Starting and running a business is like planning an epic road trip - you need a destination, a map, and the determination to keep driving even when you hit bumps along the way. And heaven forbid should you run out of gas in a remote area! Let’s take a gander at setting meaningful business goals that'll take you from your first day of business all the way to your well-deserved retirement.
Start with the End in Mind
Before you even open your doors, where is it that you want to be with your business and personal life in 5, 10, 20, or even 30 years from now? Do you want to be a Fortune 500 business? Or create a cozy family business that your kids will take over someday? It’s your smart planning and decision making that will carry you every step of the way.
Set SMART Goals That Actually Work
We've all heard about SMART goals (Specific, Measurable, Achievable, Relevant, Time-bound), but here's how to make them work in the real world:
Instead of saying "I want to grow my business," try "I will increase monthly revenue by 25% within the next 12 months by launching two new product lines and expanding our online presence." It takes the vagueness out of your goal setting and gives you those actionable steps that can be attainable.
Break It Down Into Bite-Sized Pieces
Big goals can make you want to turn around and run the other way. That's why you need to break them down into quarterly, monthly, and weekly targets. Think of it like eating an elephant - one bite at a time. If your yearly goal is to hit $500K in sales, what does that mean for your monthly targets? What about weekly? Yes, there is homework involved, but overall, every bit of it will be worthwhile.
Track, Adjust, and Celebrate
Keep score like your business depends on it (because it does). Use simple tracking tools to monitor your progress. When things aren't working, don't be afraid to pivot. And remember to celebrate your wins, both big and small - it keeps your motivation tank full.
Plan for the Unexpected
Life throws curveballs, and business is no different. Have backup contingency plans for different scenarios. What happens if your client base dries up suddenly? What if a bigger and brighter business shows you up? What if you face a personal illness for a long-term period? Having a Plan B (and C, and even D) will help you sleep better at night and keep the wolves at bay if you plan right!
Think About Your Exit Strategy Early
It might seem strange to think about leaving when you're just starting out, but the best time to plan your exit is when you don't need one. Whether it's selling to a bigger company, passing the torch to family members, or closing shop on your own terms, your escape plan influences how you build and run your business. And believe me, with this in place, it will take away all the worry and anxiety that comes with it.
The Human Side of Business Goals
Remember that behind every spreadsheet and target are people - your employees, customers, and family. Build your goals with them in mind. Happy employees lead to satisfied customers, which leads to a thriving business. A good rule of thumb is to treat all as well and as kind as you would like to be treated by them.
Keep Learning and Adapting
The business world changes fast. Make continuous learning part of your goals. Whether it's taking courses, joining mastermind groups, or reading industry publications, staying current helps you spot opportunities and avoid pitfalls.
For deeper insights and practical tools, check out these resources:
Small Business Administration's (SBA) website for business planning guides (US)
https://www.sba.gov/business-guide/10-steps-start-your-business
Planning a business - Canada
https://www.canada.ca/en/services/business/start/planning.html
SCORE.org for free business mentoring (US)
Your local Chamber of Commerce for networking and resources
Industry-specific associations in your field
Local business groups in your area, this gives you the opportunity not only to learn from those who have experienced the ins and outs of business, but a wonderful opportunity to network with and potentially gain new business.
Remember, setting and achieving business goals isn't about perfection - it's about progress. Start where you are, use what you have, and keep moving forward. Your future self will thank you for the planning you do today.
This will be my last blog post before the holidays begin. May your business thrive through the season and, remember always to practice self care throughout all the hustle and bustle around you.
On behalf of Ocean’s Edge Business Services, best wishes for Christmas (or whatever holiday you may be celebrating, and may prosperity beckon ahead! I invite you to revisit my blog page in January for more great insights!