09 Oct The Importance of Goal Setting in business Growth.
Following on from our blog last week where we discussed Growth strategy, one of the key points was Goal setting and its importance in achieving Business Growth. Setting goals and targets is vital to the success of any business, whether it is a number of clients, a level of production, a financial goal you need to have them.
When setting goals it is key that you take time to set them and ensure they are going to help contribute towards your businesses growth. In order to achieve this they must be SMART.
Specific – sometimes it may be that you need to split a goal out to two in order to make it specific.
Measurable – How are you going to record the result of the goal?
Achievable – is it realistic, don’t set a goal that you have no real way of achieving!
Realistic – does it meet the aim of the business?
Timely – set a time scale which again is realistic that you will aim to achieve the goal and also the frequency of the reviews.
When your goals are set, share them with the rest of the business, have a visual reminder of them around your work space. This is a great way of ensuring they don’t get forgotten about. A more formal way of reviewing is to have a spreadsheet that you can share with the rest of the business where you record the measures and how you are tracking compared to the goal. Having a formal way of reviewing the goals is a great way of keeping them in your mind and also managing them.
If you are finding you are of course or not on track to reach your goal then take a step back and review it. Yes goals are meant to stretch you to achieve growth but you need to make sure they are actually achievable.
Following this process should leave you in great shape to achieve your goals and move forwards in your business growth.