Starting and running a business may tempt you to only aim for short term goals: what you want to happen in a month, a couple of months, but never in years’ time. Most coaches will disagree with you. It’s important to have a goal to work towards and keep your head above water at the same time. Setting a big goal or BHAG (big, hairy, audacious goal) is key to being successful now, and in the years to come.
Go Big and Go Crazy
Set a big goal. It has to be realistic yet a pretty big stretch. It’s more for you to work towards than pushing for that goal short term.
Having a big goal gives you little goals as well. These keep you on track while achieving milestones in your pace. If you stick only with short term goals, it may get you into hot water as what some rushing entrepreneurs experience a lot of times.
Experiencing failure in the early stages of your business remains a challenge to conquer, but 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, like for the week, for the month or for the quarter. By doing so, you’re keeping yourself and your team accountable. Make sure you’re actually meeting these goals. It doesn’t have to be a revenue goal. It can be any goal you and your team set..
For instance, you set 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 focusing help on a certain department.
Keep a list of these goals and keep track of them. This way, when you have a quarterly meeting with your team, you can go back to your list and evaluate what has been done, and continuously do so on a regular basis.
If your team does a monthly meeting, discuss the strategic goals for the month. The quarterly meeting would be for overarching strategy and for the yearly one, goal planning for the following year. Have a plan and strategy for each of these monthly, quarterly, and yearly meetings.
Make sure that you are flexible and nimble enough, so that if circumstances change, you change with it. Have those plans in place but don’t be so fixed on them that you’re going to execute those if some major thing changes your outlook.
Things change all the time: clients leave or new clients come in, or your goals change. Be sure to gear yourself for change. If you lose a client, get three new employees instead of the original plan of five; or if you get a new client, then you can hire seven instead. It’s all about flexible planning.
Another instance would be having your product getting featured on a high-ranking website. It may give you a giant boost in your revenue for the quarter and exceed your target. However, it can go the other way too: maybe you’ll fail to meet your goals for the quarter.
Business coaches always say to have a stretch goal: something to work towards, a realistic stretch goal. In goal setting, don’t forget having your big, hairy, audacious goal.
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