“Successful people and companies set goals. Without them, they have no defined purpose and nothing to strive for; consequently, they stagnate and struggle for meaningful accomplishments. Goals are stepping stones to an end result. They must be present in every aspect of your life and your business plan and become a regular part of everyday operations.”
Much like many of us who make a wish while blowing out birthday candles, if we don’t set goals and plans around those wistful wishes, we will never get any closer to what we ultimately want. You must have a goal, not a wish. What turns a wish into a goal? A plan. This applies to everything in life. The most successful people have a calculated plan for everything they do. What social events they attend, where they spend their time, who they spend their time with — these are all calculated moves to get them closer to what they’re aiming to attain, not just professionally but personally as well.
One of the most crucial steps to goal-setting is to clarify precisely what outcome you are wanting to achieve. There is nothing worse than to reach your goals only to discover they were the wrong goals and the wrong path to get there. Be sure to think not only of the end result but also the process that will get you there. Is this a journey you are truly invested in taking?
Follow These 5 Fundamentals
Identifying your goals also allows you to concentrate your efforts. You’ll be able to quickly spot distractions that may lead you astray and further from where you are wanting to end up. Follow these 5 fundamentals for setting and achieving your goals.
Show Your Math. If you really want to achieve your goals, you’re going to have to show your math. You should quite literally have a timeline laid out for every step you’re planning and how each gets you closer to that goal. Your plan cannot be vague either. For instance, if your goal is to grow your business by 50% and your plan to get there is to hire a marketing person, it’s not that simple. Your plan should look more like “I will hire a social media marketer who will contribute x% with x strategy by x date, I will run a digital advertisement campaign on Google that will contribute x% by x date, etc.” Everything you do must be calculated and calibrated to reach your goals.
Goals Aren’t Just For C-Level Management. Goals don’t only apply to business owners or senior management. Employees may think they’re doing a great job but maybe they aren’t helping the bottom line of the company. Organizations should create goals for each and every employee, regardless of their position. These should be top-down goals that are aligned with the fundamental goals of the company.
Set Goals Within Reason, Not Delusion. It’s crucial that these goals be fair and considerate of the industry and market trends. When goals are unattainable, it can be demoralizing to employees and cause burnout. Employees feel defeated having to state that they don’t meet their goal each month. When goals are realistic on the other hand, employees get excited about the goals and work together to try and meet them. Set your goals within reason and be able to show a path that will get all of you there together.
No Setting & Forgetting. Once goals are established, the rate towards those goals must be constantly measured to ensure you’re on track or when you need to make up for slower months. You can’t set and forget these goals if you plan on reaching them by your desired target date. Build in reminders on a consistent basis to check in and compare where you’re at versus where you were projected to be in your plan. If you are not on pace to meet goals, you must be willing to make adjustments to the tactics and plans but not the goal.
Keeping Financials Private Doesn’t Do Anyone Any Good. Company goals are found to be most effective when paired alongside staff incentives or bonuses. Bonus structures with the least amount of risk to the company are structures where no one on the team gets a bonus unless the company meets their goals. This way, bonuses are calculated within the goals as a cut of the projected revenue of those goals. Everyone wins. Yes, this means sharing your numbers with your employees. Too often companies don’t share their financials with their staff but keeping these numbers private doesn’t do anyone any good. Find agreeable measures that you are comfortable sharing even if it’s the percentages, it’s vital that everyone understand the measurements and how to impact the ultimate goals of the organization.
Utilize Third Parties
At I’M NOT MAD AT YOU Consulting, we sit down with you to do your financial forensics and help identify attainable goals. We find out what truly motivates your employees, for instance millennials may have different motivators than money. Since we are a third-party, employees feel that they can be more candid with us on their satisfaction and areas of improvement. The more satisfied the employee, the happier they are to help you reach your goals.
Set a goal to book a call with I’M NOT MAD AT YOU, Consulting Today!