There is power in setting goals for yourself, but what about setting goals for your business? Many small business owners are struggling with the changes in the landscape that revolves around networking, marketing, advertising and other factors that directly affect growth. These changes are why defining your objectives will ultimately lead to success, and why it is realistic to set these objectives as transparent as possible to achieve optimal results. We say this confidently because, within our portfolio of clients, those who quietly focused on one to three primary objectives each year saw massive growth in their businesses and at a much higher rate than the other companies had in the roster of clients.
So, what is the difference between those companies and organizations that set the precise goals and the clear objectives versus those that do not? What can we learn from them? Well, for starters those companies that achieve massive success understood that defining their objectives was the only way they would be able to experience growth for their businesses. They realized that:
- Defining your objectives help you grow and scale your business fast.
- Defining your objectives shouldn’t be subjected to whims, but somewhat flexible data.
- Defining your objectives creates necessary direction (a compass) for your business.
Growing Through Objectives
One of the biggest reasons why you should set clear and attainable objectives for your business is that these will allow you to grow your business. Now, this does not mean rapid growth or even slow growth; it merely means growth. Growth in business is that benchmark that so many of us use to determine our success. The issue often arises when you are not clear on your objectives, which in turn slow down your growth process.
Our Recommendation: Stick to your goals and objectives, only pivot when it is entirely a necessity. If you find yourself struggling to find consistency in your growth efforts, then the problem can often be found in your lack of clear objectives. In this area of your business is where you should be putting the most amount of time and energy into because the idea of any company is to grow and scale.
Making Data-Driven Decisions
What are data-driven decisions? Data-driven decisions are decisions that are based on facts, in other words, the numbers. As the saying goes, “the numbers do not lie,” and when it comes to business, this couldn’t be truer. It is often in the bottom line that we find the answer to the question: “Is my business succeeding?” Your goal is always to make decisions that are for the good of your brand and your company but still keeping your objectives in mind. You see, the fact remains that many entrepreneurs are passion driven. They are often individuals who are multi-passionate, and therefore, tend to make decisions that are highly emotional based on fear of the unknown.
Our Recommendation: Analyze your data often, take a look at what is working for you and your business and what isn’t. This is why it is it so important to maintain reports. You want to be able to track your goals and objectives based on the numbers that are reflecting in each of your strategic categories. These may include social media, they may include various lead generation tactics, but they will need to include client retention and sales goals.
Creating a Guide Map
The last reason why you need to start defining your objectives is that in business if you do not have a clear guide map of how you will attain success, you are navigating without direction. This is one of the main reasons why we see most entrepreneurs fail, they are not clear and set on objectives from the beginning; “the beginning” in this content means, they did not create a substantial business plan. No two business plans are the same, which is why many younger entrepreneurs (often millennials) advice against them. However, you do still need a plan, even if it’s a strategic one.This is one of the main reasons why we see most entrepreneurs fail, they are not clear and set on objectives from the beginning.Click To Tweet
Our Recommendation: Start creating a strategic business plan that will carry your business through from year one through at least year three. Set clear yearly objectives that can be broken down quarterly to achieve the success that your business deserves. Without this guide map, you will find yourself circling around and around the same cove without ever navigating into a deeper sea, and ultimately into new lands. As the captain of your ship, your responsibility is to charter the course that will best work with your objectives to reach your overall goals.
Defining your objectives does not need to be a strenuous task. It can be a very therapeutic opportunity because you will learn so much about what your true desires are for your business. We recommend that one a quarterly basis you sit down to identify these as the CEO of your brand and also alongside your team. They will often have their ideas for the direction of the company; the key is to include all of the leadership team members and create a growth strategy that is based on data-driven decisions all compiled within a strategic plan.