze.
  • Set deadlines. If there is no assigned time frame, there will be no pressure to achieve it.
  • Ensure the goal is not too large. If the goal is to increase revenue by 15 per cent, break it down into smaller, more achievable goals, so as not to become overwhelmed.
  • Finally, don’t be afraid to celebrate and reward yourself if you achieve your goals. Celebrate your success and then set new, bigger goals.

Remember, plan, plan, plan and you are sure to score your goals!

So, if you’re looking to work on your business rather than being stuck in it, book in for a complimentary business assessment today with Switzer Business Coaching

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Friday, July 02, 2010

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