Running a small business in the last three years has taught us many things but the most important one seems to be this- set the right goals. Because not all goal setting is equally effective and learning to set the right ones and how best to achieve them takes time and a little guidance.
Neha and I follow these principals to set new goals every year for Sustenance-
- Set quantifiable goals- Its easy to set lofty goals that fit in with your mission statement. But it's important that your goals can be measured. So instead of saying we will make the healthiest breakfast cereal, we decide to increase the granola revenue by 15% in the next 6 months. This helps us in deciding the course of action-whether we will increase advertising spends, create a new feature etc.
- Create supportive systems-Goals without supportive systems are generally bound to remain just that – goals, not realities. For example, if your goals is to increase number of customers. Without a system, you might call a few people today, 10 tomorrow, and 15 the next week. A more effective way is to implement a lead generation system, by establishing an entire pipeline of prospects funnelled from multiple channels and track the appropriate metrics. Creating a system will help you keep track of your goals and support it.
- Allocate the right resources- This means saying no to things that doesn't support your goals and allocating resources for everything that does. The time your team spends on various activities has to align with your company strategy to ensure that you devote all the right resources for achieving your goals.
- Inform team members about the company goals-Goals are dynamic and keep changing and its important to keep your staff in the loop so they can devote their time more effectively. Define concrete milestones because measurable progress is a powerful motivator.
Here's hoping this new financial year brings you success and helps you smash down those goals :)