Do you know how to set business goals that will set you up for success?
In this week’s podcast episode, I want to share an improved version of what business school has taught me.
5 Components Of A Great Business Goal
A great business goal has 5 major components. You have to make sure that your goals are S.M.A.R.T.
1. SPECIFIC
Your goal should be specific and requires less explaining. Know exactly what you REALLY want to accomplish this year.
2. MEASURABLE
Have a ruler in measuring the success and progress of your journey towards achieving your goals.
If you have a sales goal, it’s as easy as knowing exactly how much you should generate for your business every quarter or every month. Being behind your sales goal (quota) means you need to do more while being ahead of your sales goal means you’re doing great and you’re on the right track.
3. ATTAINABLE
One key factor in setting your business goal is know if it’s attainable.
Your goal this year should be within your means.
Do you have the right product to make your sales goal happen? Is the volume of sales possible with the resources that you have. If your answer is no, then you need to do something to adjust your pricing or the way you sell your products.
Most business coaches will tell you that your goals should be “realistic.”
I intentionally slashed the word “realistic” above because being realistic is boring. It’s not lighting a fire under your butt to work hard and it stops you from dreaming for what hasn’t been achieved before.
Sometimes, you need to be bold enough and dream more. This is where relevance is the best “R” in t his framework.
Ask yourself: Why do I want to achieve this goal?
In my previous post, part of successfully building your empire is knowing your why. If you’re doing business JUST to earn lots of money, you’ll just end up working so hard and going home sad and feeling unfulfilled.
What excites you about this goal that you’ve set? Why does it matter?
5. TIME-BOUND
Setting goals without a deadline is a waste of time.
Yes! Without a deadline, you’ll just find excuses every day why you’re not yet hitting your goal or doing something about it. It puts you on “complacent” mode. You switch the “it’s-okay-I-have-more-time-to-procrastinate” switch in your brain.
So, put a deadline!
What’s Next After Setting Your Goal
Act!
That’s the next thing that I want you to do. Your goals are your roadmap to how you can this year to become after December 31.
I can see a lot of entrepreneurs like you do this just for the sake of “having a goal” or “having something to put on paper.” One problem that I often see is that you lose focus as soon as challenges show up. You give up. You procrastinate. You fail.
That’s why by the end of the year, you feel unaccomplished and thinking that you have failed once again to grow your business.
That’s why I’m here for you. As your online business coach, I will be your accountability partner and I will make sure that you stay focused on what really matters in your business and I will help you execute your goal.
If you feel that you need somebody to hold you accountable or someone to mentor you on how to run your business online, I’m inviting you to apply for a spot inside my Social Media & Business Blueprint. This is my coaching program where you will get advice, strategy, and mentorship on how to build your online brand, reach your ideal customers, and generate more revenue in your business.
This coaching program is by application ONLY. You can join the waitlist here and fill out the application form. I’ll personally go through all the applications and if I see that we’re fit to work together, you will receive an invitation to hop on a quick strategy session with me where we’ll discuss your goals and business challenges so I know how I can help you.