If you’re in business you must be able to answer this question, “When you get to where you’re going, where will you be?” If you don’t know where you’re going then you’ll probably end up someplace else. How to you begin to answer this question, you set the right strategic goals based on your vision.
Goal
setting is a basic process, but many people find it difficult to
understand. Take a look at the six essentials that you must know and
understand in order to execute the right strategic goals. Remember, in
this stage of building your infrastructure you want to be strategic
about the focus areas of your goals:
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Vision: As you begin your descent into the mine to search for your red diamond business, you are really on a quest for clarity and vision. In order to set the right goals you must have a true vision for your business.
A vision is a business's guiding image of success, and ultimately you want that image to be reality. As you formulate your business idea and the future, perhaps you saw a problem that could be solved; your vision is the solution to that problem. Your vision would be the final product. For example, an architect's vision is the final product of his design or An artist's vision is the final artwork that he creates. Similarly, your business vision is the ultimate goal of what you’re trying to accomplish, or how you see your business as a whole - the end result.
- Goal: Set targets that define
accomplishment of the vision. Make sure they are specific,
quantifiable, realistic targets that measure the accomplishment of
the goal over a specified period of time. Ex: "Increase revenues by
12% in 2005.” Or “generate
$150K in sales by December 31, 2006."
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Milestones: Milestones are concrete evidence of progress. Each milestone you reach is a major, tangible step closer to your goal. It has special meaning as a measure of success, even though the complete goal has not yet been fully realized. Not every task completion date in your goal will be a milestone, but every milestone should be tied to a deliverable.
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Action Steps: Specific steps to be taken to implement your milestones. After you’ve set your Milestones to achieve the goal, it’s now time to determine how you will achieve the milestones. That’s where action steps come in, it’s time to execute!
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Timeline: The dates when the actions steps will be executed and by whom. This is pretty straight forward. You have to put a date next to each milestone and action steps to document when each will be accomplished and/or completed.
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Time Management: As you set strategic goals, it’s very easy to stop before you complete the full process. The time management step is normally where the process starts – not putting set dates and putting a priority on your actions. Take the time to actually make your actions steps a priority in your business calendar. Creating the vision and setting the path (goals) on how you will achieve the vision is critical for business success, but it will never happen unless you make the actual execution of the goals a reality.
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Goal Categories |
Sub Categories |
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General Business
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Office Organization Standard Policies |
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Accounting
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Budget Cash Flow |
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Alliances
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Partners Programs |
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Marketing
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Internet Networking Selling |
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Products |
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Services |
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Human Resources
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Internships Vendors Benefits |
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Clients
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New Clients Appreciation Referrals |
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Legal |
Contracts Intellectual Property |
**Side Note: Goal Categories
Some entrepreneurs find it hard to begin the goal setting process. Starting with specific categories related to the key functions in your business is a great way to begin. See the list below to help you begin the goal setting process for your business:
These categories are just a starting point. Some of the goals you set for each function may turn in to items that belong on your daily or weekly To Do sheet; however it helps to weed out those ‘to do’ tasks to reveal the true goals your reaching for.
Let’s say one of your
milestones is to implement a marketing program. Some specific action
steps of this milestone could include: creating basic marketing campaign
documents, create a comprehensive sales process, target marketing and
sale process, research web site options, develop products to sell,
create online newsletter, create a full marketing team to include
outside vendors, etc.
The key is to make
sure you’re able to decipher between your action steps, milestones, and
goals.
Take the
time now, to begin the goal setting process. Set a personal goal to
schedule a goal setting session each week for at least one hour for the
next three months. You will be surprised how much clarity you will have
in your business.
Happy Goal Setting!
- © 2006 Effició, Inc.
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Sherese Duncan is the Author of the Award Winning Ezine, The Street Perspective, a bi-weekly eZine for small biz owners who want straight-to-the-point simple strategies to increase profits and increase cash flows. Sign up for your free profit strategies at http://www.thestreetperspective.com
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