Each business owner needs to ensure their business keeps moving forward by setting goals that are both realistic and achievable. Outlining goals allows important objectives to be achieved over a particular time frame. Follow these top business goal setting tips to increase the likelihood of achieving specific targets. Setting yourself goals can fall under three different stages — pre-work before the goal setting, ongoing management, and after setting goals.
Before the Business Goal Setting
Complete SWOT Analysis
The SWOT analysis is designed so your company can see where to improve. This approach is an acronym for strengths, weaknesses, opportunities and threats. This will help guide you through any challenges that may arise as well as tap into an opportunity that will benefit your business.
Ask yourself a set of questions. What are your competitors doing? What are they doing well? What aren’t they succeeding in? How can you do business differently? Where is your industry heading? A full market analysis will help answer these questions, as well as raise new questions in order to analyse your industry thoroughly.
How can you build a successful future without considering the past? Reviewing where you have come from and the progress you have made over a set period can allow you to make decisions for the future. Past performance is one of the biggest indicators for how you should plan towards your future goals.
During the Business Goal Setting
Be Goal Orientated
Once you have decided where you see the business heading in the future, you should put your goals on paper as sometimes this can make them seem more real, meaning you are more likely to achieve them. Finally, double check that these are realistic. Of course, it is completely normal to push both yourself and a business, but you need to make sure they are achievable in a certain time frame.
Who is responsible?
To ensure you stay on track with your goals you need to ensure different people manage different parts of your business goals. Set yourself a monthly meeting in which you discuss the progress and what you have achieved in that month. Work to people’s strengths and give members of your team responsibility to assure you are always progressing forward and meeting new challenges.
After the Business Goal Setting
Hold regular meetings to ensure that everyone is still feeling involved and confident in their role and spot any avenues for further growth. Don’t be afraid to make any adjustments to your goals, as your team will be on hand to pursue these with you. Analysing different companies and how they operate is a good way to get inspiration on how to run a team and meet your goals. UK property company RW Invest is a great example of a company that works well. This company liaises with property developers to source the best developments for sale across the UK. The marketing departments are then targeted on how many good quality leads they obtain from numerous marketing channels, which then gets passed on to the sales team to work the leads and give people a property that suits all their needs and requirements. After a deal is closed, each investor is looked after by a member of the client care team which look after the after sales. Companies like this work efficiently and proactively together, ensuring a perfect business environment and a growing business venture.
Ensure everyone understands their day to day tasks as you don’t want anyone hindering the progress of your business. Goals are met and achieved from a company working together with the same collective vision. Therefore, every department and individual should be aware of how their performance can affect the results of the team as a whole.