3 Insights About Setting Business Goals
In our recent DDU+ mastermind, we discussed the importance of goals and the night-vs-day difference it makes when working on your businesses.
Here’s what we came up with.
1) Goals keep you focused
These simplify what you’re doing in your business while preventing shiny object syndrome.
More importantly, goals help you discern what is an opportunity and what is a distraction.
Without setting focused goals, you’ll see a lot of “opportunities” that are distractions in disguise.
Somebody might approach you and say, “Hey, I got this opportunity…” and normally, you might respond “Oh, that sounds awesome” and spend a month or two working on it.
Then you might think “Wait a second, this doesn't get me any closer to what I want… this is slowing me down.”
Having your goals mapped out at least in writing or in your mind allows you to filter out time-wasting “opportunities” like these.
Imagine how many hours, days, or even months you’d save by not going after things you didn't think you were going to start the year with.
2) Goals help you make adjustments quicker
Goals are not always perfect or infallible.
But it’s better to have imperfect goals than to have none at all.
Sometimes we make a goal that doesn't make any sense after a month into it. Those are ones that you might want to de-emphasize or change.
There’s no shame in making a course correction mid-way through the year if your original goals weren’t serving you or your business in the best possible way.
Without an imperfect goal, though, how would you know to make such a course correction to begin with?
You wouldn’t have those insights about yourself, the market, and your business… and those insights can be very valuable and bring you closer to your ultimate objectives.
On the other hand, if you thought a goal was important enough to start the year with a goal, and there were no major changes in the conditions around you, then it’s probably still a good idea to stay focused on it.
3) Goals clarify most-needed roles in your future org structure
When you pursue a set of business goals, think about who will help you get there.
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Will you do it all by yourself? Or will you need a team to help you get there?
It’s one thing for a solopreneur to say “I want to have a $10 million-a-year business”, but it’s another thing to run it. The larger your business becomes, the more likely you will need more resources to run it.
Ask yourself, who's going to be in charge of this goal and that goal? Who's going to be contributing to each objective? Do you already have the roles?
Think marketing, sales, product, operations, finance, etc. Do you have the right team and the right resources to pull all of these off?
Imagine you do reach your goal.
Visualize your success. What does it look like when that happens? How big is your team? How many employees do you need? Do you have a partner with you? Do you have an executive team?
Did you spend your time and money on sales? Paid acquisition? SEO? Social media?
Did you spend a lot of time building internal systems and processes that help your team members execute?
When setting your goals, it’s important to remember that you may need external resources or to build a team to help you get there.
TL;DR Summary
Setting business goals helps you:
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That's it for this week!