"Give me a stock clerk with a goal, and I’ll give you a man who will make history. Give me a man with no goals, and I’ll give you a stock clerk." – J.C. Penney
When you set the right goals for your business, it can really boost your success. However, did you know there are a lot of mistakes you can make when setting business goals?
If you set the wrong ones, it can damage the business, rather than help it. So, if you want to ensure your business goals are a success, below you’ll discover 5 mistakes to avoid when setting them.
1. Not making them specific
One of the biggest mistakes you can make when setting business goals, is making them too vague. It’s crucial you make the goals as specific as possible if you want to make sure they are achievable.
A good example of a vague business goal is where you state you want to increase your profits. While this is certainly a great goal to have, it doesn’t exactly give you much to work with does it? How are you going to increase your profits, how much do you want to increase them by and what steps can you take to do it? These are just some of the things you need to consider breaking your goals down.
The more specific your goals are, the more likely you’ll be to achieve them.
2. Setting unrealistic goals
Just as detrimental to your progress, is setting business goals that are unrealistic. You may have lots of great visions of where you want the business to go. However, you need to make sure they are realistic and easy to achieve.
You can make the mistake of both setting an unrealistic type of goal, as well as an unrealistic time frame for completion. The trouble with unrealistic goals, is that they can really damage productivity and motivation. If you don’t achieve them, you’ll become frustrated and it could put you off setting more.
3. Prioritizing the wrong things
It’s a common mistake for businesses to set any old goal, without really thinking about whether they need it. The key to effective goal setting, is to prioritize your goals.
Think about the areas of the business which need the most work or improvement. While you may want to expand overseas, for example, is the business ready?
You’ll need to make sure your company at home is performing well before you even consider expanding overseas. So, before planning to expand, set goals to improve your existing business so that when it does come time to expand, you can focus your efforts on that, rather than having to deal with issues at home too.
4. Failing to review them
Setting goals is just one part of the process. However, you also need to make sure you review them frequently. Without reviewing your goals, you’ll have no idea whether your efforts are paying off.
It’s important to regularly review and track the progress of your goals to determine whether any changes need to be made.
5. Not being prepared for failure
Finally, you need to understand that just because you’ve set yourself business goals, it doesn’t mean you’ll achieve them. In fact, failure is pretty much guaranteed at some point.
It’s through your failures that you learn how to succeed. So, set your goals and be as realistic and specific as you can, but don’t assume everything will run like clockwork. Be prepared for failure and then be ready to come up with an alternative goal if something does go wrong.
These are just 5 mistakes you can make when setting business goals. By learning from these mistakes, you’ll have a much higher chance of succeeding and ensuring you fulfill the goals that you set.
5 Methods for Setting Business Goals That Successful Entrepreneurs Depend On
Now that we’ve covered the common pitfalls in business goal setting, let’s examine some surefire methods you can use to increase the chances of success.
Remember, what works for one business may not necessarily work for another. So, you may need to try out a few different methods before you find the one which works for you.
SMART business goals
There are a lot of different goal setting methods out there, but one which has proven the most successful is the SMART method. This stands for:
- Specific
- Measurable
- Attainable
- Relevant
- Time Bound
Every business goal you set should follow the above rules. All goals should be specific and measurable. They also need to be attainable, relevant and have a specific time frame for completion. If you follow this method, you’re likely to see excellent results.
Breaking down your goals
An easy way to figure out which goals to focus on in business, is to break them down. If you’re struggling to come up with specific goals, then this is the method you’ll want to try.
Start by writing down your main goals. These don’t need to be specific and will in fact more than likely be vague. Then, once you have your overall goals, it’s time to break them down.
Think about what you’ll need to do in order to achieve your overall goals. Write down the smaller steps required in order to meet your overall goals. The more you break them down, the easier they will be to achieve.
Reviewing your goals
When it comes time to set new goals, it’s a good idea to review your old ones. What worked and what didn’t work? Did you complete the goals you set? If not, work out why not.
By reviewing your old goals, you can learn from anything that cropped up to prevent you achieving them. This will enhance your chance of success with the new goals you set yourself.
Don’t forget too – the goals you set now should also be easily reviewable. All goals are a work in progress and they often need to be tweaked in order to prove effective.
Physically write your goals down
With so much technology available at our fingertips, it’s easy to set business goals digitally. It may seem more convenient to type your goals out on the computer, but did you know you’ll have more chance of success by physically writing the goals down?
It’s a good idea to invest in a physical goal planner. If you look at the most successful business leaders in the world, you’ll find the majority use a physical goal planner to help them stay organized and connected to their goals.
Make sure you feel positively about the goals you set
When you’re setting your goals, you’re going to need to make sure you have a positive outlook about them. That means, you feel they are achievable, and they will help your business to succeed.
The more passionate you are about the goals you set, the more likely you’ll be to achieve them. Don’t make the mistake of setting a goal which involves something you hate doing. If you do, you’ll find it easy to put it off and ultimately fail to achieve the goal.
There are a lot of methods you can use when setting goals for your business. However, the ones above are proven to have the most success; especially when you’re just getting started. It’s a good idea to try out a few different methods in order to see which one works better for you.
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