Setting Goals: Plan Your Business's Success
Before you start making changes in your business, it’s essential to sit down and do some planning. Part of this means setting some goals: what you want to achieve from your business in the next week, month, quarter, year, five years and 10 years.
Write down your goals, starting with where you want to be in ten years and work backwards, setting out what you want and where you want to be in 5 years, 1 year, etc.
Then set milestones along the way. If, for example, you want to be turning over $200K per annum by year 5, what milestones can you plan that will help keep you on track? Think about how many leads per week will you need to make that much in sales. How many staff will you need to service the clients? Will you need more equipment? When would you need to have the equipment and the staff by, in order to hit that goal? How much money will you need to set aside in order to buy the equipment? You see where we're going with this...
IMPORTANT: don’t confuse goals with milestones. The goal is the outcome - a milestone is something that needs to happen for the goal to be reached.
For instance, someone might want to have 200,000 followers on Instagram. This alone isn’t a rock-solid goal, it’s more of a milestone. Think in terms of what the 200K in followers will allow you to achieve. Will it provide the income you need to travel fulltime? Buy your dream home? Quit your day job? Think in terms of outcomes.
Here’s how to set goals in 6 easy to follow steps.
Define Your Goals and Make them Quantifiable. You should know where you’re going when you set goals. It needs to be something that can be measured. Making something quantifiable simply means it’s measurable. So think in terms of an income level, or value. For example, $100,000 in gross sales per quarter.
Make your Goals Specific Your goals should be specific. It’s great to say you want $100,000 in sales per quarter. But when do you want it by, what will you be selling and how will you achieve it. The more detail the better. If you want to own some commercial office space, write down where, how much space and the price tag. This might seem silly, but there is a saying that goes “aim small, miss small”. This is a principal of marksmanship. Meaning if you aim for detail and miss, you will still get your overall target. If you are vague with your goal, you will most likely miss completely.
Commit With Everything You Have
Once you decide on your goals, you need to commit. You must go all the way. If you’re not sure, or your goal seems off, then don’t even start. Make your goal worth attaining and then go after it with everything you have. If you fail, keep trying. It will be worth it in the end.
Make Yourself Accountable
There must be accountability. Your personal milestones are what will help you to achieve your goals. So there must be accountability tied to both the goals and the milestones. If you have a business partner, keep each other accountable, tell each other what you are going to achieve, and withhold privileges from yourself until you reach these milestones. You might not have a business partner, but you must find someone outside of yourself to help keep you accountable. When I first started going to the gym there was a guy who took a naked photo of himself and gave it to his wife. He said if he didn’t lose the weight by a certain date she was to publish the picture in the paper. He lost an extraordinary amount of weight, and the picture was put to the torch. You don’t need to do this, but do something!
Set Deadlines You will need deadlines for both your goals and the milestones to achieving them. It’s important that you set deadlines that are realistic but not too far away. If the deadline is too short, you will find yourself becoming discouraged when you don’t achieve it, or get in the habit of moving the deadlines because you continuously fail to achieve them. Set the deadline too far away and you will either lose interest or find yourself procrastinating as you will feel like you have plenty of time.
Giving careful consideration to deadlines is vital to achieving success.
If you find you are struggling to achieve even your earliest milestones, then you will need to sit down and reassess your overall plan with more realistic deadlines based on what you have been able to achieve in the current time frame.
Reward Yourself Along with accountability comes reward. You need to keep yourself on track, motivated and happy. Otherwise, what’s the point? Achieving your goals is going to be a long process so you need to reward yourself and celebrate hitting your milestones. As these add up, you will get close to success and your goal. The happier and more motivated you are, the faster you will get through your work and the higher the quality will be. So, treat yourself!
If you need help with planning marketing goals for you business - reach out by clicking here.