Introducing a brand new business in the start-up space, dedicated to helping women business owners live their best life ever - The Launch Pod!
The goal of The Launch Pod is to positively impact as many women around the world by empowering them and making their lives better by growing them as people, which in turn grows their business. This article was provided to us by Natalie Goldman, founder of Launch Pod with over 20 years in coaching, learning and psychology in a business environment.
Unless you have been hiding under a rock there have been a gazillion articles, offers and posts all about making 2016 a great year (including from me) and the key theme has been all about setting goals for 2016. So why does everyone focus on setting goals?
Well without goals you are less likely to achieve things and more likely to stay in the same place. However have you found that you have had put goals in place but the above happens anyway? Well there are a number of things that you need to do to create robust goals that will serve you and your business going forward.
There are a number of strategies that you can use however I like the tried and tested SMARTER technique, which is the extension of SMART.
When setting goals you need them to following principles in order for them to be effective:
To say you would like to grow your business, or make more money is a good start however the goal is not specific enough. You need to drill down and focus on the detail such as: I would like to grow the online retail part of my business or I would like to increase the profit margin by X%. Try to envisage your goal in your mind and write down what it looks like in as much detail as possible. The more specific it is, the more likely you are to achieve it. You can utilise the Who, What, Where, How and Why strategy and answer each question about the goal.
Like everything in business you need to be measurable so that you know whether or not success has been achieved. You may like to increase sales by 20%, or increase your profit margin by $50,000. Whatever the metric you need to have one in order to measure whether or not you have achieved your goal.
You want to create goals that stretch and challenge you however you also want them to be achievable. If you are in year 2 of your business and you would like to double your profit, I would most likely say it is not achievable however not impossible…if you over extend yourself in all your goals and achieve none of them, it can be very demotivating. Learning to be able to create stretch goals is a skill and requires a firm grip on reality to know just how far you can go.
How does the goal tie into your overall business plan/ strategy? Is it aligned to your objectives? You need to ensure that you are creating goals that are working towards your overall goal in your business.
Timeframes, deadlines and dates need to be set in order to know when your goal (and the milestones for the goal) need to be achieved by…otherwise you will be working on it endlessly.
Some of you would be aware of the SMART technique and here comes the extra magic that I think really adds value to the process.
It is important at the end of the process to evaluate how you have gone…did you achieve your goal or not. What happened, what would you replicate, what would you do differently next time? It is not an opportunity to berate yourself but rather learn key lessons on how to repeat the success or avoid the failure.
If success is achieved you need to celebrate and reward yourself. Too often once a goal is achieved we move onto the next goal/ project…however we need to take the time to really reward yourself. Possibly, when setting the goal think about how you would like to reward yourself if you achieve that goal.
Yes this may take some time however it is worth it…if do not set goals, we do not achieve, and then why are we in business? What strategies do you use when setting goals?
Natalie is available for free coaching calls, media and speaking opportunities. Get in touch at firstname.lastname@example.org. This article originally appeared HERE.