The Power of Precise Business Goals
While an overarching vision gives you future pull and direction, it’s clear, concise goals that provide the cemented focus for a business, however selecting business goals shouldn’t be taken lightly as it’s the heavy lifting at the start that can make all the difference.
One of my favourite quotes that applies intrinsically to business is; “if I had eight hours to chop down a tree, I'd spend the first six hours sharpening my axe” - Abraham Lincoln.
While I don’t suggest you spend six hours selecting a goal, I’ve seen countless times where the proper attention given to workshopping precise business goals has made a remarkable impact, not just in the fruition of the goal but in getting excited, gaining momentum and formulating a practical plan.
Unfortunately, most people spend more time daydreaming about the goals they want to achieve than putting in the work to achieve them but it’s not because they’re lazy. It’s often because of a few mistakes I’ll help you to avoid below:
The number of business goals. 2-3 key goals is usually more than enough for businesses to manage, execute and keep the human mind happy when it comes to variety. Any more than this, effort is diluted and you’re not going to progress very quickly. I’ve always been a fan of less is more and what you do, do it well. I’m sure most would agree that in business you would rather achieve the few goals that matter than the tip of the iceberg of many.
Determining goals. What are the goals or areas of business that when achieved will make the biggest difference? This is often a key determinant of what goals a business should focus on. There’s also a domino effect of goals at play, when certain outcomes are achieved, the wins are felt far and wide - a revenue goal is often a key goal here when particular targets are met, the business has more capability to impact other areas of the business. Go for the goal at the top that’s going to make the biggest impact or ripple effect and multiple wins will be felt because of it.
Clarity behind the goals. I’ve seen many people set business goals that are great on the surface but are missing the work behind it in order to give the achievement of the goals its best chance. The common one I see is revenue or client goals that are set, say a monthly sales target is set at $50K. What’s missing here is:
What offer are we selling?
What is this priced at?
How many do we need to sell?
Get really clear on the components that pertain to the $50K goal.
When you drill down into your goal some more, you’re eliminating room for error or procrastination and you’re also much more able to lay out the initial plan to achieve the goal. Knowing clearly what you’re going to sell in order to reach your monthly sales target gives you a crystal clear focus for your sales and marketing activity.
A goal that was once $50K for the month could become; x10 new website builds (sold at $5K each) to new clients. Already from this, you’re much more clearer on the goal and the way to make this happen is likely already formulating, such as:
Clear the diary to allow for 10 new website builds to get underway
Create a special offer or incentive for these x10 new website builds
Speak to past clients for reviews and referrals
Create marketing collateral for website and social media
etc.
I’ve workshopped precise goals with countless business owners and they always have a renewed sense of vigour and feel incredibly motivated to achieve their goals. With a feeling of half the work being completed already, that’s the power of strategy and doing things properly.
Goals provide focus and focus reduces distraction and procrastination. When you know exactly what your business is wanting to achieve, everything that is not within the scope of your goal doesn’t get a glance. I encourage you to take the time to workshop your goals so it’s clear enough to create a plan that’s going to get you and the team moving.
In my next article I’ll share how to identify the ideal clients that will make achieving your goals easier than ever.
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