If you’re like a lot of entrepreneurs, your main goal when you launched your company was to stay afloat in that first year of business without much planning or forward thinking. This is the critical stage where so many small business owners fall into the trap of focusing on “making ends meet” and “meeting payroll.” After that first year, they forget to take a step back and plan for their business’s future and things begin to slow down or stall.

When business owners make a commitment to incorporate future business planning, that’s when things start to fall into place and the magic starts to happen. Small business owners should not be skeptical; they should not be afraid of setting business goals for there is no reason not to, and there are no downsides. After all, goals are an excellent measuring stick for success.

As you set goals, the following occurs:

  • You clearly identify your business and personal objectives.
  • You determine which steps need to be taken to achieve your goals.
  • You take actionable steps, which bring you one step closer to success.
  • You stop wasting time on ineffective tasks and instead shift your focus on productive actions which bring you closer to your short- and long-term goals.
  • Your self-confidence grows with each completed step, and so does your team’s.
  • You gain momentum as you get closer and closer to your goals.
  • Upon having laser-focus and taking strategic steps, you ultimately reach your goals and set the bar even higher for even greater success.

Without having business goals fixed firmly in the mind of the small business owner, the company is like a ship sailing the open seas without a compass. You probably rarely (if ever) get behind the wheel of an automobile without having a destination, so why would you drive your business without a destination in mind? Besides, apart from the benefits of taking a carefully laid out path, it’s difficult to establish a winning team when the members aren’t working toward a common goal.

Here are four ways to start goal-setting today: 

1. Identify your “why.”

As a small business owner, it’s important to identify your why – the reason why you went into business in the first place. Is it to have financial freedom? To pursue a passion? To build a nice retirement or put your children through college? To leave a legacy to your children and grandchildren? Whatever your “why” is, identify it and don’t forget about it.

2. Identify your long-term goals.

Before you can start setting short-term goals, you must set long-term goals, business-wise and personally because they’re interconnected. Do you want your business to make 1 million a year or 5 million? Do you want to expand into a bigger building and have 30 employees or 500? Do you want to open more locations and eventually offer franchise options? Whatever your business goals are, identify them and memorialize them in writing.

3. Identify your short-term goals.

Once you clearly defined your long-term goals, focus on making short-term goals and subsequently, tactical decisions. During this stage of the goal-setting process, remember that education and knowledge are power. The more information you have about an option, the better position you’ll be in to make good decisions for your business. In this stage, break your goals down into smaller, achievable steps that help you reach your long-term goals over time.

4. Take action, but be flexible.

Goal-setting is critical for long-term success but it’s useless without action. Once you’ve broken down your goals, you must implement them. However, be prepared for the unexpected. Firmly establish your main goals, but remain flexible and be prepared to pivot if necessary. In other words, keep your eye on the prize but be prepared for detours, unplanned delays and route changes, and maneuver accordingly. Stay positive and accept the fact that business is full of surprises.

Make 2018 the Best Year Yet 

At AdviCoach, we explain to our clients that goal-setting is essential for building a rock star team. When small business owners set goals, it ensures their team understands what the company’s objectives are so everyone can work in unison. When the entire company clearly understands what it is striving to accomplish, it makes for better decisions in regards to hiring, production, sales incentives, and making financially-driven decisions. By goal-setting, you’re eliminating the uncertainty that leads to inefficiency and lost productivity.

There’s a lot to be said about setting goals for your organization and not flying by the seat of your pants. With the New Year around the corner, there’s no better time than now to start working with a business coach. By letting AdviCoach help you look at your organization, you can gain a broader perspective on what you’re trying to accomplish. Our coaches can help you make 2018 the best year yet – contact us today to get started.