Thursday, December 8, 2011

Setting goals for the new entrepreneur

Setting goals is very important for a business – especially a new one. As an entrepreneur you have so many fires to put out that it’s easy to get lost in the wrong things. By setting long term, quarterly and daily goals, it can help you focus on the priorities that will help your company grow. Your goals set your priorities and serve as a tool to measure your company’s progress .

Setting corporate goals require everyone’s input and should be communicated clearly to everyone. It provides your employees a benchmark to evaluate whether they’re on track and moving forward towards business growth. Without a measurement of progress, it can be difficult to determine what needs to be changed or improved upon.

To set goals for your company and yourself, here are some tips to follow:

1. Create long term goals and break them down.

As an entrepreneur, you need to provide the company vision and to do that is through providing long-term goals. Start by listing your long term goals and then work backwards by breaking these down into more manageable quarterly, monthly and weekly targets. Do you want to make $500,000 in one year? Then break your annual goal into quarterly objectives – $125,000 every 3 months. You should then break this down even further into monthly and daily goals.

2. Goals must be specific and measurable with a clear timeframe.

Like everything in business – you must be able to measure progress. Determine what metrics will be needed to see if you’re on track. For example, to achieve an increase in sales revenue, you must have your sales team make 200 calls/day, send out 7 quotes a day with 2 hours talk time.

3. Your goals should be achievable and realistic.

Make sure that the goals you create for yourself are attainable. Don’t aim so high that you don’t believe that you will achieve them. For example, if your company has never reached a target of $100,000, then setting a goal for a million dollars in revenue will not be believable. You must feel that you and your employees have the knowledge, skill set, and resources to successfully get there.

4. Review your goals regularly.

Make sure that your goals are communicated to all your employees and that they understand how to accomplish them. At the end of each month, review your annual goals to see if you’re on track or if you’ve lost your focus. Do not be afraid to change your goals if you find that they are not achieving your aims.

By defining your goals, it will help both you and your employees to work towards a shared outcome as well as manage expectations. Without these goals, employees may feel lost and lose their focus. Setting goals is like creating a roadmap for your business to progressively grow... Each step you take should be towards the success of your business.

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