Every new year we set new goals, from a personal to a professional level. To achieve your goals, you need to work on a proper goal setting plan for your small business.
Planning is essential to get started with your year. But people usually forget about tracking their goals. How else are you going to know if you are making any progress? To make this an easy task, here we will guide you step by step on how to set and achieve your financial goals.
How to Set and Achieve Your Goals With a Goal Setting Plan
It will give you a clear picture of where your business is heading. This will not only be useful for you but also for your employees. They’ll be working towards a goal altogether and this will give them a sense of accountability. Setting goals will help your business grow or move towards what you always imagined.
Goal Setting Plan in Two Easy Steps
Step 1: Set your big year goal
Let’s start with the general goal. What’s the final thing you want to achieve this year? Revenue growth, launch a new product, change the menu of your restaurant? Once you have a big goal to look up to, you can start dividing it into smaller and trackable goals, followed by actions. And for that, you need to set SMART goals.
Step 2: Set SMART goals
Thinking SMART can help you achieve your goals. It helps you be specific, track your progress, and think about actions to take in short and long-term to reach your big year goal.
Here is what SMART stands for:
Specific – Be as detailed as possible. You already have the general goal, now set small and specific mini-goals that will lead you to the big final one.
Example: Your general goal is to increase your customer base by 100% by the end of the year.
One specific goal is: Get X amount of customers by having a “bring a friend 2×1” campaign on the last weekend of every month.
Measurable – There should be a specific quantity or result that should happen if you achieve your goal. This way you will be able to know when you get there and celebrate the success.
Example: Get 300 new customers in the first quarter by giving away free samples of your house drink.
Achievable – Make sure your goals are workable. That you have the right people, resources and time to achieve your goals. You should find a balance between setting low goals that won’t make an impact in your business and setting an impossible goal that will get you and your team frustrated.
Relevant – Your mini-goals should be relevant to your bigger goal as well as connected to one another.
Example: If you want to increase your customer base by the end of the year, your mini-goals should include marketing strategies and customer experience improvements.
Timely – Set a time frame to achieve your goals. If a deadline is not set, it’s very easy to lose focus or procrastinate what is important for your business.
Other things to take into consideration
Involve your team
When planning and setting goals, make sure you include your employees or at least the team leaders. They will give you a wider perspective of what’s needed in your business, and this will make them feel responsible for the goals.
Have a way to track your progress
There are a lot of ways to track your progress. From a simple checklist that you can scratch every time you achieve a goal, to more specific work frames.
Since we are trying to be as specific and measurable as possible, the best way is to set your big goal and mini-goals with a deadline and metrics of success. You can take a look at this template that will help you ground your ideas and keep track of them.
Because the best part of setting goals is achieving them, every time you reach one of the milestones, celebrate together with your employees. It doesn’t have to be a huge party every week, but recognizing the moment and those who worked hard for it can boost the motivation to achieve more within your business.