Planning & Goal setting for your business in 2020
What’s your plan of attack for 2020? Have you put goals in place to track your success this year? Have you planned out your year to make the most of every day? Do you know where you want your business to be when it reaches 2021? There is no better time to start planning your year than right at the start of it. Goals provide direction and motivation for the year ahead. It also helps your team have a clear vision for what they need to achieve this year in order to assist your business in growing.
Goals keep you and your team accountable.
Creating SMART goals
We all have goals for our business, however creating SMART goals can help your vision become a lot more achievable. We use the SMART acronym to create goals that are Specific, Measurable, Achievable, Relevant and Time-based.
Why? If you’re not specific with your goals, you may not realise what actions to take to achieve these goals. If your goals are specific, you will be able to recognize what to do to achieve them, and you will be able to recognize IF you have achieved them. It is okay to have a big goal, a big vision, however if you make smaller goals within these goals it becomes a lot more realistic to achieve.
So, what does it mean to be specific? When someone asks you what your goals are, you should be able to tell them what needs to be completed, who is responsible for doing so and what steps you will take in order to achieve these goals.
Why? By putting a number in your goal, it becomes a lot easier to track your progress. You could have a goal but if it is not measurable you cannot define if you have achieved what you wanted to. For example, you could have the goal to grow your following on your social media accounts, how much by? If you only grew by 1 follower would you be happy? Maybe, but that probably isn’t your goal, therefore, if you put a number on your goal you can define if you have achieved your goal or not.
So, what does it mean to be measurable? Quantifying your goal to allow yourself and your team to recognise if you have accomplished this.
Why? Having goals that are achievable allows you to build your confidence and actually see growth and celebrate wins. If we have goals that we cannot achieve, it can be seriously damaging to our confidence. If we have goals we cannot achieve, then what is the point of setting goals in the first place? If you set achievable goals, then once you complete them you can aim a little higher and then aim a little higher.
Why? There is no point in achieving goals that won’t make the difference you want, or any difference at all in terms of business growth. Having relevant goals allows you to get to where you want to go. Before you set a goal, think to yourself, what benefits will you have by achieving this goal?
So, how do you define if this is relevant? Think about where you want your business to sit in 12 months, Is it more cashflow? Is it a bigger team? Is it to be global? Then from that you need to think, is your goal relevant in achieving this overarching dream of 2020? If you answered yes, then there is your answer.
Why? Keeping your goals time-based allows you to keep yourself accountable and your goals become more attainable. Your goals require a deadline so that you can track your progress, you can know exactly when and IF your goals have been achieved. If the goal is infinite it’s probably not going to be accomplished because there is no deadline. Keeping your goals time-based also assists in keeping you and your team on the same page and the same timeline.
So, once you have your goals, what do you do?
- Write your goals down! You don’t want to get to the end of 2020 and not remember what your goals were at the start of the year, writing them down allows you to reflect and remember.
- Making sure the whole team knows (if necessary) Some goals you set may be specific to just yourself, or just you and your business partner, however if they are goals for your business, make sure you tell your whole team. It will assure everyone is accountable for each other and make the goal seem a lot more achievable.
- Check ins. Whether it be check ins with yourself, with your business coach, with your team or with your business partner, check ins help you stay accountable and on track throughout the process.
What else can you do to achieve your goals?
If you are struggling to achieve your goals, it may be because you don’t have anyone alongside you to keep you accountable, such as a business partner, or an outside influence such as a business coach. Having someone alongside you who helps you form your goals, someone who helps you work out the steps to achieve these goals, someone who holds you accountable for your goals, and finally, someone to celebrate with you when you achieve those goals.
Looking for a business coach? Find out more about the Board of Directors 12 Business Coaching Program.
CEO, Business Benchmark Group
Stefan Kazakis on 5 May 2018
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