If you are an entrepreneur or even a wantrepreneur, you need to be setting goals for your business. Goals are not only things we work towards, but they are also our roadmap. Setting goals that propel your business forward and boost your confidence in yourself and your business are important. You likely already set goals for yourself on a day-to-day basis such as drinking enough water or walking a certain number of steps. But how do you set goals for your business?
In this article, we will address why you need to set goals for your business and how you can get started with setting powerful goals. We know that your business will always be evolving, that’s why we are here to help you learn how to set short, medium, and long-term goals. For more information on why goal setting is important in every aspect of your life and business, see our previous article “Why Setting Goals Is Crucial to Your Success.”
Setting both personal and business-related goals can be tricky. If you are needing help with tips for starting your own business or simply need clarity in setting powerful goals, consider reaching out to an entrepreneur coach.
How to Set Goals
When setting goals for your business, the SMART goals framework is your best bet. SMART goals are a way of setting goals to ensure they are achievable. They are not set it and forget it style goals but instead require you to evaluate your goals on a regular basis to ensure you are reaching them. In our previous article “How to Set Goals & Achieve Them” we go in-depth about what SMART goals are and why you should be using them.
For quick reference, SMART goals stand for:
- Specific – your goal is clear and easy to understand.
- Measurable – you can tangibly measure your success regarding a goal.
- Achievable – you have the ability to achieve this goal.
- Realistic – it is reasonable that you will be able to achieve the goal now.
- Timely – you have set a timeline for your goal.
Using the SMART goals format for your business allows you to set goals that you can share with your team members. Using SMART goals in business ensures your goals are clear and attainable and also allows you to effectively set your expectations for your employees and colleagues.
Tips for Setting Short-Term Goals
Short-term goals are goals that can be achieved within a short timeline. Either daily, weekly or monthly these goals are meant to be achieved quickly. When setting short-term goals for business consider making these goals small and simple. Setting short-term goals that challenge you, yet are still achievable will help to boost your confidence and propel you towards achieving your longer-term goals. Allowing yourself to celebrate what you have already accomplished as well as the current goals you complete on a short-term basis will do wonders for your confidence and your success.
Examples of short-term goals in business are:
- Creating a weekly piece of content for your website
- Reaching out to a designated number of clients per day
- Completing a team-building activity monthly
Tips for Setting Medium-Term Goals
Medium-term goals are broader than short term goals but should still fit into a 6-month to 1-year timeline. These goals are likely to be more complex than your short term goals and will require more planning than your short term goals. Don’t think too small with your short-term goals. With a longer timeline, you can achieve amazing things with your medium-term goals. Your medium-term goals should still be specific and follow the SMART goal template.
Examples of medium-term goals include:
- Hiring a virtual assistant to take care of everyday tasks
- Redecorating your office space for a more welcoming environment
- Raise money and donate to a designated charity
Tips for Setting Long-Term Goals
Your long-term goals for your business are not simply your overreaching vision of your company. These goals might be five years in the future, but they still need to be measurable and specific in order to be achievable. If for example, your goal is to meet a certain revenue within 5 years, you still need to set smaller goals on a quarterly and yearly basis leading up to your 5-year goal. Long term goals should reflect the direction you wish to take your business and can change as you grow and change over time.
- Hire 10 or more staff members
- Achieve a specific income goal
- Become a well-known brand within your community
Get Help With Succeeding In Business
Setting great goals for your business is a great first step in mapping out your vision for your business. Your goals allow you to clearly and decisively take action towards making your business dreams come true. You need goals at every step of the process whether you are an entrepreneur, new entrepreneur or established business owner.
Though on the surface level goal setting seems simple, it can feel quite challenging when you are considering something as important to you as your business. Finding clarity in setting great goals doesn’t always come easy. When you are feeling stuck or simply don’t know how to get started, a qualified business coach can help.
Lisa Jeffs has worked with hundreds of business clients to help them create solid business goals and achieve lasting success by refining their goals and mindsets. She is an experienced wantrepreneur coach and is ready to help you take control of the success of your business and begin living your dreams of being a successful business owner. Reach out to Lisa today and let her help you make SMART goals that make sense for you and your business.