How to Set Realistic Goals as a Business Owner
Updated: Feb 11
Goals. Everyone has them. Goals are important for moving forward in life; they help turn dreams into reality. Without goals and aspirations, where would we be? Where would we be without the individuals who set their sights higher, to change the world? The answer is, probably not very far.
Whether your goal is to eat better or change the world with your big ideas, it always helps to have someone supporting you, helping you along the way. You can find support in family, within your group of friends, or if you are a business owner, you can seek guidance from a business advisor. An advisor can help you set and obtain your goals in a realistic way, while getting the most out of business opportunities.
Here are some of the ways a business coach, like Out of the Box Advisors, can help with setting realistic goals.
Be specific with your goals
First things first, what are goals? They are milestones and activities that line the pathway to your dream, your vision. Visions can be generic, but it’s the specificity of the goals that get you to the end of the road. The more specific and well-defined your goals are, the better your chances are at attaining your dream.
A business advisor can help you define your vision. They will likely ask you questions about where you see yourself and your business in the future. Your vision may be to give back to the community, to make money and retire, or to leave a legacy to your children. Whatever it may be, an advisor will be there to help you realize the steps you need to take, the goals you should set, in order to get there.
Measurable goals are good goals
While sometimes it can be very obvious whether or not you are meeting your goals, other times it may be more difficult. Being able to measure, whether it be sales goals or customer satisfaction surveys, it's an important way of tracking your progress.
Consultants thrive on measuring and tracking success, otherwise, how would they know if they’re helping a business grow? They can help in setting up systems to make it easier for you to measure your goals. The more measurable your goals, the more information you gather, and the better you will be able to correct or adjust to take full advantage of opportunities for your business’s growth.
Ensure your goals are achievable
Nothing is worse than feeling like you have failed (we'll talk more about failing in next week's blog). Making sure your goals are well within the scope of your means and abilities is an important aspect of goals setting. This is one of the most vital components of goal setting. Sometimes we may over-, or even under-, estimate our abilities. Having a third party perspective, such as an coach, can help us understand where we should set our sights.
Ensuring that our goals are attainable, not only drives us to reach for more, it pushes us to our best possible self. Also, just because something seems out of reach now, doesn’t mean it will be off limits down the road.
Relevance matters
Setting relevant goals that support your mission and vision is vitally important to making certain your goals are helping, not hindering, your progress. A business coach is a great person to consult with on relevancy. After setting your vision, all of your goals should work to support reaching it. The milestones you set may sometimes not be so obvious or may not seem important to you, but in reality, these are the main drivers behind your success. Establishing that support structure with friends, family, and/or and advisor will help keep things objective and lead you in the right direction.
Goals should be time oriented
Lastly, goals should be timely. Give yourself the right amount of time to achieve your goals. Again, getting an objective perspective is vital here. We may underestimate the time it takes to reach certain goals, or be bogged down focusing on the day operations that we overestimate.
Defining a specific time, with the help of an advisor, to achieve your goals, makes it more realistic and also helps you remain accountable.
Overall, goals are a smart way to move your business forward and something that is too easy and important to ignore. However, if you ever feel lost or don’t know where to start in making your goals, remember the acronym SMART, it stands for Specific, Measurable, Achievable, Relevant and Time oriented, all the things your goals should be.
Don't forget to comment below and let us know some of your goals!
Also, having a business coach, is a fantastic idea if you need some help developing your goals and support along the way. Schedule a free consultation with a coach today!