Unfortunately, many companies set unclear, unrealistic, and unattainable goals. Maybe because their expectations are too high, or they are unaware of the resources they have to invest in order to achieve such goals.
This always comes back to some basic questions:
- How have you arrived at these goals?
- What data has been used to plan them?
- What evidence is there that you will achieve them?
- How much time, money, people power, technology and effort is truly required in order to achieve them?
How to set your business goals
Previous data can help as a starting point. Where you have been and where you want to go. However this can lead down a path of unrealistic targets due to current market factors, customer needs, business costs, and of course the economic climate.
Setting goals too high may make them unachievable and therefore demotivating for all involved when they are continuously not met. Too low and they become irrelevant, uninspired as equally demotivating.
Remember goals are a way of helping you improve, increase and grow. So setting them at an ambitious but achievable level is the ideal. Think about investment what capacity you currently have and how you need to upscale to help reach those goals. How many times have I heard – we need 5 times more leads for the same budget!!!! Think about the budget, time and effort you can afford to inject, then calculate what that needs to achieve in order to grow the business.
The best way to set goals is to start by setting a realistic baseline and then gradually build up to more ambitious goals, while making sure to track progress along the way.
It’s also important to build in flexibility to account for any changes or new developments that may arise.
We all know that a global pandemic turned the world on it’s head when it came to most businesses. So how can we expect to keep plugging away to the same goals year on year, and the same offering when the buyers and decision makers needs, and businesses themselves have changed.
By taking the time to create achievable goals that are tailored to the resources available, and the current environment, companies can be more successful in realising their objectives.