Goal setting is an important part of starting and owning a business. Without business goals, you may find that you are floundering around in your business with no direction. Your business goals can keep you focused on where you want to be, while helping you create a plan for getting there.
Once you’re ready to get started with goal setting, these 10 powerful goal setting steps will help you achieve even your most ambitious business goals.
The first step is to break down your goals. Business goals are often long-term and require quite a bit of work, time and effort. By breaking down your goals into manageable action steps, it is easier to focus on what you need to do right now and not get overwhelmed by the process.
A good way to break down your business goals is by creating an action plan made up of individual tasks that each includes one clearly defined action. By thinking in terms of baby steps, it’s easy to make progress and have small accomplishments every day.
Track Your Progress
Part of successful goal setting is tracking how far you’ve come. Not only can this be a great motivator, but it can also help you plan future goals and action steps.
You can track your progress by conducting weekly and/or monthly goal check-ins that help you evaluate what you have accomplished and where you need to focus more of your attention. It may also be helpful for you to create milestones based on time and progress so you can easily tell if you’re on track for reaching your goal.
Commit to the Process
Effective goal setting requires clarity about what the goal involves, knowledge on what type of effort will be required, and specific reasons why the goal is important to you. It also includes a plan for how you will accomplish each step, and perhaps most importantly, a commitment to seeing the goal through to completion.
If you are unable to commit to the goal by taking the time to develop a plan and scheduling the time to focus on the action steps that will bring you closer to your goal, you will face an unnecessarily difficult challenge.
Build a Support System
A support system can help you reach your goals in a number of ways:
- You can be motivated by the knowledge that you have a solid team behind you.
- You can learn from the experiences and backgrounds of your team.
- Your team can cheer you on when you face challenges in the process.
- You can be held accountable by your team for doing what you say you want to do.
- Your team can provide a perspective that’s different from your own.
- Your team can help you celebrate your successes.
Your support system can be comprised of family, friends, mentors, colleagues, or anyone who supports you and wants to see you succeed.
Very few things happen exactly as we anticipate, both in business and in life. It’s vital to be able to adjust to changes and modify your plan as necessary, without losing momentum.
While it’s important to have a clearly defined plan for accomplishing your goals, you should avoid rigidity and narrow-minded thinking. The more agile you are and the quicker you can change directions when you need to, the easier it will be for you to keep progress steady in the face of the unexpected.
Keep Your Eye on the Prize
When you’re working toward a long-term or ambitious goal, it’s important to break it down into small and manageable steps that you can tackle every day. But while you’re focusing on taking it one step at a time, you should make sure you are clear on what you are working toward.
Big picture thinking is an effective way to stay motivated and focused. Take some time to envision what it will look like and feel like when you’ve reached your goal. Then, return to that vision during the process to remind yourself why this goal is so important to you.
A challenge with goals for many of us is the desire to do everything correctly, each step of the way. Sometimes, this idea of perfection and the fear of failure holds us back and prevents us from making progress.
When it comes to goals, forward-moving progress often trumps mistakes, so it can be more important to keep the process moving than to wait until the situation is perfect in order to proceed. It’s also important to consider that mistakes provide a powerful learning experience; a misstep can open your eyes up to new ideas and approaches that you may not otherwise see.
Don’t Stop Moving
We’ve outlined the importance of being able to change directions and accept imperfection. In these situations, and during your everyday process, it’s important to keep moving forward, even when the situation is not what you expect it to be.
Although your path may change and your progress may seem minimal, the only way to reach your goal is to keep taking it step-by-step and piece-by-piece. Every time you complete a baby step, you are getting closer to achieving your goal, and as long as you continue to move forward you are on the path to success.
Being confident in your ability to achieve your goal can play a significant role in your success. You have to believe in yourself if you are going to achieve your goal.
Thinking positively, encouraging yourself, and being encouraged by your support team is vital. Positive thoughts can often carry you through tough challenges, unexpected changes and other tests of your will.
Celebrate Your Successes
It’s important to celebrate your successes throughout your goal setting and achievement process, even the small wins. By celebrating, you are taking time to recognize the effort that went into your achievement, while motivating yourself to keep pushing through to the next step of your goal.
Celebrating success is also a good way to get closure on each stage of the process, and come back refreshed and refocused on your continued progress.
By following these 10 powerful goal setting steps, you will be able to break down your long-term goals and take baby steps each day to get closer and closer to your success.
Don’t Share Your Goals With These 3 People
It has been said that the moment we set a goal, we should tell everyone as a means of securing success. That making a commitment to the world will ensure that we have the added pressure to see that goal to completion. But is that always the best approach?
Here are a few people who you must be careful to share your goals with:
1. People Who Don’t Pursue Their Own Goals
Every person has belief systems about what is possible or impossible, forged by a person’s upbringing. There are many people who will suggest you lower your targets to something that sounds reasonable to them, given their perception of possibility. By doing so, we commit to living socially acceptable lives instead of pursuing the inventions, businesses and behaviors that can lift an entire society out of the status quo.
A person who doesn’t pursue their own goals may suggest you don’t need to change. It is the selfish desire of a person who wants to feel equal by keeping you down. This is incredibly pernicious, as it will cause you to settle instead of strive. In this way, their beliefs are never challenged, and your goals are never fulfilled.
Even more subtle is the person who verbally agrees to your endeavor, but nonverballydisagrees. It has been stated that we communicate 93 percent nonverbally. By way of mirror neurons, our brains can pick up everything that isn’t being said, at the very least subconsciously. A person who verbally believes in you but nonverbally doubts you will cause you to question yourself. You will feel doubt as you are thinking about your goal, and that has the potential to derail your progress before it even begins. As our goals are still developing, we need to make sure they are not kept in the company of people who live in disbelief.
Solution: Share your goals with people who have already achieved success in that area of their life, or people who are currently pursuing success in their own lives. They have the belief systems that doubters, naysayers and average thinkers do not possess. These are the select few who will disagree with you when you begin to doubt yourself, the ones that will fight your limiting beliefs and will hold you to a higher standard of life.
2. People Who Praise Your Goal Instead of Your Commitment
Since we are social creatures, we often want to be accepted by the people we keep near. Our well-intentioned friends and families attempt to boost our self-esteem by praising the goals we set. This, however, is ineffective as it can create validation on intention instead of action. Psychologists have proven that praising the process instead of performance is more beneficial for self-worth and goal attainment. The act of setting a goal and pursuing the path to greatness is an uncomfortable one. If we feel comforted by the acceptance of peers for just setting the goal, we may never find the follow-through to reach that endeavor. We’ll descend back to our familiar comfort zone instead of that higher plane of success.
Solution: Remember that setting a goal does not set you apart. We need to be careful of the comfort that a compliment can produce. If you do share your goals with loved ones, remind yourself that you still have a long way to accomplishment and that follow-through will always feel better than validation. If a person congratulates you for setting a goal, restructure the compliment in your mind as though they are congratulating your continued commitment to seeing that goal through.
3. People Who Are Critical
The critic isn’t necessarily toxic, but he isn’t the person you want to be speaking to while your goal is still in it its early stages.
You may have all the confidence in the world, but you must still consider that your vision is in infancy and needs to be protected. At this stage, momentum is key. Oftentimes, the critic means well; they don’t want to see you traveling down the erroneous path. But we can easily misinterpret that advice for perfectionism. Place their opinion too early in the process and it only serves to procrastinate our journey or halt our path to success altogether.
Solution: These people have mindsets that can be incredibly useful to edit our manuscripts, review our products and hone our skill set. It is essential to keep these people in our circle, but we can only share our goals with these people when we have gained sufficient traction. At that point, we can solicit the feedback of a critic who can help increase the quality of our pursuit.
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10 Obstacles Every Startup Must Overcome to Be Successful
The odds of survival for a startup are daunting at best. Nine out of 10 startups fail in their first year. Failure is so common, in fact, that many entrepreneurs have taken to penning failure post-mortems to determine where things went wrong, in the hopes that others will learn from their mistakes.
Related: 10 Things Successful People Never Do Again
Despite the odds, we keep at it. Perhaps it’s for the love of the business. Perhaps it’s the desire to create something that’s our own. But it’s also because we believe that we’ll be part of the 10 percent who succeed. There’s always a need for companies that are innovative and meet customers’ needs, and we’re sure that we have what it takes.
Do you have the chops to get your company over the hump? After building my startup Owlmetrics, an Instagram analytics tool, I realized that there are 10 obstacles every startup must overcome if it’s going to become successful. Here’s your chance to determine your weaknesses and build on your strengths.
1. Strong Leadership
In order for a startup to muster the Herculean strength it will need to succeed, it must have determined leaders willing to put in the hard work to see it through. But don’t confuse being a strong leader with being a hierarchical, authoritarian boss.
Good leaders understand the need to hire the right people, and to delegate and trust those people to do their jobs. They understand the need to develop synergistic partnerships and collaborative relationships. They believe deeply in their business and they continually work to develop their vision for the company’s future.
Leadership is especially key for a startup, as everything about the company is coming into focus. It’s in an extremely volatile state. Strong leaders are the decision-makers, idea generators, team builders and image-makers for their company. If you stand at the helm of a young company, you play a crucial role in all these areas. In short, the rest of the advice below is worthless without a strong leader showing the way forward.
2. Thriving in a Competitive Market
No matter what type of business you go into, your startup is in a contest for survival. Fierce competition is either going to drive your startup forward, pushing you and your company to new heights, or it’s going to eat you for lunch.
If you want to avoid being made into sushi, you need to learn to thrive when facing direct or indirect competition. In fact, research shows that learning to thrive in the “red ocean” of competition will strengthen a startup for long-term survival.
Related: 8 Essential Startup Tools for Every Entrepreneur
Competition forces young companies to focus on customer needs and keep costs lower and contained. It also opens up opportunities that young companies can take advantage of. In the rocky waters of a competitive marketplace, no one has the luxury of hanging out in the shallow end on a life raft. It’s sink or swim, so you’d better be ready to start paddling from the get-go.
3. Tapping the Right Talent
If you’re a strong leader, you already understand the importance of hiring suitable candidates with the right background, skill set and personality to competently do the job. But it’s not just about hiring the right people; it’s about putting together an exclusive team that can work together, feed off of each other, reel each other in when necessary, and remain excited and focused on the task of launching a successful startup.
As you go through the hiring process, remember that these are the people who will make or break your startup, so be careful and discerning. The hiring process takes valuable time away from your business. Your goal should be to spend that time wisely so you don’t have to do it again in short order. Narrow your search by prequalifying candidates through thoughtfully written classified advertisements that specify exactly what kind of applicants you are looking for.
Call references. Have candidates meet with other team members to see how they fit in. If you create the best team possible up front, you will save loads of time and money in the long run.
4. Sustainable Expectations
Your startup has attained a measure of success. Things are looking up and sales are skyrocketing. The sky’s the limit, right? It may be tempting to assume business will continue to exceed your wildest expectations. Here’s your reality check: Good times don’t last forever.
Even when things seem to be functioning flawlessly, it’s important to keep a cautious mindset. If you assume things will always be good, you are setting yourself up for failure. Sustainability requires consistent effort and hard work. You can’t coast on your past success or rely on unrealistic growth potential.
No matter what your business, you have to be prepared, keep working hard and understand that that even if you are thriving now, the competition is nipping at your heels. True success is not attained only when everything’s going your way; it’s also about what you do during the lean times. It’s how you achieve sustainability over the long haul.
5. Budgeting and Financial Woes
If there is one thing that seems to plague most startups, it’s cash flow. It’s easy for a young company to get bogged down under financial stress and pressure. Unexpected expenses and emergencies pop up. Sometimes you appear profitable on the books, but in reality you are waiting for clients and customers to pay you. The bottom line is that most startups aren’t bringing in much in the way of income—at least at first—so paying the bills and finding ways to grow to scale are ongoing problems.
Careful budgeting and preplanning are key to getting over this initial financial hump. Write down your cash-flow projections and come up with a financial plan. Having an idea of what you can reasonably predict in terms of expenses and income will help you plan ahead and spot problems sooner.
Consider speeding up your cash-flow timeline by requiring faster payment on invoices. Another option is to require customers to make a down payment for goods or services.
6. Defining Your Product and Your Niche Market
For many new entrepreneurs, deciding what kind of product or service to focus on is the first major hurdle in launching a business. This is especially true for ecommerce entrepreneurs, who may struggle to decide which niche market to focus on.
On one hand, there are so many potentially prosperous niches out there, it’s hard to know which one to devote your time and energy to. On the other hand, all the good ideas have been done, so how do you compete and stand out in a crowded marketplace?
Now is the time to get down and dirty with research and introspection. Here are some things to consider when defining your product and market:
- What kind of customer do you want to do business with?
- What are your interests, areas of expertise and experience? Your niche should come from an area you are naturally interested in.
- What are the emerging trends you can capitalize on?
Keep in mind that whatever you do, it should be with an eye toward building a unique brand.
7. Understanding Your Customers
Winning customers’ trust is paramount in any business if you are to build a loyal customer base. This is what all startups seek to achieve. But here’s the thing: No startup will sell to all customers. Not everyone will be interested in purchasing your product or buying your service. In order to be successful, you have to know who your customers are and how to best reach them.
It’s not enough to know how old your customer is, their gender or education level. You have to understand what motivates them, what they hope to accomplish, and what challenges or barriers they face. Spend time talking to them, to really get a sense of who they are. Consider creating a customer persona, a semi-fictional character that represents a generalized ideal customer. This can help you see who your customer is more clearly, so it’s easier to find them.
8. Marketing and Branding Yourself
Every company has a personality. This is more than just a logo and a catchy slogan or tagline. It’s what that company stands for, how customers see it and what draws people to it. But startups often miss out on this because they overlook the importance of advertising and marketing. Marketing, branding and advertising play a big role in how a company creates its identity and how the outside world perceives it.
Getting a jump-start on marketing and branding will help a company establish its brand identity, and this is huge when it comes to differentiating itself from the competition.
Branding requires a company to understand its customer base and then articulate what makes it different or unique from the rest. Branding should be part of a startup’s vision from the beginning. It also gives customers a sense that the company is here to stay.
9. A Well-Defined Vision and Goals
If there is one sure thing that all startups face, it’s constant change. It’s like trying to jump into a long-distance relay race that began ahead of you, with a team you’ve never practiced with before. In order to succeed, you’d better know early on where you are going. Otherwise, you’ll be lost before you begin.
A well-defined vision is a turbo-boost to getting across the finish line. It allows you to set goals that define the path you plan to take and how you envision your progress along the way. A strong vision, along with clear-cut goals, will give you a strategy for achieving success.
Use that to develop a solid internal structure and you’ll have the “muscles” to get where you want to go. Start by creating a mission statement, which declares where your business is headed and what you expect it to look like when it arrives.
10. Time Management
In the midst of dealing with all the countless decisions and issues that it takes to launch a company, it can be easy to feel like time is the enemy. There simply isn’t enough of it to accomplish all the tasks that must be done in a day. Learning to properly manage time is crucial to staying on task. Working smarter not harder sounds great, but is it really possible?
It is, but only if you stay focused and find ways to cut out time-sucks, maximize your productivity and know your limits. Make sure you pick a weekly goal, something that you want to accomplish over the workweek. Just as defining the overarching goals for your company will help see the big picture, picking smaller, bite-sized goals to tackle each week will help you stay focused on what’s important.
Finally, make sure to take breaks. Stretch your legs with a walk. A short mental break will actually help you be more productive. It can give you the space you need to make better decisions and enable you be the best leader you can be.