Goal Setting

Submitted by myersdavis on Thu, 05/02/2019 - 08:04 pm
Hand arranging wood block stacking as step stair with arrow up. Ladder career path concept for business growth success process

Setting goals is imperative to a successful business.  When you set a list of goals to achieve with staggered years of expected achievement, you have something to work towards and use as a guide to your business’ success.

Balance your budget – Consider the cost of what you require to become successful.  Create a budget and stick with it.  Plan out the costs for the year and try to stay out of the red.

Increase business – Every company has a desire to grow, but make sure you do it in a manner that you can handle.  There are often businesses that get too large for their production capabilities.  Make sure you have plenty of product and manpower prior to launching a huge campaign for new customers.

Stay fresh – Make sure to stay innovative even when you have an amazing and top-selling product.  Always have a percentage of your staff working on new ideas and different ways to improve upon what you are already successful at selling.

SWOT analysis – This is a great way to analyze your company and determine what can be done to improve it.  “S” stands for strengths, “W” stands for weaknesses, “O” stands for opportunities, and “T” stands for threats.  This analysis helps you set goals and analyze how your business is doing in the current marketplace.

Watch competitors – Your competitors are not always a bad thing, because they will keep you on your toes.  Watch what others in the market are doing and consider ways to meet and beat their offers.  Also, look for ways to provide something new and different that others are not providing to stand out from the rest.

Talk to employees – There are always people that have ideas and insight into your business.  One great place to look for these people is at your own company.  Employees know the business and what it is made of and they may have insights that can improve the business.  Giving your employees a voice is a wonderful way to show them you value them and their opinion.

Goal-setting exercises – Institute some goal-setting exercises to ensure the organization spends time on coming up with new and innovative ideas for the company.  Have several groups work together to create something special that can be used to improve the goals and direction of the company.

Analyze your goals – Once you have set up goals and started the process of achieving these goals, you need to ensure there is a metric in place to measure the goals and their effectiveness.  Achieving your goals is an amazing way to boost morale and income.  Make sure you have milestones in place to monitor successes as they come.

Share the rewards – When the company hits milestones, ensure that they receive some award as well.  The more people you have on your side, working towards one goal, the more successful the company will ultimately be.  Everyone should reap the benefits of a successful business, since everyone is a part of making the company successful.