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business goals
Read time: 1 min, 30 seconds
Every business is unique, with different needs:
Some need a little TLC, others might need a kick.
But all need clear, actionable goals to drive them forward.
We've noticed that many of our clients start with pretty vague goals.
They want to grow.
But by how much? By when?
They want more profit.
But why only 10% more? Why not 50%, or more?
They want to make an impact.
But in what way? And how will they do it?
Here’s the thing:
If you don’t have a goal, you’re on the road with no destination.
You’re likely to end up lost or going round and round in circles.
Then, if your goal isn’t big enough, you’re likely to end up in the middle of Whoop Whoop when you could have been in New York or on a beach in Seychelles.
And if you don’t take action towards your goal, you might just end up not going anywhere at all.
So today, we're sharing our 4-step checklist to design and execute your business goals more effectively.
Let’s get into it!
4 STEPS TO SET & ACHIEVE YOUR BUSINESS GOALS
1. Have a Goal:
It sounds simple, but many businesses lack goals, let alone written ones.
Start with writing down your business goal, even if it’s vague.
Example:
Let’s use the owner of a medium-sized property management company (we’ll call him Chris) as an example.
He might start by writing down his goal to grow his company’s profit.
2. Make it Actionable:
Enter the SMART framework.
Take your vague goal and make it Specific, Measurable, Achievable, Relevant, and Time-bound.
Example:
Chris could now make its goal clearer by refining it to something like ‘increase the company's profit by 20% by growing our customer base within the next 12 months’.
He could then make it even more actionable by breaking it down into steps, such as identifying target properties, building networks with new potential clients, and enhancing sales skills to convert more leads into clients.
3. Test it:
Most businesses have big ambitions, but their goals don’t reflect them.
Challenge your thinking to ensure your goals are BIG enough.
Example:
Chris could test his goal by asking the following 2 questions:
- "What would I need to believe to achieve my goal in 10% of the time?" (e.g. achieving 20% more profit in 30 days instead of 12 months)
- "What would I need to believe to achieve 5x more than my current goal?" (e.g. increasing his profit by 100% instead of 20%)
4. Do it:
Setting goals is just the beginning; execution is where the magic happens.
We think of it like this:
Winners and losers can have the same goals; the difference is winners take action.
Example:
Whatever Chris' goal, he's not going to achieve anything just by designing it.
To get started and stay on track, Chris could ask himself one of our favourite questions daily:
"What would the best version of myself do today to move closer to my goal?"
Then get in, and make it happen.
Half the battle is simply taking the right actions.
If you do what needs to be done, 80% of your business goals will be accomplished.
Go get it!
Speak soon,
Lynne & Steve
TLDR:
- All businesses need clear, ambitious goals to grow and thrive.
- To achieve these goals, follow our 4-point checklist:
- Have a goal (and write it down)
- Make it actionable
- Test it
- Do it
- Sounds simple, but the simplest things are often the hardest to put into practice. Start with taking small, actionable steps every day, and you'll see big results.
When you're ready, here's how we can support you further:
▶ Claim your free access to The Profit Program
We're teaching you the exact steps to grow your profit in 2024.
The program includes a 90-minute '5 Steps to 50% More Profit' series, a business health check, a profit roadmap session with us, access to a business builder community, live support and Q&A with us, workbooks & exercises to follow, and more.
▶ Explore the archive
Did you know we have our entire catalog of newsletters on our website?
Check out past issues here.
▶ Work with us
We offer coaching & consulting to help business owners grow healthy, profitable businesses. Learn more and apply for limited coaching slots here.