A business with clear goals is a business ready for success. We spend all of our time in a company working towards something as a team, but without clear goals we’ll never really know where we’re going or where we’re coming from.
Goals should exist at all levels throughout a business. As an entrepreneur, you will have goals to ensure the business achieves its vision, but other staff in your team will also have their own individual goals for the day, week or month. Every goal is just as important as the next and should be connected to the higher aims of the business.
Here is a list of the best tried and tested ways to achieve your goals in your business as an entrepreneur.
First and foremost, for a goal to be achieved it has to be specific. Whether it’s an increase in revenue, hires or customers, it can be useful to zero in on a goal and work out a clear path towards achieving it. It may be important to break these goals down further too. Your goal for more revenue could become “increase revenue by 10% in 2022”. Whatever it is, make sure you’re focused.
And make your goals SMART:
For entrepreneurs and those just starting out, a properly written and structured business plan is a fantastic way to outline and assess your goals. Whether you’re building a new business from the ground up or expanding what you’ve already got, putting pen to paper is the best way to outline what you want to achieve and think logically about the next steps.
And if your next step is finding some solid investment, the plan is key.
An essential part of your investment pitch will be the introduction of your businesses profitability and revenue generation capabilities. If you need a bank loan to get going, they will want to see this immediately; if it’s an investment firm, the plan will be an essential part of your pitch to firms/individual investors.
When it comes to reassessing your goals in a major way, the outlining of assets required to get you up and running could be a major wake up call.
If you’re starting an online consulting business, for example, this won’t be as important, but if you’re looking to start a trucking company or a business with many expensive assets from the get-go it’s a whole different story. Other deceptively expensive assets include office space and computers for staff to use on a daily basis. Working out that you need to spend £40,000 on IT could be the reminder you need to wait a few more years before chasing your business goals at all.