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Published on April 15, 2019

10 Simple Yet Powerful Business Goals to Set This Year

10 Simple Yet Powerful Business Goals to Set This Year

We often times think of goal setting as something done when we first start a business or a new job. But the reality is, we need to be regularly setting new goals as well as monitoring the progress of past goals.

I personally like to assess and establish business goals during the first quarter of the new year. This allows for both you and your employees to have a clear understanding of what the expectations are over the coming year.

View the Forest, Not the Trees

When deciding on what goals you will have for the year, don’t get bogged down in the minutia of figuring out every last detail of how you plan to get there. This is big picture stuff, your vision for what the organization should look like in a year.

This long term goal setting will serve as an overall framework for your short term planning. That short term planning is where you will lay out the individual steps necessary for achieving the goals.

That’s a long winded way of saying that you first need to figure out where you want to go before you plan the trip.

10 Powerful Business Goals to Set for This Year

While no one list could apply to all businesses or all situations, these 10 goals have been a part of every successful business that I’ve been involved in.

1. Maintain a Healthy Budget

This trips up a lot of entrepreneurs. I’ve seen so many people start businesses without a financial plan.

Academics have coined a new technical term for this type of financial plan, they are calling it a “budget”. And if you don’t have one, then that’s your number one goal for the year.

Having a budget not only helps with tracking where your money is being spent, but it also allows your to analyze things like what type of advertising is working best for you.

How do your payroll expenses compare to the industry average? Are you spending too much or too little in commissions and bonuses? And God help you if you decide you need to get funding.

Going anywhere for funding (Bank, Investors, VC firms) without a professional budget will get you booted out of the office without a second look.

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2. Hire a Certain Number of Employees

If you don’t have any employees, maybe now is the time to consider hiring some. Trying to do everything yourself is the curse of the entrepreneur. We all try being the “Jack of all trades”, but we forget the rest of that saying, “but master of none”.

You can start by hiring someone to do all of the little tasks that have to get done but don’t contribute to the bottom line. These tasks take your attention away from growing the business.

One caveat here, don’t put anyone else in charge of marketing! You should always do the marketing and be the face of your business. Turning that part over to someone else is just asking for trouble.

3. Reduce Expenses

Running a lean business should be the goal of every entrepreneur. After all, every dollar saved in business expense is an extra dollar in your pocket. The problems arise when you begin to cut into areas that affect the bottom line.

For example, it’s always tempting to look at payroll first because it’s such a big expense in most businesses. But will cutting sales staff hurt sales? What about the shipping department or customer care? You might not feel the effects of those cuts right away, but if your not giving the customer the experience they expect, you will feel it down the road.

Try looking for other ways to reduce expenses. Try new software, change the implementation of your processes, and most of all, reduce debt!

4. Refocus on Your Customer

You should always be re-evaluating your relationship with your customer. You need to know what areas are working right and what areas need improvement.

Look at the entire customer experience. Are your customers happy with the product or service? Is your refund / exchange process easy to understand and use? If they have questions or need help is it easily accessible? Are you delivering your products in a timely manner?

No matter how good you currently are, vow to make the customer experience even better.

5. Get More Traffic to Your Website

There is never a reason you shouldn’t want more traffic going to your website. Even if you’re not generating sales from a website, increasing traffic is great for brand awareness.

If you haven’t updated your website in a while, now’s the time. Make sure it’s pleasing to the eye with all the latest information and helpful hints.

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6. Evaluate and Refine Your Social Media Marketing

This dove-tails nicely with the previous suggestion. Social media marketing, when done right, will generate traffic, leads and sales for your company.

Notice I said “when done right”. I see a lot of companies (especially smaller ones) using a shotgun approach to their social media marketing. They end up throwing a bunch of stuff up on their Facebook, Twitter or Instagram and hope that something works.

You need to have a strategy for social media. Your posts need to be consistent and on-message. It can be a lot to handle all at once. If you are not sure what you are doing, there are companies and individuals that will set up and manage your social media marketing for you.

7. Conduct a Marketing Audit

Marketing along with payroll and rent are the biggest expenses most businesses have. You want to make sure you are getting the most bang for your marketing buck.

Analyze and evaluate every aspect of your marketing budget. Eliminate the worst performing (in terms of ROI) 20% of your marketing effort’s and use that money to expand your top 10% of your best performing assets.

8. Develop or Improve Your Employee Incentive Program

Your employees are the lifeblood of your business. Employees are the ones implementing the company’s policies and procedures. They are (usually) the ones interacting directly with the customer.

Keeping happy and motivated employees is the only way your business can thrive. Unfortunately, too many small businesses neglect this issue because of the perceived expense involved.

And while money is certainly a motivating factor for your employees, most people will respond to other types of incentives as well. Things like public recognition, lunch with the boss, flexible time off can all be used as incentives. Check out this article for 17 Proven Tactics for Motivating Employees.

9. Evaluate Your Company’s Mission Statement

This should be done on a yearly basis. Depending on how long your company has been around you may have not have even looked at your mission statement in years (if you even have one)!

Take the time to get it out, dust it off and make sure that it’s still relevant. I’ve consulted with companies that, when asked to do this, discover that the original mission statement described a completely different organization!

Over the course of years, as the business climate evolves and technology changes, there’s a good chance that your mission statement needs to be updated. If you want to know why a mission statement is important, see this article: How to Write a Powerful Mission Statement for Your Business

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10. Strive to Create a Better “Work Life Balance”

Being a successful entrepreneur means making sacrifices. You sacrifice the stability of a regular paycheck, time with your family, sleep and more, and while the rewards can be great, just make sure the costs aren’t too high.

Things like stress and anxiety will take a toll on your physical and mental health. Time away from spouses and family can cause tension that only adds to the stress level. You need to take evasive action before it can cause irreparable damage. If your not eating right and exercising start taking an hour out of your day. That hour won’t kill you but a heart attack will.

Carve out “family time” whether it’s one day a week, or an hour a night, your family needs to know that they are a priority. Have a scheduled “date night” with your spouse. Chances are you’re not the greatest company after working a 12-14 hour day, and making your spouse a priority is just part of the deal.

Making a conscious decision to prioritize your home life is like brushing your teeth. If you do it, they stay strong and healthy, if you ignore it, they go away. See these tips for maintaining a good work life balance: 13 Work Life Balance Tips for a Happy and Productive Life

Set S.M.A.R.T. Business Goals

When setting goals, we always recommend using the S.M.A.R.T. technique as it’s a very efficient way to both communicate and monitor your organization’s progress in achieving the goals you set. S.M.A.R.T. goal setting stands for:

Specific

What exactly do you want to achieve? The more precise you can be, the better. When answering this, ask yourself the following questions:

  • What is the end goal?
  • How will achieving that goal translate into higher profits, increased market share, a better customer experience?
  • What resources will it take to achieve the goal? Money, Staff, Time, Training.
  • What is the specific number (or percent) that I want to increase sales, market share, profit, productivity?

Measurable

You should be able to break down your goals into individual steps or milestones that are easily qualified. There should be a way to concretely measure the success or failure of the goal.

  • Goal – Increase sales in Q-2 by 10%
  • Goal – Decrease year end expenses by 5%
  • Goal – All employees will have completed training in “X” by June 30th

Attainable

Having unrealistic or unattainable goals is just setting yourself and your employees up for failure. Now, if you are a one person operation, then by all means go ahead and set a goal to double last years sales. If you only increase sales 1.5 times, that’s still pretty good.

But putting unrealistic expectations on employees will only do one of two things. Either it will crush morale when goals can’t be met, or if you do this too often, your employees won’t take you seriously.

So think twice about setting a goal to double sales every month for a year.

Relevant

Is the goal something that you really want? Will attaining the goal actually help your business? Is it really a good idea to double your business if you’re already struggling to service the clients you have, or would you be actually hurting the business?

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And don’t forget about your personal life. Will attaining a goal mean more time away from family? Are your relationships already strained?

Know what’s important to your life as a whole.

Timely

Deadlines are important to motivation. I know from experience that if I’m not under a deadline to get something done, then I’m just going put it off as long as I can.

Setting deadlines solidifies the goal, after all, a goal without a deadline is just a wish.

Setting deadlines is really the only way to measure the success or failure of a goal. With that being said, deadlines must be reasonable otherwise you’ll run into the same problems we see when goals are not attainable.

The Bottom Line

Setting, evaluating and reassessing goals is a constant theme in business. Knowing the right places to allocate the right resources will keep your business thriving in an ever changing world.

Lou Holtz, the famous football player and coach said

“In this world, you’re either growing or you’re dying, so get in motion and grow.”

That statement is certainly true in today’s business climate. You need to be constantly on your toes looking for new and better ways of doing things.

Technology is moving a light speed, bringing new, better and faster ways to deliver products and services to the consumer. If you’re not innovating, you can be sure your competition is.

More Practical Tips for Entrepreneurs

Featured photo credit: Ruthson Zimmerman via unsplash.com

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David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

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Last Updated on December 9, 2019

How to Set Goals Smartly to Accomplish More in Life

How to Set Goals Smartly to Accomplish More in Life

We all know setting goals is the best way to give your life focus and direction. But did you know that by setting goals, it can also help you to get a lot more of your important work done?

Having clear and effective goals that are built around your values focuses your mind on what is important. It helps you filter out the unnecessary and gives you an ‘outcome mindset’ rather than a ‘task mindset’.

An outcome mindset is one where you are focused on the objective—the outcome— of what you are intending to achieve. A task mindset focuses on the tasks you have to do each day and this leads to completing unnecessary tasks (or spending too much time on the unimportant) and procrastination.

To help you with transforming yourself from being focused on the tasks and to be focused on the outcome, here are 17 ways having clear goals will not only increase your productivity but also supercharge your ability to get the important things done:

1. Make it a goal to have no more than 10 tasks on your to-do list each day.

One of the surprising benefits of having a small number of goals for the day is how frequently you find yourself accomplishing more.

When you have a random number of tasks to complete each day, the likelihood is you will not get them all done.

When you set yourself a small number of tasks to complete—your “must completes” for the day—and you restrict these to a set number, you are much more likely to get them done.

2. Decide what your monthly and weekly goals are.

What do you want to accomplish this month? What do you want to accomplish this week? These questions focus you in on the things that are important to you.

Most people are waiting for life to happen to them, after all, it is far easier to react to events around you than to create events around you.

When you create the events in your life by having weekly and monthly goals that reflect your objectives for the year, you are going to get far more of your important work done.

3. Work on what’s important to you and focus on your priorities

Building your daily life around your goals is going to keep you on the path you want to follow.

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Without any goals directing you towards where you want to go, you will find yourself drifting off your desired path and aimlessly wandering through life, wondering how you got to where you are. More often than not, where you end up will not be where you want to be.

4. Eliminate the unimportant tasks that come up each day

Every day throws up a lot of unexpected issues. These issues often come from our bosses, clients/customers and friends and family. It does not matter how well planned your day is, these things are going to happen.

When you have a set number of goals to achieve each day, these issues will not hijack your day and destroy it. You will find you can handle the unexpected while continuing to get on with your important work for the day.

5. Always stay focused

When you set goals, it means you have made a decision about what it is you want to achieve and what is important to you. This allows you to become a much more focused person because you are mindful of what you want.

Focus, in today’s world, is a skill in short supply. By developing your focus, you are going to put yourself way ahead of everyone else.

6. Begin the day with a goal

One of the best ways to accomplish more of your important tasks each day is to begin the day with a clear goal.

It could be to complete a specific project or to simply get outside and walk for thirty minutes in nature.

When you start the day with a specific goal to do something, you are much more likely to get it done.

7. Start small

If you have never had an outcome-orientated mindset, then begin will small steps.

A simple goal to have each day, and a very healthy one, is to go for a thirty-minute walk.

Another simple goal to set for the day is to choose one piece of work that you will complete that day, then focus all your attention on getting that work completed before you finish for the day.

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These pieces of completed work add up over time, and you’ll find that you are getting far more done than you ever did before.

8. Ask yourself: What one thing you could do today that would have the biggest positive impact on your day?

This is a great way to accomplish even the hardest of goals.

Asking yourself this question really helps you discover what projects and work are important. This question is not focused on completing the goal. This question is all about making progress on the goal.

Once you have completed that task, you will find the next step happens naturally. Before you know it, you have made a huge impact on your goal.

9. Consistently take small steps which lead to great distances

One of the biggest reasons why most people never achieve their goals is their goals seem impossible because of the time and effort required to achieve them.

The best way to make even the most difficult goals achievable is to break them down into small manageable steps. Even the smallest step moves you forward towards achieving the goal.

Just two or three little steps completed every day will, over time, take you towards where you want to be.

Want to write a book? Writing 500 words per day will give you a 60,000-word manuscript in around ten months.

10. Plan what you are going to achieve the day before with the 2+8 Prioritization System

This one always works. Before you finish your day’s work, take ten minutes or so and decide what two things you will achieve the next day. This is what I call my “two objectives”.

Once you have decided on your objectives, write down eight other tasks you want to complete the next day. These tasks I call my “focus tasks”.

You then make sure that whatever gets thrown at you the next day, you will complete these ten tasks.

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Over a period of one month, you will have achieved around 300 meaningful tasks all related to your goals and important work.[1]

11. Know what your majors and minors are

This one is the secret of all highly successful people. They know what work has the most impact on their life and business and what work does not.

For example, checking emails, while necessary, is not a major task. It does not move you forward in any meaningful way. Talking to your most important customer and reinforcing your strong relationship with them, that’s a major.

One of the best examples I’ve heard comes from Brian Tracy. In his example, Brian says a salesperson doing work in the office is doing minor work. A salesperson talking with a customer is doing major work.

Focus all your time and energies on your major work and reduce the time you spend on your minor work.

12. Add positive pressure to get more done

When you have goals, you feel obligated to do something about them. When you do not have a goal, you are much more likely to procrastinate and spend unproductive time thinking about what to do next.

Goals give you clarity, goals give you purpose and when you have both clarity and purpose, you find you no longer procrastinate and you utilize your time much more effectively.

13. Have specific, clear goals to incentivise you to move forward.

How you write the action steps related to your goals is important. If you have a goal that says “make an online course,” you will not achieve very much.

Writing your action steps out such as “make progress on the online course outline” or “make five slides for online course” is specific and is going to lead to action and achievement.

14. Make progress that drives more progress

When you see you are making progress on your goals every day, you will find you begin getting much more done.

Momentum is created once you start and when momentum begins you find positive habits develop. Put momentum and motive together and you have the ingredients for massive progress towards your goals and your work.

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15. Take up accountability

Something amazing happens to our brains when we set ourselves goals. Having goals we are very clear about and determined to achieve gives our brains the necessary incentive to focus on getting the goal achieved.

We have accountability to ourselves. That accountability gives us all the incentive we need to get the work done every day.

16. Use the power of Parkinson’s Law

Parkinson’s Law states “work expands so as to fill the time available for its completion”.

When you have set goals to achieve each day and you begin the day with a review of what you want to get completed, Parkinson’s Law will take over.

This means no matter what else gets thrown at you throughout the day, if you have set yourself a time, you will finish your work for the day, you will find you will finish what you have planned for the day at that time. This one works brilliantly.

17. Become a highly focused, goal achieving individual

Having goals you are focused on each day develops a ‘can do’ mindset. When you have a strong ‘can do’ mindset and the discipline to focus on what you want to get accomplished each day, you find work you previously thought would take weeks and months to complete soon start being completed within hours or days.

A great mindset and a strong work ethic, coupled with daily goals will make some very positive changes in your life.

These 17 tips are just the start. When you begin focusing your daily activities on your goals instead of on your tasks, you will see an incredible transformation take place in your life.

Your energy increases, you feel happier more often and you start to feel you are making progress on the things that are important to you which just leads to accomplishing more and more.

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Featured photo credit: Unsplash via unsplash.com

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