You’ve heard it said that a goal without a plan is just a wish. While this statement doesn’t always apply, the idea behind it does, especially in business. Achieving a goal that moves you toward greater success should start with a plan and continue from there.
Business goals are often moving targets. Think of your next goal as a vision of where you want to be in six months, then one year, then five, and so on. The long-term targets may change as you move forward, but your direction will be similar, and your action plans will focus on the closest goals.
If this sounds like a lot of planning, don’t worry! We’ve created a step-by-step approach to setting and achieving your business goals, no matter where you are today.
Step 1. Start With Your Strengths and Weaknesses
Before taking the first action step toward any goal, getting real with your current situation is vital. What do you offer to your target market? What is the industry like today, and how is it likely to evolve over the next few years? What will you need to have/do to stay competitive?
The answers to these questions will help you understand your strengths and weaknesses. Yes, weaknesses. We all have them, and owning yours early can prevent you from losing time and money making mistakes.
For instance, if you’re not a sales-y person, hiring a marketing agency or social media manager is a cost-effective expense. If your daily workload involves repetitive tasks or requires organization, investing in professional services automation software early will help you navigate your goals and reach them with less clutter and more focus. This article by Accelo explains more about how the right PSA software can help you achieve your business goals.
It’s okay — and even smart — to outsource your weak areas. This wise business step clears your agenda so you can focus on the next step: determining and defining your goals.
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Step 2. Clarify Your Goals
Now, it’s time for the fun part—clarifying your goals. This step may be easy if you already know where you want to go, or it may take some digging. Either way, making each goal as detailed as possible will help you later.
You’ve heard of SMART goals, and there’s a reason this acronym has become so popular. It’s an effective way of setting each business goal into specific, measurable, achievable, relevant, and time-bound factors.
Start with your general direction for the future. Where do you want your business to grow? Will you run it yourself? Hire a manager? Sell it after it’s profitable? Then, working backward, determine where you need to be in ten years, five years, three years, one year, and six months to ensure you’re headed in the right direction.
As an example, if you want to set yourself up to hire managers for multiple locations in ten years and be more hands-off, then you’ll need to address your goals to lead to that target. In five years, you might want to have two offices and be training someone to take over your position. In three years, it makes sense to build that second office and begin staffing it. In two years, your first office should be successful enough to finance another office, and in one year, you may want your first office to cover your expenses with (hopefully) a small profit.
Define each goal using SMART terms and what the target will look like when it’s met.
Step 3. Create a Business Plan
Using your goal for the first year, design a business plan (the Small Business Administration has example templates to help you get started). This plan should take your goal and break it into manageable chunks with specific responsibilities and milestone deadlines for each task.
In your business action plan, determine the steps necessary to reach your target goal. Assign each step to the person responsible for achieving it (this may be you or someone you hire or outsource to). Along with the task, describe how you’ll measure the progress of that step to keep it on track with the rest of the goal and give a deadline.
Begin working on the steps you’ve outlined in your plan, using metrics and progress tracking to monitor the progress. Make changes as necessary, and communicate with everyone involved to avoid roadblocks and minimize obstacles. Recognize and celebrate the accomplishments when tasks are completed, and keep moving toward the next goals!
Conclusion
While tackling your business goals only takes three steps, spending time on each step is the key. The better you plan for success, the more likely you will achieve it. Get real with your strengths and weaknesses, set a vision for where you want to be in the future, and take clearly defined action steps to get there. Your successful business is waiting!