Tips For Setting & Reaching Business Goals
Are you looking to make more money? Are you trying to start a successful business? Regardless of your business goals or financial plans, you need to know how to actually achieve goals and monitor progress. While having milestones in mind and wanting to be successful is great, it’s only the very first step. It’s easy to have a dream in your head, such as that you want your own business, but just imagining things won’t get you there.
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Why You Have To Make Business Objectives
While positive thinking and having the right mindset will put you in the right direction, you need to learn how to set achievable goals and reach them. But, while this can seem daunting, Troy Kearns and his resources can help you with your goal setting and your overall business success. Troy Kearns offers mentor services for people looking to make more money and build the life they want, and this supplemental blog is also here to assist you in your mission and journey.
Here are some tips you can follow to create goals and meet business objectives.\
What Is A Business Goal?
While some of the tips in this guide will help you meet any kind of financial milestone, the specifics apply mainly to creating and building your own business or growing a current company. These goals are specific and aren’t just a mission statement, but they should be included in your business plan.
Regardless of what stage you are at in your company, all business leaders benefit from making attainable goals with actionable steps.
Five Specific Steps For Making Company Goals
Before we get more into how to meet and reach your business goal, let’s look at the steps to create them. Here are five specific tips to remember:
- Make sure you set goals that are simple and clear.
- Ensure your goals include a short-term and long-term strategy with steps along the way.
- Set company objectives that push you but that aren’t impossible.
- Place your goals in the context of the company’s mission and consider how other team members are important.
- Incorporate SWOT, SMART, and KPIs.
If the last point on this list doesn’t make much sense, we will go into more specific details in this article. But, these final methods are how you’ll start to implement your goals to achieve success.
Learn SWOT Analysis To Pick Better Goals
The SWOT acronym stands for: Strengths, Weaknesses, Opportunities, and Threats.
It’s challenging to narrow down your specific goals as a new or established company because you might see all the factors and areas where you need to do better. You might start to make a long list that includes better marketing, cutting costs, or building better teams. But, there’s no way to achieve every single one of these at once. You need to have realistic goals that don’t stretch you and your team too thin.
So, you can use the SWOT analysis to determine your top priorities. You’ll want to be specific. Maybe you want to make better training manuals, or maybe you need to focus on social media outreach. Pick one to three key areas and start there.
Make Sure Your Goals Are SMART
This is another acronym you might have heard before, as it can be applied to your company’s goals and personal ones. These five letters stand for:
- Specific: Make sure to outline a narrow goal.
- Measurable: Then, pick smaller goals along the way and decide how you’ll measure success.
- Achievable: Is the goal possible to meet? How will you take steps to get there?
- Relevant: Think about if the goal will help you reach the overall business success you want.
- Timely: In the goal-setting process, decide when you need to finish the goal and plan smaller steps to ensure you get there.
These steps are easier said than done, but they can help you narrow in on the process. Here’s a brief overview of how the SMART process applies to a new business that’s looking to set up an LLC:
- Set a specific goal to get your LLC status.
- Ensure you can achieve the goal by researching the standards in your state. Measure your progress by checking in every day.
- Have your goal be achievable by making subtasks such as gathering tax info or reaching out to an accountant.
- In this case, the goal is relevant because you will need some tax and financial protection as a new business with one of just a few employees.
- Set a date a month from now to finish the goal in a timely manner.
While your own business objectives might be more complicated than this, the above example gives you an idea of how the SMART process works.
KPIs Help You KeepBusiness Goals On Track
After you’ve used SWOT to figure out the company’s most pressing needs and then used the SMART approach to make intelligent goals, now you’ll need a way to ensure everything gets done.
KPIs are key performance indicators. These are the numbers you’ll use to keep track of each goal you make and its progress.
Some examples of KPIs include:
- Looking at how many new Instagram followers you’ve gotten since you created a marketing goal
- Seeing how much money is being saved on overhead costs as you’ve been trying to cut down the budget
- Tracking how many business contacts were reached out to over email
- It’s crucial to set KPIs for the company’s success on a broad level and also to set them on a team and individual basis.
It’s crucial to set KPIs for the company’s success on a broad level and also to set them on a team and individual basis.
Get Help From A Mentor
Whether you’re looking to start your own business or invest in real estate, you might need help from someone who has ground financial success. If you want to learn more from someone like you, Troy Kearns has many Youtube videos and other resources to assist you along the way. Reach out today to get started or check out the Millionaire Mentorship book.