Business owners are famous for saying they want to grow their businesses. The question is, “What does Growth mean to you?” If you have an additional $5.00 in revenue this week, congratulations, your business has grown. Is that what you truly mean by growth? For most people, the answer is no.
The piece that is missing here are the Goals for the business. Creating concrete goals is a habit you need to develop. Goals will direct you, your staff, and the direction of your business. It’s pretty simple. You have to know where you are going in order to get there. Your goals are like the destination you put into your GPS. Once the goal is set, every action, every turn, should move you closer to your destination.
Let’s look at an example: “Increase traffic to my website” is a common goal for a business owner, but it is not going to achieve much.
To be effective, use SMART Goals. A SMART Goal is Specific, Measurable, Achievable, Relevant, and Time-Focused. Using the example above, “Increase website traffic by 10% in the next 90 days” is a SMART goal. It is specific: increase traffic to the website by 10%. It is measurable: you can track the analytics of website traffic, and what campaigns were used to achieve it. It is achievable: 10% is a reasonable number if you take the right steps. It is relevant: your business needs a digital presence. Finally, it is time-focused: results can be measured today and again in 90 days.
Once you have established your goals, list the benefits of achieving the goal, possible obstacles, and the strategies you will use to accomplish your goal. Make assignments of who is responsible for each task, and a target completion date. Now you have a true roadmap to success that everyone on the team can follow!
If 2020 has shown us anything, it is that we will have detours and U-turns along the way. That is to be expected. Use your goals to get back on track, adjusting as necessary. What if you achieve your goals ahead of schedule? Give your team a high five, and maybe lunch, then set a new goal.
Achieving your goals gives your whole organization a sense of accomplishment and it will result in business growth. Now that’s SMART!
Need help? Contact your ActionCOACH to get started.