Secrets of Setting Business Goals
Entrepreneurs tend to be people who are doers – they get a lot of things done quickly. But sometimes their enthusiasm overtakes them and they can be misdirected in their efforts, not achieving real results while staying extremely busy.
Still, most business owners at least spend a bit of time thinking about what they want to accomplish. In fact, January often brings lofty ambitions and we start out extremely motivated, only to find our interest wavering when we see a different possibility or when the execution turns out to be difficult.
When that happens, it is time to revisit the business plan and reassess the goals. You need the right goals, and you need to set realistic timeframes. So here are secrets from leading entrepreneurs in Canada.
1. Choose Inspiring Goals
Goals are meant to be motivational – something we do for ourselves to inspire and stretch us. Maybe they should scare us a tiny bit. But they are not meant to be heavy task masters. Define goals that inspire you and then ask your peer advisory board and business coach to hold you accountable to them.
2. Have Short and Long Term Goals
The first thing an executive coach does in working with a new member at The Alternative Board is to discuss their vision and then set goals. The key is to set the right cadence. If you only set long term goals you can become bogged down in waiting for the big opportunity while not producing enough revenue. If you only set short term goals, you can get caught in a perpetual cycle of chasing the “bright shiny objects”. It is best to balance your goals between immediate income and long term growth.
3. Set Income Targets and Keep Track
Most people set a one-year revenue or income goal. But that can seem unattainable at times. If you set an annual goal and then break it down into small chunks, either quarterly or monthly targets, it becomes more do-able and can be very motivating.
4. Keep One Goal for You
There is one thing that most business owners forget in their planning process. At TAB, we encourage our members to set goals for themselves. If you don’t plan for your personal success outside of work, you don’t build a full life. Building a business is a personal and almost spiritual journey. You must enable yourself to break free of past habits and just “be” in the world. So set a self-improvement goal. And plan for time with family and friends. That is the source of energy and helps create a new mindset and further your business growth.
An executive coach can help you manage your business against your plan and goals by monitoring the performance of your business. That, combined with an Advisory Board of other business owners, can help your business explode. Make this the year and work to a plan for your business.