According to the Small Business Association, nearly 30% of all businesses fail within the first two years. Nearly 50% fail within the first five and 66% fail within the first 10 years. There are several reasons why small businesses fail. However, one of the biggest reasons is that business owners either don’t have concrete goals or solid strategies to achieve them. Here are 6 Ways to Achieve Your Business Goals Today.
Break Down Your Goals into the Basics
The first step is to realize what your goals are, and this doesn’t just mean that you jot down your major objectives on a piece of paper. This means to realize what your objectives truly are and what they mean in monetary and technical terms. For instance, if you want your company to become profitable within three years, there should be a specific profit figure in your mind. You should also be aware of how much investment and sales revenue has to be involved to get to that goal. You should also set specific sales and profit targets year by year and quarter by quarter.
However, if the goal is strictly technical, such as releasing an update to software, then there should be concrete objectives. For instance, the update should have a purpose: either to improve the efficiency or the user interface of the software. The update should also have specific parameters on what needs to be changed.
Hence, whatever goals you have in a business, they should be carefully planned out.
You should track progress for every single one of your goals and objectives. You should have a timeline in mind of when each objective should be completed. If you don’t, then you won’t truly commit to the progress.
To successfully track progress, you can arrange for monthly and/or quarterly check-ins. Not only will this reinforce the immediacy of accomplishing your goals, but it may also help you stick to a schedule. Regularly tracking progress will help you identify which parts of the plan aren’t being followed and detect problems that need to be addressed.
This will help you commit to the business plans that you have already made.
Allow for Flexibility and Evolution
No matter how carefully you plan everything, there are bound to be external circumstances that affect your timeline. Hence, it’s important to be flexible in your planning. You need to evolve as a successful business owner by planning for flexibility. You should tell yourself that not everything will go according to plan.
For example, if you have a chance to upgrade your systems at a discount, you should take it. That may extend your deadline to become profitable by a few months, but the returns will be worth it. You have to judge every single decision you make. That may upset your careful planning, but there is an upside to letting things go; especially in businesses.
For instance, YouTube was originally meant to be a dating service. Its slogan was “Tune in, Hook up.” You were supposed to upload videos describing your ideal partner. And then you would get a video response. However, today, YouTube is about uploading videos on literally everything, and it has become a multi-billion dollar hub of creativity.
Hence, taking everything in your stride and changing with times is very important for businesses.
Plan Out Deadlines and Timelines
This has already been mentioned in the first and second point, but it warrants reiteration. There are no successful businesses that operate without timelines. There are deadlines to software releases. There are timelines to business expansions and there are targets to achieve.
In every single job that you will ever have, your superiors will expect you to deliver on time. And that is something that a business will have to do if it is to survive. That goes for every goal and every single target that you have to it.
You and your company can’t be the best at everything. You need to make peace with that. Plus, one of the best smartphone manufacturers on the planet today, can’t deliver on a great camera. Yet they excel in software optimization, speed and display quality. Hence, you can’t win every single fight, so don’t try to. Focus on your strengths and make sure that your niche audience appreciates that part of you.
Don’t take the imperfections in your organization or yourself as signs to stop. Instead focus on your strengths and build goals according to them. If the imperfections are costing you, then learn how to overcome them. Just don’t sacrifice progress at the altar of your weaknesses.
Even Achilles had a weak heel. However, he’s known as one of the greatest warriors that ever lived.
Celebrate Every Success
I’m not saying break out the champagne at every single goal’s completion. However, you should at least acknowledge the fact that you’ve progressed. Just a “Good job everyone!” or “Great work team!” can go a long way.
You will get very little time to celebrate as your business grows, so it’s best to savor these moments as they whizz by. And of course, when you reach a major milestone, you simply have to break out the best champagne to celebrate. Throw a party, and go nuts when you’ve achieved something you’ve worked very hard for.
If you follow these 6 Ways to Achieve Your Business Goals Today, you’ll definitely have a better handle on your business goals. Just remember, careful planning and focus can help you cross any hurdle in life and in business.
Need help setting and achieving your goals? Grab my FREE Simple Goal Setting Worksheet that can help guide you to better and more successful planning.