As a business owner, setting goals is a great opportunity to take time out of your business to reflect, review and evaluate while having a clear picture to effectively set new goals and objectives for the months ahead.
Follow our below Three Phase Business Goal Process that breaks down Business Review & Evaluating, Setting Your Goals, and Achieving Your Goals.
Phase 1: BUSINESS REVIEW & EVALUATION
- SWOT Analysis. A SWOT Analysis is used first to think through your internal and external business challenges and opportunities before setting new goals & targets. It’s acronym stands for “Strengths, Weaknesses, Opportunities, and Threats”.
- Benchmark. Compare your business with competitors both inside and outside your industry while determining what you want to evaluate in your business; Strategic, Performance, or Process.
- Market Research. Do your homework and get a good understanding of your customers, your market, your industry, and your business. The best course of action is to undergo a structured analysis of your employees and customers through Surveys, Focus Groups, Interviews, Observations, or Field Trials.
Phase 2: SETTING YOUR GOALS
Now that you have compiled your research, it is time to develop several goals that will enable you to reach your success. When thinking about your goals make sure they are SMART – Specific, Measurable, Attainable, Relevant and Time-Bound.
- Specific. Ensure your goals are well-defined and focused. Example; “Obtain three new clients in the Alberta Insurance Market” is much more clear and powerful than “Get more business.”
- Measurable. Creating a goal without measuring it is like playing a sport without keeping score. It’s then just something to do without taking it seriously. Make your goals concrete by stating numbers into each goal.
- Attainable. Dream big and aim for the stars but keep your goals realistic. A billion dollar business is not built overnight.
- Relevant. Ask yourself what your current business conditions and realities are. Are they achievable? You may very much want to make 2019 your best business year or increase revenue by 50%, however, if a recession is in place or three new businesses opened in your market, then the goal is not relevant to the realities of your market.
- Time-Bound. Without a time frame tied to your goal chances are your goal will not be achieved. Whether your goal is to sign 5 new clients or increase revenue by 15% be sure to choose a time-frame to accomplish the goal.
Phase 3: ACHIEVING YOUR GOALS
Once you have made your business goals SMART, break down each goal into a specific set of tasks and activities to accomplish them.
Your entire team is apart of reaching your goals, make sure your goals are communicated efficiently internally and possibly externally while making sure they understand your goals and are aware of why you selected them.
Once your goals have been set, select efficient data measures that will help you monitor your performance towards each goal.
Meet regularly with your team to review and make adjustments to your goals as necessary. Most importantly be sure to celebrate each WIN while rewarding your team as you hit goals!
We hope we have helped you with your goal setting process. If you have ANY questions, don’t hesitate to reach out to one of our marketing experts! Good luck in 2019!
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