Developing the goals for your business takes a fair amount of thought. After all, you are creating your roadmap for the next few months and years.
By having your business goals in front of you on a daily basis you allow yourself to keep track of your progress and what needs to be done in order to start growing your business. Any new or growing entrepreneur puts countless hours into their business so it’s best to know exactly what is trying to be achieved instead of aimlessly going about business every month.
Download Your Goal Setting Worksheet
The below Bizconnect worksheet will get you thinking about your business goals. Completing this worksheet can also offer a great direction for which type of business you would be best suited to start.
Click here to download: Business goals worksheet (Word Doc)
Click here to download: Business goals worksheet (Pdf)
A common and very effective method for setting goals is the S.M.A.R.T system.
S.M.A.R.T is an acronym for the steps that you’ll follow to create an actionable plan for yourself instead of just aimlessly jotting down goals. Keep the following points in mind as you use the Bizconnect business goals worksheet.
S – Specific. When you think of a goal for your business you need to ask yourself whether it’s specific enough. For example, saying you want to get more business this year is simply not specific enough. Stating that you want to sign up 5 new clients worth R100 000 per month by the end of the year is.
M – Measurable. It’s vitally important to be able to keep score. Business goals become rather pointless if you aren’t keeping track of progress and results. Put your goals somewhere you can see them daily. By staying focused on the goals you have put in place you are more likely to achieve them. Daily actions towards achieving your business goals, however small, will make a difference.
A – Attainable. When setting your business goals you need to keep your specific business and market top of mind. There is nothing wrong with reaching for the stars but you do need to keep things realistic. Take a look at your prices, how often your customers buy as well as your supply capabilities before you set yourself multi-million Rand profit goals. Use other businesses in your industry as a benchmark for possible growth projections.
R – Relevant. Your business goals need to be relevant not only to your specific business and market but also to the current economic conditions. Have customer buying habits changed due to a recession or have there been a few new entrants to the industry that you might need to compete with? Set your goals accordingly.
T – Time. By not tying a deadline to your goal you could be indefinitely trying to reach it. Add a deadline to your business goals to push you to make them happen. Again, try and be realistic about your timelines.
Top Goal Setting Tips
Here are a few additional pointers to keep in mind when you use the below business goals worksheet:
- Write them down. Your business goals should be taken seriously and writing them down helps you to focus on them daily.
- Do something daily. The life of an entrepreneur is a busy one but you will make a lot more progress if you aim to do something towards at least one goal daily.
- Adjust them. It can happen that you miss your goal’s deadline due to unforeseen circumstances. Relook at the goal and why you possibly didn’t achieve it. Adjust the goal accordingly and try again.
- Get your team involved. If you already have several employees get them involved in achieving the business goals and reward them for their success. It’s a win-win situation.
There is another worksheet that you can download for when you are ready to start growing your business. Click here to download the Bizconnect business growth goal setting exercise.