Only 8% of people achieve their goals. This means people are setting goals and making the intention but, for many reasons, do not cross the finish line.
It is likely because they do not know how to create goals the right way.
And creating business goals is essential when growing a company. You will have clients, customers, investors, and/or employees counting on you, so you need to succeed more than you fail.
But how do you set realistic, achievable goals that will help your business thrive? This guide will show you how to do exactly that.
Do a SWOT Analysis of Your Business
Before you create goals, you need to know what those goals are. You might have a good idea, but it’s better to know for certain. Knowing your “why” will keep you motivated.
Start by making a SWOT analysis of your business. This means listing your:
- Strengths
- Weaknesses
- Opportunities
- Threats
Focus on your weaknesses and threats first when growing a business. You can build on your strengths and opportunities when you have less pressing issues.
Ask Your Others for Their Thoughts
Figuring out how to create goals by yourself can be difficult and it is often unnecessary. You likely have a team, mentors, customers, or clients you can lean on for ideas. They may have unique insights that haven’t occurred to you.
Send emails to your loyal customers offering a 10% discount if they fill in a survey. Gather your team around for an informal brainstorming session so they are likely to be more candid.
Make Your Goals SMART
When you have a clearer idea of what your goals should be from the SWOT exercise and asking your team, you need to make sure they are actionable. That’s where creating SMART goals or using OKR Software comes in.
Some know about the SMART goal acronym, but few seem to follow it. Here is a refresher:
- Specific
- Measurable
- Attainable
- Relevant
- Time-sensitive
Many people create flimsy goals like “increasing revenue” or “gaining more customers.” But with these types of goals, you do not know when you have achieved them or why you want to achieve them.
An example of a smart goal is increasing revenue by 7% in the next 12 months to open another store. This meets the SMART requirements as long as 7% isn’t too unrealistic. It is far better to have low expectations and beat them than have high expectations and not succeed.
Prioritize Your Goals
Arch Point Consulting (https://archpointconsulting.com/ogsm-strategy-guide) suggests reordering your goals in order of importance or urgency.
Then, if something unexpected occurs and you have to cut out some goals, you will know which ones to pick. And the fewer goals you have, the more likely it is that you will achieve them.
You can (and should) measure and reassess your company goals every quarter.
Figuring Out How To Create Goals for Your Business Is Essential
Goals are vital to running and growing your business. Though learning how to create goals might seem easy, as you know from the data, so few do it well. But as long as you follow these tips, you will be part of the 8% that follows through.
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