If you are like many small business owners, you may find yourself spending a lot of time doing your daily chores with little time left to plan, reflect, and think about the future beyond what you need to do today. Or tomorrow.
Trevor Flint got it. As founder and CEO of Capstone Associates, he works closely with business owners to help them find out exactly what they really want to achieve and how they can make it happen.
We asked Trevor for his industry insights on the importance of targeting for small business owners.
Why are goal setting important in business?
In my experience, small business owners always have a fire extinguisher. By that I mean they always do what needs to be done urgently - address customer needs, pay their tax management bills. Their brains have wires to achieve results, but after many knocks and beats they can start to feel anxious. They may start to think that everything is too hard and start to lack confidence in themselves and their business.
Taking a long-term view by defining and achieving strategic goals is the key to overcoming that cycle of urgency while still focusing on what matters.
Instead of starting a business that has just become a job, goal setting gives business owners the opportunity to turn their business into something that can help them achieve the lifestyle they desire. They can create the kind of business that can contribute to family life, community, and in some cases even the world around them.
Here are three steps to follow when setting strategic goals for your business.
Step 1: Get clear
Start by defining exactly what you want your business to look like. It is a good idea to look at the next three to five years.
Think about what you want to see in relation to your products and services, what kind of customers you want to work with, how much time you want to spend in your business, and how much income you need to sustain your lifestyle. Whatever you want.
Step 2: Check your starting point
Find out where you are right now with your business. It may be a long way from where you want to be, but that's how you can start doing the specific work you need to do towards your vision for your business.
Step 3 Make specific maps
Once you know where you want to go and where you are doing your business now, you can find out the specific steps you need to take.
For example, if you have a goal of achieving $ 1 million in sales in the five years from now, what are your sales goals for the next 12 months? What do you need to do in the next 90 days? What can you start doing this week?
Once you start looking at the changes that need to be made, you can plan your actions. What obstacles do you need to consider? What opportunities can you take advantage of? Do you need money, machines or any other resources? Do you need more training or education in your industry? Do you need to market your business more effectively?
When you start thinking this way, you will eventually know the options and develop a strategy towards your goal.
Once you know your goals, how can you achieve them?
You want to be able to negotiate two or three non-negotiable things that you can commit to doing this week and each week to help you achieve your goals.
If there is a big gap between where you are now and where you want to be, you may need to think outside the box or talk to an expert. Or you may be looking to break it down further to achieve a goal you can trust. If your mind can not understand your goal as it really is, it can cause you to fall.
Commitment to taking small steps towards your goals can give you a sense of satisfaction that connects your brain to achievement and build momentum. Then when you celebrate a small victory on the road, you can get more intentions and you will do more.
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