Is Setting Goals Important to Your Business?
By April D Findley
Every would-be entrepreneur has heard a mentor or a coach talk about setting goals. In fact, if you’re in the direct marketing industry or have a home based business, setting goals is often one of the first things you are told to do.
Setting goals is different than figuring out your “Why”. Your “why” is the reason for becoming an entrepreneur and the thing you will focus on when the going gets rough. An example of your “why” could be spending more time with family, becoming your own boss, or being able to afford a lifestyle most people only dream about.
Goals are the achievements that will lead to your “Why”. Some examples of goals may be to drive more traffic to your site, increase sales conversions, or receive an award at your company’s next live event. In order to meet goals, they will be broken down into tasks – actions that you will take on a consistent basis to achieve your goals. Setting goals is important to your business for many reasons.
WITHOUT GOALS, YOUR BUSINESS IS JUST A HOBBY
You may tell yourself that you have a general sense of your goals (i.e. make more money and fire your boss). You may tell your self that you’re just going to get things “going” with your business and then come back on define specific goals in a couple weeks or months. After all, action is what makes money, right? Well, you can take that approach, but ultimately, you will spend those first few weeks or months floundering in a mess of confusion. Starting a new business is over-whelming, no matter what industry you’re in; and without clearly defined goals, you’re really treating your business like a hobby. Remember that hobbies COST money, businesses MAKE money.
WHAT DOES GOAL SETTING ACCOMPLISH FOR MY BUSINESS?
Goals help business owners define what their business will accomplish - Making a ton of money is NOT a reason to start a business. If it were, EVERYONE would be business owners. Businesses are about providing products and services to people who have a need. You will have a hard time finding a market for people who want to make you wealthy. So come up with a goal for your business that meets a need or provides a service. Maybe you are concerned about the growing rate of obesity in the US. As a single mom, you often don’t have the time or energy to prepare home-cooked, nutritious meals for your kids every night. You feel guilty and dismayed as you pull into the McDonalds drive-thru for the third time this week. You wish there was a nutritious fast-food alternative for you and other parents in your situation. You decide to open the first ever all-natural fast-food restaurant!
Goals help business owners make important decisions for their business - When you have a clear goal for your business, you are laser-focused and making tough decisions quickly will become second nature. Being able to make goal-based decisions quickly will save you time.
Our single mom who opens the first all-natural fast-food restaurant has decided that turkey burgers and sweet-potato fries will be her restaurant’s featured meal item. When the sales people from the different food distributors start calling, she can quickly filter through any of them that don’t offer the ingredients she’s looking for, saving valuable time and getting her business rolling faster.
Goals give business owners a way to track the progress of their business - Once your goals for your business are firmly in place, you can take a look at your daily activities and ask the simple question, “Does this activity bring me closer to my goal or distract me from it?” Seeing your efforts from this perspective give you the ability to get rid of the activities that aren’t productive to your goals and apply that energy/time/money towards the activities that DO move you toward your goal.
So you can see why setting goals is important to your business. As anxious as you are to get to work, taking some time to think through your goals is a vital step to your business, whether you’re a new entrepreneur or you’ve been in business for years.
April is a wife and mom living in Colorado with her husband, Matt and their three children. April and Matt run a home based internet marketing company. They offer financial education materials to investors, small business owners, and anyone else desiring to build wealth and learn the secrets of the rich. To learn more about her business Click Here.
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