Does your business have a clear direction with clear goals?
You need to have a clear vision of what you want to achieve in your company and how for your business to be successful. Only then can you realise that vision and make it happen. Goal setting is invaluable and essential in steering a growing business in the right direction. It enables smart decisions to be made along the way. However, deciding what the right direction is and the road map to get there isn’t something that all businesses do or have the right skills to do.
Having clear business goals is key to the growth and success of a company, however small it may be. Yet smaller companies in particular are less likely to have goals. A focus on where your company is heading and what you want its future to be requires some time and work. But, it’s the only way to make your goals effective and achievable.
So how do we do this? Here are some tips:
1. Identify your long term aims
Long term goals have a timeframe of around three years – maybe more. These goals are linked to the purpose of your company, what it does and what is offers. They may include goals related to improving customer service, satisfaction or customer retention. The goals may include an increase in profit and/or turnover by a certain percentage or actual amount. They can include goals related to the expansion of the company, for example, through the increase of new employees or equipment.
2. Map out your short term objectives
Establishing related short-term goals and objectives is the roadmap to achieving your longer-term goals. Your objectives must be specific, concrete and highly detailed – not as abstract as your long-term goals. Your objectives need to be measurable so put a figure or value such as percentage or monetary amount to the objective. Objectives need to be action orientated and linked to what action is to be taken by which people in your company and when. Your goals need to be challenging but also consider your resources so that you can actually achieve them. A timeline must be set to keep things on track.
3. Understand and measure your goals
These goals need to be understood and measurable on a day-to-day basis. For example, you might consider how many new customers or orders you require to meet the goal of an increase in annual sales by 20%. Short-term objectives need a narrower timeline. So, focusing on an increase in sales of just over 1.5% a month or 5% a quarter is more achievable than focusing on the goal of an increase in annual sales of 20%.
Specific actions need to be broken down so that they can be allocated to specific staff, with each person held to be accountable; this helps motivate staff. Inspiration and accountability is key in turning goals from a vision to reality.
Business goals are closely linked to the culture of a company. A company that has real values at its core and cares about its purpose is likely to grow,
Engage your people when setting goals so that you have their buy in and ownership of the business goals. After all, you need to ensure that they are looking in the same direction, as they are the people executing those goals on the front line.
We can help your business set clear goals with a clear direction so that you can turn your business vision into reality and make a positive contribution to your bottom line. Get in touch today to find out how Ascend Twentyone can help your business.