5 Yo! Tips On Setting Good Business Goals

A business that does not set goals is bound to fail. Why? When a business owner gets swallowed up in the day to day details of running their company, they may fail to see the bigger picture of how to remain relevant to clients.

Have you sometimes found yourself spending your work day signing cheques, approving payments, and putting out the fires of issues that pop up? Whilst you’re doing this, your competition is spotting opportunities to gain more market share from you.

It is therefore crucial for a business to set good goals.

Here are 5 tips on how this can be done.

Success is in the numbers

Numbers provide clarity for your goals

When you have written down your goal, the simplest-thinking person should be able to answer the question, “How will I know that I have achieved it?”

This is done best when one has quantified the goal. Saying that your goal is to raise sales volumes is not as great a goal as, “Increase sales revenue by 100% from the previous year.”

Be ambitious but attach pit stops to your plan.

An easy goal to achieve takes away the uncertainty that brings the discomfort and drive to do what it takes to achieve the goal. On the other hand, whereas it is important to be ambitious, one must also avoid the urge of setting goals that will be a stretch to the company, resource-wise. This is a recipe for failure.

It is crucial to mark out points when you will check your progress. If you need to make improvements in order to remain on, or get back on track, this is better done before you are further along in your plans. Don’t leave it too late to change situations that are taking you off track.

Breaking the plan into smaller chunks also increases hope that the bigger goal will be achieved. You are now better able to see the possibility. When you have succeeded in beating your monthly goal, then you realise that you only need to repeat a similar process 12 times in order to achieve the annual goal which may have seemed overwhelming at first.

Review your financial statements, with Yo! Payments.

advertisement

Determine that you will achieve the goals that you have set.

It is very easy and tempting to start working on your goals and then see something that seems better or more exciting to achieve. Resist the urge to keep changing lanes. Commit to the goals that you have set, for better or worse.

Accountability beats willpower every time.

When you have set your goal, find someone to talk to about it. Just the act of sharing it will concretise it in your own mind. You may also opt to request this person to regularly check on your progress.

Ensure that the person that you choose to share your goal with is just as ambitious as you are. If they are a fellow business owner, perhaps you will keep each other accountable for mutual benefit.

Accountability provides motivation for you to fulfil your goalsSharing your goals will also include sharing them with your team so that everyone is on the same page regarding what direction the company is going.

If there’s no timeline to it, it’s dead in the water.

Time is another number that has to be part of the goals that you have written down. What is the deadline? When do we know whether or not we have succeeded? End of the year? End of a quarter? Setting a time limit to your goals is a must.

And because, you will have worked really hard, here’s one extra tip…

Congratulate and celebrate

Include in your time line and calendar the date that you will celebrate the success that you have achieved. This way, as well as the inherent sense of satisfaction that you have from having achieved your goal, there is something extra to look forward to.

In order to see growth in your business, it is important that you are able to set good, clear goals for your business that will direct your activities throughout the year. Track your progress regularly in order to keep on track and remember to celebrate as you reap the rewards of staying focused on your goals.

Latest news and articles

Yo! Uganda Participates in the 1st NEDCA 2022...

8 December, 2022 by admin
CLICK TO READ ARTICLE

Key things that your staff training must achieve...

27 December, 2021 by admin
CLICK TO READ ARTICLE

Bulk Digitization of Agriculture Value Chains...

by admin
CLICK TO READ ARTICLE