Goal Setting tips for Small Businesses & Entrepreneurs
Between blogging, networking events, focussing on one product/service offering or the next....what are the right goals & actions for your business?
This is a challenge faced by many business owners, and it also applies to many career professionals – anyone with a lot of projects, priorities and deadlines. Also, anyone with a lot of creativity & ideas!!
Here are three ways to help you hone in and focus your business activities on the actions that are meaningful to you and your business.
1. Ask yourself: “12 months from now, what do I want to have accomplished in my business?” (or substitute any particular timeframe e.g. 3, 6, 9 months).
Beginning with the end in mind helps you focus on what’s important to you for the longer term (even if it’s 3 months away) and it gives you the benefit of proactive hindsight.
For example: do you want to have grown your email list to a certain number, do you want to have booked 3 speaking engagements, do you want to have met key people in your industry?
By looking at a particular timeframe, from the end, you get to view your year in an entirely different light. “What would I have to accomplish to be where I want to be?”
This allows you to set appropriate business goals that align with your overall vision.
2. What are your High Impact activities?
A High Impact activity is one that delivers a direct impact to your business – generally in terms of leading to revenue. Businesses fail because they don’t generate enough revenue and profit (revenue – expenses = profit). Prioritizing your high impact activities ensures that you are focussed on business survival and growth.
Adjusting your website or re-designing your logo, while important longer term, should be scheduled around your revenue generating activities.
A high impact activity for one business could look entirely different that one for another.
How does your business make money?
What are the steps that lead up to making a sale?
THOSE are your High Impact activities and most of your time should be spent on these.
The remaining time could be carved out between administrative and creative (or product development).
Everyone is busy and has lots to do, but the question is, are you busy doing the right things to ensure your success?
3. A final strategy, and this could come first in this list, is to consider WHY you have the goals you do.
This question goes beyond question #1 in that this looks at the much bigger picture.
What would accomplishing your goals mean to you and your business?
Do your goals align to your overall plan for you and your business in the long-term?
If not, perhaps an adjustment is necessary, or this may help you prioritize one project over the other.
These questions provide a valuable gauge or an opportunity to re-evaluate or ‘test’ with yourself to see if you on the right path.
They also allow you to course-correct throughout your year.
I recommend a regular review of your business goals and actions – daily, weekly & monthly to keep you on track.
All the best in your business planning!
NOW is YOUR time,