What works, and what doesn’t work, for the small business owner?
Achieving business success can be a challenge, yet piecing together the complex success puzzle is more simple than you might think.
BizSmart Select Member Nigel Dunand of Sandler Training has benefited from ten years working as a business coach, mentor and consultant to hundreds of business owners.
Put your success puzzle together and make 2017 your best year ever
Did you take stock of everything you achieved last year? Celebrating your wins and the goals you’ve achieved is a great way to get into a positive frame of mind when you’re setting goals for the following 12 months.
But did you know that a massive 92% of people that set goals in the New Year, don’t actually achieve them (from research by the University of Scranton).
The truth is, it’s not the goals you set that are key to your business success, but the changes in your habits and behaviours.
Goal setting for business success
Successful goal setting is not just about business – it includes personal goals and involves your family too. In fact, in effective goal setting, you would include a mix of family, personal and business goals.
One of the reasons people often fail when they set goals in January is because the goal setting is treated as a one-off or annual event. But goal setting shouldn’t be an event. It’s a process.
12 key points to cover when you set your goals for 2017:
- List 10 reasons why you love life – this is your ‘WHY you do what you do’ that sits behind the ‘WHAT you do’.
- List 10 reasons why you love this business – if you don’t love what you do, why are you doing it?
- Have a vision – what does success look like for you? Find a suitable picture or pictures, stick them on a coloured board and hang it up above your desk or in your kitchen so you’ll see it every day.
- What’s your purpose – why do you want to achieve the goal? You need a purpose that is bigger than just you. Make sure it’s your goal and not someone else’s, otherwise you’ll struggle to motivate yourself.
- Do your long-term goals have a theme – bring your goals to life by naming them, e.g. “Project Australia” or “Don’t Work Fridays”.
- What are your personal goals – include income, savings, holidays, children, personal education, fitness, family and spiritual goals. Conduct a SWOT analysis on yourself to pick out key areas for growth.
- What are your business goals – you need to know your numbers for this – not just the top numbers but the breakdowns by service or product. How many clients do you want and how much will they pay? Visualise reaching this goal the way an athlete visualises winning gold.
- Align your personal goals with your business goals – to achieve your goals you will usually need cash, so make sure your income will deliver the money you need to reach your personal goals.
- What’s the plan – you need to know what’s involved. Draw up the plan on paper – if it doesn’t work on paper it’s unlikely to work in real life. Look for the gaps – areas where you lack information – and pull together a plan to fill those gaps.
- Get out of your comfort zone – you can’t excel if you won’t step out of the safety of your comfort zone.
- Create a cookbook – what’s your recipe for success? This needs to include marketing activities as well as sales activities. Know the number of behaviours you need to do daily, weekly, monthly, quarterly and yearly to achieve the goal. For example, how many sales calls, how many meetings arranged…
- Set milestone review dates – expect that you will fail at times but you will learn from this. Review your plan at 30, 60 and 90 days.
If you set, track and visualise your goals you’re 50 times more likely to achieve them. Focus on goal setting as a process, look at what you need to measure and monitor, and you’ll see progress much more quickly than when you’re only focusing on the end goal.
This goal-setting process is also a great way to keep your team motivated and driven so that they can hit their targets too.
None of this is easy to do, but it is simple.
Here’s to a successful 2017!
BizSmart aims to help SME and micro-business owners scale their businesses and create value through sound practical business support. We aim to give you insight and clarity and fire up your determination to succeed. You can access blogs like this and more besides through our free SmartRoom service here.