Starting and running a business may tempt you to strictly aim for short-term goals; what you want to happen within a month, a couple of months, but never within a few years’ time. However, most business coaches will say this is the wrong mindset to have. It’s important to have goals to work towards, but that being said having a big goal or BHAG (big, hairy, audacious goal) is the real key to being successful now as well as in the years to come.
Go Big and Go Crazy
Set a big goal. It has to be realistic, yet still a pretty big stretch. It’s more for you to work towards rather than something to push for in the short term.
Having a big goal will, in turn, give you smaller goals as well. This combination of large and small goals will keep you on track while you achieve milestones at your own pace. If you stick only with short-term goals it may get you into hot water. This is something entrepreneurs tend to experience while trying to rush through smaller milestones.
Experiencing failure in the early stages of your business is a challenge to conquer, not a reason to quit. If you’re in it for the long haul, you have to stay committed to your business.
Set Little Goals and Big Goals
It’s important to set goals, for the week, for the month and for the quarter. By doing so, you’re keeping yourself and your team accountable. Make sure you’re actually meeting these smaller goals. It doesn’t have to be a revenue goal, it can be any goal you and your team feel you need to set.
For instance, you set out to make $25,000 in the second quarter. Then, you also have operational goals or hiring goals, such as implementing a new platform, hiring five more people, or trying to improve a certain department.
Keep a list of these goals and track your progress. This way when you have a quarterly meeting with your team, you can go back to your list and evaluate what has already been done, and what still needs to happen to achieve these goals. Continue to hold these meetings on a regular basis to ensure you’re achieving milestones at a steady pace.
If your team has monthly meetings, discuss the strategic goals for the month. The quarterly meeting can be used to cultivate an overarching strategy, and the yearly meeting can be used to set goals for the upcoming year. Have a plan and strategy laid out for each of these meetings so you can get the most out of them!
Make sure that you are flexible enough so that if circumstances change, you have the ability to adapt accordingly. Have specific goals in place, but don’t become so fixated on them that you’re not capable of adjusting your plans should an unexpected change take place.
Things change all the time; clients leave, new clients come in, your goals change. Be sure to account for the potential changes your business may encounter. For example, if you lose a client, maybe you hire only three new employees instead of the original five you were planning on hiring. It’s all about flexibility.
Another example would be having your product featured on a high-ranking website. It may give you a giant boost in your revenue for the quarter that results in you far exceeding your goal! In this case business coaches always say to have a stretch goal. A stretch goal is an additional goal you can set for your campaign in case you exceed your initial revenue goal, and can be used to finance another part of your project.
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