Setting goals is an integral part of personal and professional growth. Goal-setting allows you to have a clear direction of where you were, where you currently are, and where you’d like to go. We’ve put together some tips to help you set effective goals for your business.
SWOT Analysis
The SWOT Analysis is an excellent way of defining some of the critical areas of your business. SWOT stands for strengths, weaknesses, opportunities, and threats. The strengths quadrant allows you to take a look at what your company does well. How are you meeting your client’s needs? Does your team work well together?
In the weaknesses quadrant, you get to look at your business critically and see where you have room for growth. Opportunities allow you to take a look at what you can do, at this moment, to better your business. Finally, we have threats. Threats will enable you to analyze what is possibly standing in the way of your business being successful and meeting its goals.
Market Analysis
Now that you’ve taken a look inside your business to see where you have room for growth and improvement, it’s time to look at the marketplace. Take a look at your competitors and see what gaps in the market they aren’t filling. What are your competitors doing well at, and how can you be the same, if not better? Where are you meeting your consumer’s needs, and where are you falling flat?
Get some Input from Your Employees
The success of a business is because of the people who make up the business. Get some input from your employees as they may be privy to things you aren’t. They can give you valuable insight and highlight some of the blindspots you make be missing.
Setting Goals that are SMART
Now that you’ve done all this research and looked into the internal and external factors that are influencing your business, it’s time to start setting some goals. Here are a few things to keep in mind when placing your goals.
Set SMART goals. These are goals that are specific, measurable, attainable, relevant, and timely. This will ensure you’re thinking about the right things and directing your energy towards the goals that need real attention right now. Ensure that your goals align with the values of your company and are working to align with your mission statement. Goals are great to have, but if they aren’t what you’re looking for exactly, we don’t want it.
Action Plan
Goals are nothing if you don’t have a solid plan to follow through with them. Gather your teams together and put together a plan to achieve the goals you wrote out. What steps is everyone going to take? How are your daily routines/actions going to shift to achieve these goals?
Everyone has to be the same page
The key to a successful business is that everyone is on the same page. Share your goals with your employees, so everyone knows what exactly they’re working to achieve. Besides, goals are more fun when completed together.
After all of this is done, make sure you’re celebrating your wins big and small. Not only does it show your employees you appreciate them but it’s good to soak in your successes before setting new goals. What are some of your business goals? Let us know in the comments.
