Video: The goals to set for your business.

SETTING GOALS FOR YOUR BUSINESS

Don’t just wander aimlessly through life. Think about where you will be in three, five and ten years. It gives you energy, focus and drive to get there. It’s the same for your business. You need to think about where it’s going and how you can get it to that destination. Today’s Seven Hacks is all about the importance of setting goals for your business…

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1. Set Concrete Goals

Don’t be vague. You need firm, clear goals. Statements like “get more staff” and “increase turnover” are no good. They’re too woolly and ambiguous. “Hiring three more recruits” and “increasing turnover by ten per cent” are far more explicit and definite.

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2. Set Methods To Achieve Your Goals

Think about how you will reach your targets. Where are you going to get your three new recruits? Will you advertise on job websites? Ask current employees for recommendations? Use LinkedIn? How will you increase turnover? Will you target new customers? Increase prices?

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3. Be Realistic

Sure, aim high but don’t be foolish. If you are starting out, acknowledge things will be difficult, especially at first. Say you are setting up a tech company. With the best will in the world, you won’t be rivalling Apple within six months. Think slow and steady goals and growth.

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4. Make Sure Staff Know The Goals

Communicate! Your staff is your greatest asset so use them. Keep them informed with goals and progress towards these goals. Ask them for suggestions. They may come up with things for their department that have never crossed your mind. Get them to think about the implementation of these targets and how they will benefit the whole company.

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5. Be Clear About Who Is Responsible

Is the business small enough that one person can keep on top of this and can they cope if the responsibility for tracking the progress of reaching these goals is added to their workload? Don’t be so distracted by future aims that you take your eye off the ball in the day-to-day running of the company.

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6. Meet Regularly

Decide how often you want to be kept up-to-date with progress reports. Would once a month be enough? Is once a quarter too long? It’s important to get feedback to see where things are headed and to change direction if you need to.

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7. Reward

What’s the best bit of setting a goal? Smashing it of course! The feeling of satisfaction and the culmination of months, or even years, of hard work is fantastic. Make sure your employees know how much you appreciate their efforts and celebrate with them. How you do that is up to you. A staff party, tickets to a sporting event or a gig, perhaps a bonus? There are plenty of ways you can say thanks.

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