How to Set Business Goals
It’s important to set clear business goals. These goals point you in the right direction for meeting your overall business objectives and aims.
Distinguish your long term objectives
These need to be different from your short term goals because short term goals are what will help you reach your long term goals. Your long term goals should technically reflect the reason for starting your company. It’s vital everyone within the company knows the long term goals and knows how each individual will help the company reach those goals.
Set short term goals
Then, you have to set short term goals that will help you get one step closer to your long term goals. It’s more than likely that all short term goals will be associated with different long term goals, so perhaps organise this and decipher what actions need to be taken to reach each end goal. Try to make your short term goals SMART - specific, measurable, achievable, relevant and timed.
In terms of being specific, you need to define each of your goals, not just a vague overview. A vague goal could be something like “gain more likes on Facebook”; you need to set a target of how many likes and potentially the timeframe you want to gain those likes in.
Use clear metrics
When setting goals, you need to give yourself clear measurables. This means finding metrics you’re going to use to track how these goals are doing. For example, continuing on from Facebook likes, the obvious metric will be the amount of likes. Using this metric will show you clearly whether or not you’ve hit your goals. If you can’t measure the progress of your goals, you’re not going to know whether your business is succeeding.
Try not to set yourself up for failure. Whilst it’s nice being optimistic, being too optimistic may simply result in failure. If the goals you create are unobtainable, you’re more than likely not going to reach them. The amount of repercussions from not reaching goals is astounding, including feeling disheartened or belittled. A simple way to avoid these repercussions is simply to set goals that are optimistic but not overly. Challenge yourself, but not too much.
Make your goals relevant
Your goals need to be relevant to your overall business objectives. If your short term goals aren’t in relation to long term goals or don’t relate to your business; there’s no point in having them. You need to distinguish between what goals you actually need, from what goals would be nice to have. For example, it’d be nice to have 10 million Facebook likes but is that actually what your business needs or what you should focus on?
Have a time scheduled plan
You need to create a timed plan for your goals. Having a timed plan is very important as it will ensure you know when you need to execute certain aspects of your plan. Doing things sporadically may work for your company, but at the same time it may not. Often, sporadicity can make for a confusing, almost chaotic approach.
Setting business goals is absolutely essential. Without having business goals it’s difficult to stay on track with what you’re doing and why you’re doing it.
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