How to Establish your Business Goals
Establishing your business goals is one of the most important step you can take to improve your business and ensure its growth. While you may be tempted to start out with a vague, unattainable vision of what you would like your business to be, establishing specific objectives is an essential part of achieving your goals.
1. Can a goal be too broad?
Setting business goals is an essential part of operating a business. Many new Entrepreneur operate with broad goals, which makes it difficult for them to succeed. Setting specific goals, keeps businesses competitive and makes them effective. Additionally, choosing the best way to reach your specific goals, helps you stay on track. Your specific goals will help your business stay innovative. They will help your business keep up with changing consumer needs and preferences.
2. Company structure matters
Setting goals also prevents businesses from falling behind, as they update their products and services, to meet the demands of the market. Every business has different needs when it comes to setting goals. Some need help developing short-term plans for growth. Others need help determining their long-term vision for success. Determining your company’s structure helps you tailor your goals towards that vision. For example, a sole proprietor needs different goals than a partnership or corporation does. You must take this into account when setting your goals.
3. Don’t get distracted
It’s easy to get distracted when setting goals- especially ambitious ones. This leads to a lack of progress towards your goals, which wastes time and resources. Instead, you must set reasonable targets that you can achieve in a reasonable amount of time. This way, you know you’re making progress towards your goals but won’t burn yourself out in the process.
4. Pivot as needed
At times, your business will need to pivot. This is like taking a different route, to arrive at the same planned destination. Having concrete goals will help you identify when to pivot and when to stay put. When COVID-19 hit, event halls closed down, gathering size was restricted and the party planning industry revenue took a nose dive. 4 months after the start of the pandemic, my company Boston Throne Chairs, LLC, had the highest grossing quarter. How? I went straight to the customers who were hosting parties in their backyards.
People got tired of staying cooked up in their homes. My company lost business from the event halls but gained direct access to the customers. Prior to the pandemic, the event planners and venue managers were the gate keepers to the party clients. The pandemic gave my company direct access to the customer. If you see an opportunity for your business to increase its consumer base, and boost sales, take it.
Business goals should be specific: Write down your goals and each step you need to take to achieve them. Your company structure matters: If you are a Solo Entrepreneur who wishes to grow into a large corporation, establish your goals where you are currently. Don’t rush yourself and start planning as if you are a large organization. Stay focused on your end goals: Distractions cost time and resources. Finally, if one way doesn’t work, to reach your objective, take another route.
Need a quick start, check out my 90-day action plan template.