Chances are that in your personal life you’ll be setting some new goals for the new year! We know we are. But why stop there? You’ve obviously had a vision for your business since the beginning so how can you make it what you’ve always dreamed? Well, the answer is goal setting and a plan of action. You will never achieve your dreams by keeping them inside your mind. All dreams were once a thought that were then made into a reality through planning! We’ve all heard the saying, “your dreams won’t work if you don’t,” and as cliché as that sounds, it’s very true.
Let’s start with how to determine what your brands goals should be. There are some methods to help you determine the right goals for your business. SWOT analysis is a way to help you get very clear on what needs to be addressed. It stands for strengths, weaknesses, opportunities and threats. This can help break down your business into simpler terrain in black and white. Another method is the Porter’s Five Forces. This is a technique for understanding the market place of your field to better improve your spot within it. The five forces are: 1. Competitive rivalry 2. Bargaining power of suppliers 3. Bargaining power of customers 4. Threat of new businesses and 5. Threat of substitute products/services.
Now that you know what goals you need to set, there are a couple of methods to help you make them efficiently. The SMART model means: specific, measurable, attainable, relevant and timely. Another, not so heard of style of goal setting, is called WOOP. This stands for wish, outcome, obstacle and plan. It was created by a German psychologist, Gabriele Oettingen and has been known to reduce stress while increasing engagement and solve problems. Another way to tackle your goals is to set micro goals where you break your long-term into smaller steps of daily acts to reach the larger one faster.
Now that you have your plan of action set into motion, it’s important to track the progress along the way. Use KPI’s and data to determine the results of your efforts. Is it working? Is it failing and if so, how can you shift to reassess the process and/or set a new goal? The most important things to remember when setting business goals is that they have to be realistic. If you aim too high, you’re setting yourself up for failure. Another important component to success of your goals is communication within your team. It helps everyone if they’re working together and it helps keep you accountable. Share your vision with everyone on your team! It will also help them feel invested as a contributor to your success. Work engagement will increase as well as positive company culture. Happy New Year to you all and good luck achieving your brands vision!
