Setting real and attainable goals are necessary for your business. As an entrepreneur, defining business goals can be a challenge, but it’s not as hard as you think. To get started setting business goals, think about what you’d like to achieve. Then, identify meaningful numbers that reinforce those goals.
Make yourself accountable for your long or short-term business goals.
Realistic and Anticipated Business Goals
Are you an ambitious entrepreneur? Awesome! Ambitious goals are great, but you need to be realistic about them. Identify ones that are realistic, anticipated, or telling about your business pursuits.
Here are a few:
- Attend at least three networking events each month to start building business relationships. (If you attend five each month, you will have attended 60 events at year’s end. You will become more visible, and sharpen that elevator pitch.)
- Set at least two meetings a month to review your website’s traffic and key performance indicators (KPIs).
- In your network, identify 10 followers/contacts each month to engage with more actively.
Using Business Goals to Anticipate Growth
Other ideas… Let’s say you have a staff of 20 and anticipate growth. Ask yourself:
- How many sign-ups or sales would it take to add four more team members?
- What would it take to experience a 24% growth in sales for your business?
Earlier this summer, Porsche announced plans to increase their workforce by 24%. Plans to expand are based on their goal to sell 200,000 cars by 2015. In addition to this ambitious goal, Porsche launched the Macan, a compact sport-utility vehicle. Business of all sizes face serious economic challenges. An unpredictable market and financial uncertainties are certainly reasons for setting business goals and pushing forward to accomplish them.
Or, set your business goals from a different angle.
Setting Business Goals Based on Data
Nielsen, the global company that studies and reports on consumer buying and watching patterns, makes an interesting statement in their Digital Consumer Report. One insight of the report suggests smartphone shoppers are using their phones to locate stores. If you own a store, which group would you focus your efforts on to develop an online presence? The group of 24% or 76%?
The 76%, right…
In another study by search marketing organization, GroupM Search, their report shows that only 24% of consumers begin their exploration on a brand’s site before purchasing. However, on the other side, 76% of consumers begin their buying exploration by performing online searches or using social media. Perhaps this information might get you thinking about how buyers are finding your business, products, and services online. A logical goal might be to look at your current marketing messages and see if you are effectively employing online search and social media techniques.
You need to establish goals that challenge you, even if they are anticipated. How are you measuring your business’ health and success? What important numbers are you using to determine your business goals?
Defining and setting your business goals can get you closer to achieving them.
Share your thoughts, and post a comment about important numbers you are using to accomplish your business goals.