October 25

11 Ways Entrepreneurs Can Set Better Goals

Entrepreneurs who know how to set goals increase their chances of achieving them. Here are a few tips to keep in mind.

 

 

Goal setting is a key skill that every entrepreneur must have. You probably already have a set of goals and things that you want to accomplish in your business and your personal life.

Goals are the first step, but there is more to goal setting than having some vague idea of what you think you want.

If you want to see your goals come to fruition, then you need to know how to set goals the right way.

One of the methods used for setting goals that you will actually achieve is called SMART goal setting.

We will discuss this method, but there are even more concepts that can be applied to goal setting than this simple method.

Let’s explore 11 tips to help you set goals that you will achieve for your business.

 

 

How Entrepreneurs Can Set Better Goals

#1. Set SMART Goals

The concept of setting SMART goals has been around for quite some time and is popular around productivity circles.

SMART stands for specific, measurable, achievable, realistic, and time-bound. You are more likely to achieve a goal if it has these characteristics.

Many people set their goals by saying things like, “I want to make a lot of money in the next year.”

A smart goal would sound like, “I want to make $1,150 by May 16, 2021, at midnight.” This is specific and measurable. It is only achievable and realistic if you have the means to do it.

 

#2. Break It into Small Steps

If you have a big business goal like doubling your revenues in the next year, you need to know what that looks like monthly, weekly basis, and daily basis.

Your big goals are achieved by the small actions that you take every day.

Start with the end result and then figure out what you would have to make every month, week, and daily to achieve this goal. This makes the impossible seem doable.

The key then becomes carrying it out. It also gives you a psychological edge because saying that you want to make $150,000 in a year sounds like a big number, but selling $410 of merchandise every day sounds a little more achievable.

Breaking your goal down this way will also let you know if your goals are realistic. Let’s say that you typically make $200 a day in sales.

Is there a realistic way that you could increase it to $410 to achieve your goal?

This will make you explore your options and come up with creative solutions that you can implement to achieve your big goals.

 

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#3. Measure Your Progress

If you are an entrepreneur, then you are probably already better at this part than most people who do not run a business.

It is more likely that you keep track of your progress on a monthly or at least a quarterly basis. Tracking milestones is an important component of goal setting.

The only real caveat for business owners is that if you want to serious about making the goals that you set, then you need to track them more frequently.

Goals are achieved in the actions that are taken consistently on a daily basis. It does little good to get to the end of the quarter and suddenly find that you missed your mark by a mile.

If you had broken the bigger quarterly goal down into daily goals and kept track all along, then you would have seen the minute that you started getting off track.

You would have made a correction and still been on track to achieving your goals.

 

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#4. Set Goals that Align with Your Values

Another important key to achieving your goals is that they must align with your values and purpose.

Your business goals must align with your life goals. You have to know why you are doing something for it to have meaning.

Money becomes meaningless unless it is tied to something bigger that we want in life. For instance, if your goal is to increase your revenues so that you can travel in retirement or put your kids through college, then you know why you are doing what you do.

This reason becomes a big motivator when it comes to doing what you need to do to meet your daily goals.

Make sure to write down why you want to achieve your goals and how you think that you will feel when you get there.

 

 

#5. Set Goals You Can Control

There are things in life that you can control and there are many things that you cannot. You need to consider any unknown factors or things that are out of your control in your goal setting.

Your goals should only include things that you know you can control.

For instance, if you plan to use investments to make your financial goals, then you might want to have a backup plan and another way to bring in the revenues that you need.

The markets can be unreliable, and so can people.

You have to set your goals based on what you know that you can do. If you have a business that involves other people, get them on board with your goals as a team.

Offering incentives might help you be more assured of making the goals, but you can’t just count on everyone to make your goals for you if you do not take actions to gain some sort of control over their performance.

It is not realistic to set goals that involve too many factors that are out of your control.

 

#6. Set a Bigger Goal

It might sound counterintuitive, but the best way to achieve a smaller goal is to set a bigger one.

If you have a goal that you have tried time and time again to achieve but have failed every time, then it is time to think bigger.

If you have been having trouble breaking through the 6-figure barrier, then go for $250,000. You will achieve the $100,000 goal on your way to the $250,000 goal.

We all have a certain mental ceiling that we think we cannot break through. There are many reasons for these ceilings.

Some of them were instilled in us during childhood or by experiences in life.

When we refocus our attention on a bigger goal, then we forget about those previous barriers that we thought we could not break through.

 

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#7. Plan for Success

You have to plan to achieve your goals, and do not plan to fail at them. Instead of asking, “What if I fail?”, you need you to ask yourself what if you succeed.

The best way to assure that you will fail is to spend your time worrying about what will happen if you fail rather than working on executing your plan for success.

Every day, you need to picture yourself achieving the goal and how good you will feel when you do.

It is wasted time if you spend your time picturing yourself failing. The way that you think about yourself has more power than you could even imagine.

 

#8. Manage Your Risks

You will never achieve goals that you did not set, but life sometimes throws us curves that we did not expect.

Some of these things we can foresee, while others we cannot. When setting your goals, you have to plan for the known risks.

This allows you to develop a plan and mitigate as many risks as possible.

It also helps to have a little bit set aside for unforeseen circumstances in your business.

For instance, you might want to make sure that you have enough to cover operating expenses and employee salaries if there were to be a natural disaster that prevented you from working for a time.

These things happen, but if you are prepared, they are a small hiccup, and you can still reach your goals. Planning for risk goes hand-in-hand with goal setting.

 

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#9. See Failure as an Opportunity for Learning

There will be setbacks on the road to your goals, but it is not the setbacks that determine whether you will succeed or fail but how you respond to them.

If you give up, beat yourself up, and see this as proof that you cannot achieve your goals, then you have lost the battle.

With every failure is a lesson to be learned and something to be gained if you choose to see it that way.

When you have a setback or failure, you need to spend some time reflecting on what you could have done differently to have a different outcome.

Then, you need to write down a strategy for how you will use what you learned from these insights so that it will not happen again.

If you approach failures and setbacks from the perspective of what you have learned, then you are one step closer to success. It has been said that you are only one failure away from achieving your dreams.

 

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#10. Celebrate the Small Successes

One thing that many entrepreneurs neglect is rewarding themselves when they reach a milestone.

Entrepreneurs are goal-driven and tend to move right on to the next goal as soon as one is achieved, but this can lead to burnout.

You need to take a little time to celebrate your small wins and enjoy the smell of victory. It does not have to be anything big, but you have to recognize the achievement and do something memorable.

This will motivate you to achieve your next goal. This is an important step not to skip, regardless of how tempted you might be.


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#11. Limit Your Goals to Two or Three

Another mistake that many entrepreneurs make is working on too many goals at the same time.

You usually have task lists on top of task lists, but if you are not focusing your efforts, then you will are not likely to focus your attention on the things that will move the needle toward your goals the most.

Most experts agree that you should distill your goals down to two, but no more than three goals at a time.

Take a look at your goals. Do they all need to be done right now, or can some of them wait?

Focusing on one goal or step until it is achieved and then moving on to the next one will get you to your big goals faster than scattering your energy in too many directions.

A focused effort will get you there faster so you should try to limit everything that you are trying to achieve at once.

 

So What’s Next?

Are you looking to be more effective with your goal setting? Check out this well-known program with a proven track record of helping you people achieve their goals in less than 100 days.

 

 


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