As an entrepreneur, setting goals gives your business focus and direction. It offers a rallying point where you and your team stay focused on. With goals set, you’ll also have a yardstick, which you can use to access your efforts and results over time.
That being said, goal setting is a skill. Being able to set the right goals is an invaluable tool for any business person. However, if you’re not sure where to start, this article offers five tips on goal setting.
1. Set time-bound goals.
When setting goals, it helps to have a specific time limit. This makes goal tracking easier and allows you to assess your achievements and failures. Also, you’ll be able to make any required changes on time. Let’s say, for instance, you own a real estate business that sells luxury homes. You’ve decided to use display homes as a marketing tool instead of traditional brochures. You and your team members can then set a target number of homes to show within a specific period. You can then track progress periodically.
2. Incorporate technology.
The science of analytics has been intertwined with business management for many years. When analyzing data, there are two most common strategies used—OKR (Objective and Key Results) and KPIs (Key Performance Indicators). The OKR tool is the more preferred option since it has more expansive functions.
The great thing about the OKR tracking software is that it offers requisite variables that can help you set and track business goals. You can then assess the desired parameters and make apt decisions based on accurate results.
3. Involve everyone on the team.
“We achieve more together.” This saying is certainly true in the business world. However, teamwork requires good organization no matter how small the business is. It’s, therefore, important to involve all team members in the execution of a project, regardless of their position. This especially important when drawing out a roadmap for each goal.
This way, everyone can keep them abreast with the company’s main objectives and direction and will be fully aware of the targets of that specific project. They’ll hold themselves and each other responsible and will remain committed. To make things more fun, you can even install a board they can make weekly check-in of the progress made.
4. Be Realistic about your business’s strengths
One important factor of goal setting is understanding your business’s current status. You must know your strengths, weaknesses, manpower, and capabilities. This way, you can map out a business strategy that’s a true reflection of your abilities. Being realistic helps you set achievable goals so that you track results more precisely.
5. Have a good reward system.
The best way to go about performance management is to always have a reward for each key result. Yes, that also includes a reward for you, the business owner. It doesn’t really have to be something big or expensive. A pat on the back or a little bonus (like money or shopping vouchers) will go a long way.
Giving rewards to dedicated and hardworking staff goes a long way to encourage employee engagement and motivation. Workers would committedly and gleefully go about their duties. What’s more, the workflow will be more efficient. No doubt, you’ll be surprised at the amazing results employees can deliver when there’s something to gain from all that hard work. This also breeds a positive and competitive attitude at the workplace. With such an atmosphere, targets will certainly be exceeded.
All in all, positive goal setting involves implementing time-bound objectives, modern technology, and good teamwork habits. When successfully implemented, you’ll achieve measurable results. All these factors will immensely aid the rapid and long-term growth of your business.
