It is a good practice for firms to set business goals every year. The beginning of a new year is a good time to introspect. Did you manage to achieve all of last year’s goals? Which goals were partially achieved? Which did you miss out on?
Here we’ll take a look at strategies of improving business goal for the current year.
Why does our company exist –The business goals should reflect the company mission and culture. Let all members of the firm be aware of the goal which will ensure organizational clarity. Print out the goals and put it in a place where employees and customers can see them.
Avoid vagueness – Be specific in your goals. Set a numerical target in terms of results as well as a reasonable timeframe. Deadlines are necessary as you don’t want to waste time, effort and money. Don’t set too many goals. You should be aware how much is achievable in the first place.
Incorporate feedback – Learn from your mistakes. Experience is the best teacher. As with any other skills, you get better at setting ambitious business goals with practice. Brainstorming with your team is an effective method of analyzing what went wrong in the past. You will evolve into an expert business goal setter if you learn from past errors.
Leverage the effective 80/20 concept –Use the 80/20 rule. It is estimated that 80% of your business comes from 20% of your customers. Make it a major business goal to concentrate on the lucrative 20% of the clientele.
You have the right to choose –Learn to say ‘No’ politely and firmly. If someone wants your time or money for unsatisfactory causes, it is better to decline the request at the beginning itself. This way you can dedicate all your resources toward achieving your business goals.
Memory is fallible – Don’t just keep company goals in your head; jot them down so you get it down on paper. You may forget some important details.
Business is about people and relationships- It is better if you brainstorm with your employees. Doing so will make them feel wanted and important. This is a great way to get valuable feedback and suggestions. Also make building and enhancing relationships with customers a top priority business goal.
The significance of rewards –If your firm achieves a major goal don’t forget to reward yourself and the company staff. Rewarding yourself will help you and your employees stay motivated and looking forward.
Reality check – Be realistic while setting business goals. You should possess the resources such as time, number of people and the technology to achieve that goal. At the same time be ambitious and set a challenging goal. A very easy to achieve goal will not stretch your organization.
How to tackle big goals – Some goals may look impossible or overwhelming. The trick is to break them into manageable parts. This you will give you the motivation and momentum to do something big.
Prioritizing is a must – All business goals are not equal. You have to prioritize them. Make sure to get started on the most important ones right away.
Please share your suggestions and opinions to help better achieve business goals.
