How to Make Goal Setting a Part of Your Business
- February 19, 2020
- Posted by: user
- Category: Funding trends, Uncategorized
Let’s take time to draw together your business road map. Goal setting will support the vision you created.
“A journey of a thousand miles begins with a single step.” Lao Tsu
To start your business, we are pretty sure you’ve created a clear vision of where you’re going to take your business. Besides, you know what it’s going to look like when you get there. We equip our clients with a proven, step-by-step formula for making that vision a reality. Your business goals will always start from Lead Generation before any revenues come in. To know if you are going in the directions, you will first have to map out your business journey to achieve your vision and establish which landmarks will tell you that you’re going the right way. For that, you’ve got to set some goals.
In this blog, we will cover:
- Why set goals and what they are,
- The difference between goal and vision
- Areas of your business that need goals
Goals are specific, achievable targets that bring you to your vision. Along your business journey, they’re the milestones (or landmarks) you need to reach.
Goals lay out an actionable plan so that you focus your efforts and move your aspiration in a productive manner. Goals put you in momentum action, while dreams are an inspiring picture of the future that energizes your mind, will and emotions which are your visions. Your goals are the blueprint you will reach during your journey to your vision accomplishment. They break down the journey into smaller pieces, for little victories all the way to the big success.
Difference between Goals and your Vision.
Don’t easily at first confuse a business vision with a goal. Both are projections of an ideal future situation that you have created based on your dreams.
You see, goals are specific, measurable targets that a person or business sets out to achieve. Goals support the higher aspirations set out in the business vision statement.
Look at the vision statement as a broad, inspiring picture of the future business you are aspiring to reach. It mirrors without specifications on how and when your aspirations will be accomplished and.
Many studies have shown that only three to five percent of people in the world have written and actionable goals – the same three to five percent who have achieved success in business and earn considerable wealth. Setting active goals and committing them to paper is the most effective way to achieve success. Goals will focus your time, energy, and the outcomes that are the highest priority at a time. When you prioritize and concentrate your efforts, you avoid being stretched too thin and produce more excellent results.
When it comes to your business, there are many areas that you need to think about when setting goals or targets. Let’s create your unique list.
With the overall vision you have for your company, many areas will play a role in contributing to the growth. Set your goals systematically. There are many areas of your business that you can set targets and goals for. This helps to break down the process into smaller, achievable chunks. Just as you can not get to the summit of à mountain in one step, your business vision will be reached with results oriented actions over time.
Just like the human body, any business has five business organs. This is à metaphor for the human body. Those five business organs are your business pillars. Wherever the stage of growth your business is in, the strength of the five components will define how well your business is doing. Here are the areas of your business that you’ll need to think about when setting goals:
- Lead Generation :
Represents all individuals who may need your business services or products. It will help your business to set goals around in-store Leads, Phone leads Return on Investment (of marketing campaigns), Weekly / Monthly / By Campaign Leads.
- Conversion Rates :
Within the individuals who may need what you sell, your conversion rate defines your ability to turn them into clients or customers. Goals can be set around Individual Staff Targets, Staff Development, Conversion Rates, Sales Targets
- Average Transaction :
Transactions occur anytime a customer buys from your business. Setting goals around Sales Targets, Customer Loyalty, Average Transaction Frequency will help you navigate toward your business vision.
- Average Sale Price :
Sales Targets, Revenue, Add-on Targets, Sale increases
- Margins :
Your goal settings in this area will focus on Product or Service Evolution, Profit, Cost Reduction