If you’re a small business owner, you’re most likely good at setting goals. After all, that’s probably how you conceived your business and got it up and running, right?
Well, maybe, maybe not. There are goals, and then there are intentions. Do you know the difference? As it turns out, we probably need a combination of both. Intentions are how ideas germinate, take root and grow into goals. Goals, on the other hand, distinguish themselves from intentions because they are both specific and quantifiable.
With so many things to take care of every day, it’s easy to get stuck in the intention stage. But as a small business owner, you need a very clear and detailed idea of what you want to achieve and how you’re going to get there to succeed. So says inc.com contributor Peter Vanden Bos, who writes about how to set business goals. Vanden Bos claims that a high percentage of small business owners don’t set and track business goals at all. Consider how much better you could be with some concrete goals.
Business experts say that you’re more likely to achieve goals that reflect why you’re in business, because it infuses them with more meaning and energy and you’re more invested in them. Goals set this way are visionary and generally fit four categories:
- Service
- Social
- Profit
- Growth
In addition, every goal needs to be SMART, incorporating every one of these five essential characteristics:
- Specific—Goals that are straightforward and expressed in detailed, actionable terms
- Measurable—An absolute necessity for goals that are also manageable
- Attainable—Goals that are neither too high nor too low. Either one can keep you stuck and not achieving your best
- Realistic—Closely related to attainable, goals that are doable but not by any means easy
- Timely—Goals with a clearly defined and measurable endpoint, providing a clear target to work toward
How do you set goals that have the maximum potential for success? At empoweringsmallbiz.com, contributor Dave Kauffman says that once you’ve followed the SMART guidelines for developing goals, write them down. This gives them additional weight and specificity and can further fix them in your mind for regular recall.
Giving your goals the best possible chances for success also means setting goals that are “appropriate,” according to posts on Intuit’s blog. Especially when it comes to sales and revenue, setting appropriate goals is critical to achieving them. In this case, “appropriate” means goals that are neither too high nor too low. Contributor Robert Moskowitz contends that setting goals too high can even do more harm than good.
While reaching can be productive, all too often it can have the exact opposite effect. Instead, goals need to be realistic and achievable, based on past performance and current market realities. Remember, goals can always be adjusted based on what you learn as you go along.
Another big goal-setting mistake among small business owners and entrepreneurs? Not setting goals high enough and missing big opportunities, according to Richard Gabel at biznik.com. Many others agree. In fact, the inc.com articleabove suggests that business owners set at least one BHAG. That’s a big, hairy, audacious goal—and it could be your ticket to success!
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