5 Tips For Business Goal Setting
Written by: Anna Filatova, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
After two years of the Pandemic, I’m looking forward to see what 2022 has in store. If you’re a business owner who wants to achieve huge results this year, you have to start with business goal setting.
Without business goals in place, you won’t be able to monitor your company’s performance and your team won’t understand what needs to be done for the company’s growth. Goals are crucial for success as if you don’t know where you’re going, how will you know how to get there?
Success is never guaranteed but in order to maximise your chances to succeed in a particular project, you can set goals, create strategies and focus on implementing your action plans despite distractions, fears, and set-backs.
Setting goals gives you long-term vision, short-term motivation and focused attention on achieving desirable outcomes. It helps to organize your time and resources and have a clear structure that keeps you on track towards your goals.
Here are 5 tips that will help you with setting goals for your business:
1. Determine what you want to achieve
Think about the goals that can really push your business in the next 12 months. If you’re struggling, do a SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis for your business first and choose the areas that are performing really well and those that need to be improved.
Then based on that, come up with SMART (Specific, Measurable, Achievable, Realistic and Timely) goals that you can achieve this year. You might decide to set higher targets for the areas that are performing well and find the ways to improve the areas that need improvement.
2. Break big goals into smaller goals
When your goals are big and set for a long period of time, break them down into smaller goals that are easier to achieve in a short period of time. Ensure that your small goals are very specific. The more detailed and specific your goals are, the easier it’ll be to achieve them.
For example:
Increase revenue by 20% in Q1
Increase customer count by 1,000 by the end of Q2
Reduce the cost of X product by 5% by the end of Q3
Increase customer satisfaction by 7% by the end of Q4
3. Create an action plan
Every business should have an action or implementation plan but the number of businesses that try to operate without plans is huge. Because so many businesses fail due to a lack of strategy, you can get ahead of your competitors by using action plans.
Every goal that you set, needs to have an implementation plan. Ask yourself: how will I achieve this goal? Then make a list of specific action steps and add the names of the people or departments that will be responsible for implementing these plans.
Don’t just write: sell more X products to increase revenue by 20% in Q1. Instead, be specific. How many products do you need to sell and how exactly will you do that?
In you have a team, you can involve them as well as they might have great ideas for achieving your company’s goals and your business in general.
4. Measure progress regularly
You won’t achieve your goals if you don’t have a system to track, analyse and measure your efforts. This is why all your goals have to be measurable.
You can create a spreadsheet or sign-up for a software but no matter how you choose to track and analyse your progress, you have to do it on a regular basis.
It’ll allow you to adjust and change your action plans as you progress towards your goals rather than wait and see what is going to happen at the end of the year.
5. Celebrate your milestones and successes
No matter how big or small your achievements are, you need to celebrate them and show appreciation to your team. Everyone in your business invests a lot of energy, time and effort into achieving company’s goals so take time to acknowledge and celebrate your wins and successes.
You don’t have to organize anything big. Take your team for lunch or organize a pizza lunch in the office. The more valued and appreciated your team feels, the more motivated and invested it will be.
Anna Filatova, Executive Contributor Brainz Magazine
Anna is the founder of Dreams and Beyond Coaching Ltd, a coaching and mentoring firm that was founded in March 2020. The company offers a variety of services including coaching, mentoring, one day intensives, group programs, team coaching and personality profiling.
From a young age, Anna has been curious about learning and development and areas such as personal fulfilment, potential and success. She has always believed that people have hidden potential and by believing in them, challenging and mentoring them, she has helped a large number of individuals to thrive and achieve high results in their careers and lives.
Anna earned a Honours BA Degree in Business Studies in International Hotel Management from National University of Ireland Galway in 2011 and a MBA for Executives with Global Perspective from London School of Commerce in 2015. She has been awarded the Brainz CREA Global Award 2021 in recognition for her creative and innovative ideas, and adaptability in business.
Before becoming a certified coach, Anna spent 9 years in Hotel Management and 5 years in Investment Banking. When she was 25, she had burnout that made her realize that health, well-being and work-life balance are more important than killing herself for a fast career progression.
Success Coach, Anna helps entrepreneurs, business owners and their teams to strive for success in business and their personal lives without feeling stuck, overwhelmed and burned out. She ensures that they have all essential tools and resources for development, growth and success.
