The Foolproof Way to Set Goals For Your Business

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The Foolproof Way to Set Goals For Your Business

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Entrepreneurs just want their businesses to grow and thrive. One way to ensure that is by setting goals for your business. Contrary to what people may believe, there is a right and a wrong way to set goals.

In addition to that, a goal is not a wish, it’s something that you’ll be actively working towards. People tend to set big lofty goals in January that we abandon really quickly.

Unfortunately, not getting the satisfaction of achieving a goal may make you feel bad or even demotivate you. We want you to stay motivated this year and that’s why we’re going to discuss how to establish SMART goals.

What are SMART Goals?

The SMART in SMART goals is an acronym for a method of goal setting. This method was designed so that you’ll be able to set goals the right way and have a better chance of achieving them. SMART stands for specific, measurable, achievable, realistic, and time-bound.

1. Specific

Setting goals such as you want to have a successful business or to make more money is not good goal-setting. Why? They’re too vague. You’ll have to set more specific goals such as “I want 10 more clients by the end of the year” or “I want to make $5000 per month”. Those goals are specific. When thinking about your goals, answer five questions:

  • What goal do I want to accomplish?
  • Which resources would I need to accomplish this goal?
  • Where is it located?
  • Why is this goal important to me?
  • Who do I need to accomplish this goal?

2. Measurable

If you don’t set measurable goals then you’ll never be quite sure when you reach them. For example, if you say you want to make more money, you have to define how much money and by when. You should be able to track the progress of your goals. For example, say you’d like to earn $5000 per month, if you’re keeping a record of your earnings, you’ll be able to see whether or not you’ve achieved that goal.

Image of a calendar and cup of coffee

3. Achievable

Yes, the sky is still the limit but we also have to be honest with ourselves about the goals we set out to accomplish. Goals need to be realistic.

If you’re making $500 a month then maybe your goal shouldn’t be $5000 a month right away, but maybe $1000 per month. Wanting to make $5000 a month may be what you truly want but it may not be possible just yet for a myriad of reasons.

While trying to earn $1000 a month may seem like too small a goal, you’d be doubling your income and so you could look at it that way.

4. Relevant

Knowing why you’re setting a goal and whether or not it’s worthwhile is important. For example, if your goal is to make $5000 per month, think about why you chose that number. If your goal is traveling twelve times for the year, why?

Sometimes we absorb other people’s goals and we feel bad when we don’t achieve them. One way to know if the goal is relevant is by considering whether or not it’s the right time. Maybe a pandemic isn’t the right time to be setting traveling goals. You can also think about if the goal is worthwhile. What will you gain from achieving this goal and do I care enough to work towards it? Answering these questions honestly can save you time and energy.

5. Time-Bound

Finally, an important key in goal setting is to give the goal a deadline. For example, saying that you want to attend 10 networking events for 2021 is different from saying you want to attend more networking events. With the former goal, you know you have until December 2021 to attend these events and you’ll be able to plan accordingly. When you have a specific date attached to your goal, you can prioritize the tasks needed to achieve the goals better.

Goal Review Image.

As business owners, chances are a lot of your goals are aimed at your business. Regardless of those goals, you’ll need to keep track of your finances. One of the ways we recommend keeping track of your finances is by using QuickBooks. With our link, you can get 55% of the plan of your choice for three months. Don’t underestimate the power of a good accounting system.

Don’t cheat yourself out of your goals. If you need any other help with your business. Don’t hesitate to contact us. We lead an online community of over 25,000 women in business, facilitating several initiatives and events to bring us together, break barriers, and create opportunities for collaboration and success.

Ready to market your business to dominate and win? Contact us today.

What are some goals you have this year? Comment and tell us down below.

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COMMENTS

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    Having a solid foundation for goals is so imperative as a business owner. You cannot achieve something if it hasn’t been defined.

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