Updated December 2021.
It is the end of November, it is almost Christmas and the year will soon be coming to an end. November and December are the perfect months to take stock and get yourself organised. Analysing your goals is part of that.
Maybe you think you don’t need to set goals, because you never have and your business is doing fine but goal setting is important for any business if you want to drive it forward. This means it is also important for your small business, working from home. This blog will tell you all about why you need to set goals, how to set them and how to achieve your goals.
Why should you set goals for your business?
Setting goals for your business is important for 4 reasons:
The first reason why you set goals is because writing goals will get you into the accountability mindset, which is important because it is your business so only you can drive it forward. When you write your goals down, it is like they become a promise to yourself. It gives you greater accountability.
Motivation & Focus
Setting goals will also keep you motivated and focused. Work can become a bit of a slog and boring at times but when you have goals set for the year, months and weeks you have specific aims to reach. Goals will keep you focused on what needs to be achieved to move your business forward.
Once you start hitting some of your goals, this will give your motivation a major boost. It is the confirmation that all your hard work is paying off and is not for nothing. This feeling will boost your motivation and your focus.
The last reason why you should set goals for your small business is because setting goals means you will be able to track progress. You will see when your business is progressing but also when it is not. This is the time to adjust your targets and re-focus on what needs to be done in order to move your company forward.
When setting goals for your business, it is important to remember your ‘Why’. Why did you set up your business in the first place, what was your ultimate target? Write it down on a post-itt, stick it somewhere where you can see it all the time. It is your driving-force!
How to set goals
Now that you have identified why it is important to set goals, you need to know how to set them. There are different methods for setting goals and it is a question of finding out what works for you.
Before you start writing down your business goals:
- Clear your mind (by meditating, taking a long bath, by walking the dog)
- Grab a cup of coffee (glass of wine!)
- Find a quiet space (don’t take your phone, but DO take your post-itt!)
One way is to use SMART invented by Peter Ferdinand Drucker. Drucker was an Austrian-born American management consultant, educator, and author, whose writings contributed to the philosophical and practical foundations of the modern business corporation. He was also a leader in the development of management education, he invented the concept known as management by objectives and self-control, and he has been described as “the founder of modern management” (Wikipedia).
SMART is an acronym standing for:
S pecific (what, why, who, where, which)
M easurable (how much, how many, when accomplished)
A chievable (how to achieve, is it realistic)
R elevant (worthwile, right time, applicable)
T ime bound (when)
A course I did two years ago, talked about the Massive Goals Theory, which was developed by David Hyner. Hyner is a motivational speaker and trainer that gives audiences the confidence and skills to set and achieve MASSIVE GOALS!
The idea is that you set yourself huge goals which you then break down so you can identify the tasks that need to be done to achieve that goal. The idea behind it is that it feels like you need to climb a mountain to reach this goal, so it makes you think about all the things you need to do to reach it!
It kind of ties in with something Sir Richard Branson said, which I think is marvellous, which is ‘if your dreams don’t scare you they are not big enough’!
How to keep track of your goals
Once you have set your goals it is important to keep track of them and tick them off as you go along. This has two major advantages, the first one is it is a visual reminder that you are on track to reach your goals, but it also serves as a reminder of how much you have achieved already, which is equally important as we tend to forget all the work we have done and just concentrate on all the work that still needs to be done!
Keeping track of your goals can be done in different ways:
- Big white board with coloured markers
- Big white board with post-itts (easy to move around, when priorities change)
- A fancy notebook!
These are only a few suggestions, I am sure you will find something that will work for you!
I hope the above has inspired you to have a look at your goals for 2021. If you haven’t done so already, get them done and let’s see where your business is at the end of 2021! Let me know how you set your goals and how you keep track of them! Let’s share our best practices with each other.
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