How to Set & Achieve Goals of a Business
Tuesday, 23 November 2021
Entrepreneurs may start a business for a variety of reasons – to pursue a career they’re passionate about, to gain greater flexibility, to achieve financial independence, or positively impact the community. As you seek to succeed, your own vision will fuel the goals you set out to achieve. At BIG, we want to help you reach incredible business success and protect it well. We are confident that setting the goals of a business are a key to your growth and success. This blog will provide some concrete, goal-setting steps that will propel your business into new levels of growth.
Defining Business Success
What does success mean to you as a business owner? As we mentioned above, the ‘why’ behind your company may differ from others, and so will your definition of success. It may not be as simple as revenue growth. Success is all about enjoying what you do. The goals of a business should energize you and create happiness in your personal and professional life.
It could be a focus on becoming environmentally friendly or concentrating on improving customer service. You might seek to become better organized to give you more time with your loved ones. The fact is that your business’ success must be defined by you – the owner! With this in mind, you’ll be better equipped to create the goals of a business.
Read about BIG’s Top 5 Tips for the Small Business Owner.
Why Do You Need to Set Goals of a Business
You have a vision statement. You have a mission statement. So why do you need business goals? Here are five ways that the goals of a business can help you launch into new realms of achievement.
- Defining your business goals give you strategic direction and guide your focus. It will help you make efficient business decisions, avoid unnecessary distractions, and focus your efforts on what matters to you.
- Your business goals will hold you accountable. As you evaluate your goals, are they realistic? Are you taking action to reach them?
- Goals help you track progress. When you revisit your goals, you will discover which actions are or are not paying off, and which areas are succeeding or require more attention.
- Goals motivate! Small and BIG wins alike – they are all steps to celebrate. They will positively impact your mindset and success.
- The goals of a business will help you determine what you really want and force you to prioritize what matters most.
The Goals of a Business Should Be SMART
You will set yourself up for progress if your business goals meet these criteria:
Specific. Your goals should be well-defined and focused. How do you want your business to develop? Making acquisitions? Increasing your number of clients? Getting more reviews? Improving the work-life balance of your employees? Introduce a new product? Be as detailed as possible.
Measurable. Your goals should be objectively quantifiable. Whether it’s revenue growth by 20%, increasing sales by 30%, improving employee retention, create a reasonable target for your goal. When you check in, you will have a way to objectively measure your progress.
Attainable. The goals of a business need to be within reach, otherwise it’s discouraging for everyone involved. It’s great to dream BIG and imagine all the possibilities, just remember to keep those ideas rooted in reality. Look at comparable businesses to get an idea of realistic expectations.
Relevant. Consider the current industry conditions and climate. If you sought to open brick and mortar locations of a non-essential business during the pandemic, it would be challenging to gain traction. Take an honest look at your target market, your competitors, and the realities of the industry to ensure your goals are relevant.
Time-Bound. Having a realistic, concrete time frame is critical to making your goals a reality. Your deadline should be determined in conjunction with the other aspects of a SMART goal.
Steps for Setting Goals of a Business for Success
You might have long-term goals already in mind, but they may not be realistic for the near future of your business. Here are some steps to break down your larger goals and turn them into reality.
- Define your BIG goals. Think BIG about the long-term vision for your company. It may take two or more years to achieve, but you’ll be able to align short-term goals to achieve it.
- Break the BIG goal into smaller, easier objectives. What are the SMART goals that will support your in reaching the BIG one? You might consider writing a business plan, determining specific products and services to sell, securing a startup loan, bringing on new employees, selecting a location for your business, or building a marketing plan.
- Once you have the supporting goals defined, ensure they are SMART. Set measurable, time-specific targets to keep you on track.
- Make a list of single, simple, and specific actionable steps you can take to reach each supporting goal. Completing small actions gives you a sense of accomplishment and builds momentum.
Making goals for a business can be an intimidating task. Whether you’re afraid to fail or afraid to succeed, don’t let your fears stop you from seeing your business become all that it can be. Billyard Insurance Group celebrates the success of our clients who own their own businesses. As your business grows, keep in mind that your risks will change, and you might need better insurance protection. Here are 5 Signs You’ve Outgrown Your Small Business Insurance. If you’ve made recent changes, or you simply want someone to review your existing coverage, a BIG broker would be happy to help! Contact us today.