3 Ways to Set Business Goals as an Entrepreneur

Starting a business without a specific goal in mind is like going on holiday without even knowing where you’re going. Research shows that entrepreneurs who have clear and strategic goals for their businesses are more likely to achieve long-term success. That is no coincidence; let me put it out there.

Setting goals is not just about setting goals themselves, but also if they’re realistic and reasonable. We would all love to earn $10k a month, but if you only have two clients, it will be pretty hard to achieve that income goal quickly. So, where do you start when setting up clear goals for your business? Here are 3 ways to help you set strategic goals that won’t leave you disappointed.

 

Be Specific

The first step that you might have already guessed is writing your goals on paper or in your online document. What’s important here is to make your goals are specific and realistic. It’s so easy to set up huge goals but if we don’t achieve it then, we are disappointed with the results or ourselves. This is definitely something that you can prevent from happening if you put some time into your goal-planning.

Let me give you an example of what setting up your goals can look like. Replacing your goal statement, ‘I want to earn a lot of money’, with ‘I want to double my current income by the end of this year’ will make your general goal much more specific. Do you see how different that is? It’s so much more detailed, and there is a time frame by when you want to achieve it. Is it realistic? I would say it’s definitely achievable! Giving it all these specifics will help you visualize it better, and it will be easier to strategically plan for it.

Another part of setting specific goals is planning for it. You have your goal in mind, but how do you actually achieve it? You have to be strategic about it and create milestones that will help you achieve it. Break down your main goal into 3-4 smaller goals, which can also be broken down into a few more. Defining smaller goals will help you with achieving the big goal, and by adding the dates on each task, you will have a better overview. This way, you’re creating a clear roadmap or step-by-step guide which shows what and when things need to be done in order to move to achieve milestones and the main goal. Stick to the main structure of your plan, and remember that even small progress every day counts.

 

 

Set SMART Goals

Have you ever heard of SMART goals? This is a concrete action plan that will help you set goals that are more likely to be achieved because of a clear time frame and you being honest with yourself. Let me break these SMART goals down for you:

• S – Specific – Incorporate a specific number into your plan, so your goal will be more realistic and measurable.
• M – Measurable – Make sure your goal is trackable, and you can measure the results.
• A – Achievable – You are working towards a goal that is challenging but possible.
• R – Realistic – Be true to yourself and set realistic goals that you know can be achieved.
• T – Time-based – Give yourself a deadline by when you want to achieve your goal. It will keep you accountable.

 

Make Adjustments

Allow room for adjustments and be prepared for a change. As you are progressing through your master plan to achieve your goals, things will naturally change or you might come up with even better ways to achieve your goal. Be open to suggestions and new information that can help you adapt as you’re learning the best ways of fulfilling your end goals.

 

Conclusion

Every entrepreneur is setting goals for the business, but not everyone sets the right ones. When thinking about goals, we should always keep in mind they should be specific, SMART, and there should be room for adjustments.

Set clear objectives and milestones that will help you reach those goals. Make sure they are measurable and they are realistic. Don’t let your head dream about things that are irrelevant and unreachable, considering your current resources. Create a strategic plan to have clear steps and deadlines that will help you progress and get to the end goal.