Last week we hosted a workshop, From Direction to Decision, that assisted business owners to really work on the goals that specifically matter to their business. Too often, small business owners become entrenched in the running of the every day and when it’s time to make those important decisions that influence the future of their business, they either make decisions too quickly or leave them on the back burner.
Specific goals are crucial to growth and performance and the way you approach your decision making can have a powerful effect on your business.
So how do you differentiate a good goal from a great goal?
- Find your WHY – This entails you to practice self-awareness. Ask yourself, “what is your purpose?” “Why do you do what you do?” “What motivates you to get up every day?” Once you have the answer to these questions, you can start to unravel your purpose.
- Create realistic goals – Realistic goals provide a sense of purpose and direction for employees. When goals are attainable, you are more likely to feel motivated and engaged in working towards them. Setting large or loose goals means that you may fall short of your expectations.
- Create specific goals– this is important for two reasons. Firstly, the more specific or explicit the goal, the more precisely performance is regulated. Secondly, you know how much time and resources you will need to allocate to your goals. This combination of time management and a clear and defined outlook will enable you to meet your objectives.
- Measurable Progress – tracking progress towards a goal allows you to see how far you have come and how much further you need to go. The beauty of a measurable goal is that you can also make any adjustments along the way to ensure you are on the right path.
- Answers to the FOUR key questions of business – In order to reach your specific and measurable goals, you need to ask and answer these four questions:
- What is my profit?
- Where has my money gone?
- How to I set my prices?
- Did I make enough to live?
- Sharpen your focus – Remember that focus brings about growth. As a business owner, you have a wide range of concerns and things that influence the operation of the business. What you can and cannot control will determine which area of your business will grow and prosper.
- Be open to change- The cycle of change can either envelop you in the same old way of thinking or it can create stable new behaviour which will keep you on your set path to achieving your goals.
Overall, creating a clear road map for yourself and having clarity around your goals will have you progressing further towards your main business targets and objectives – which will ultimately lead you to success.