What Are Your Business Goals?
Your business goals are the guiding light to your success. When you clearly know where you want to go, everything trickles down into the decisions you make day-to-day. Your goals should be lofty, but in order to get there, you need to focus on the micro.
Personal Goals vs. business goals
A lot of entrepreneurs today start businesses for personal reasons. Millennials are known for prioritizing and valuing meaningful work and innovation at an extreme level. This leads us on the pursuit of following our passion(s) by creating a business, and ultimately becoming the next Zuckerberg.
The challenge is that a business rooted in passion is necessary, but can often cause the founder to confuse personal goals from business goals.
Your business goals should be separate from your personal goals. Business goals identify what you specifically need to happen within the business infrastructure for consistent growth, with a lofty goal in mind. Personal goals involve what you personally want to happen within your life or self.
This does not mean the desired results of your business goals don't also help you reach personal goals, but the focus should be on hitting certain metrics within your business.
Your business is not for you. You provide a product or service that fills a need within your market. The need you fill, can be personal to you, but when thinking about your business, you have to focus on what your customers need from you and what will ultimately benefit them.
CREATE A VIVID VISION
Creating a vivid vision, created by Cameron Herald, is an hyper-detailed document outlining everything you want your business to become. From the company culture, travel policy, and number of employees to how many locations you exist in and the ultimate thing you want to do in the world.
If you are the sole decision maker in your business, this may mean spending a day out of office, and putting your vision to paper. If you have partners or a team, this can be a great exercise to see everyone’s desires for the company and where they may intersect. This goes beyond service or product and into understanding the true value of what you do. When you create a vivid vision document it allows you to clearly communicate and enlist your team into your vision. It allows them to contribute on a higher level and be apart of a bigger vision even in their daily tasks.
Now that you have your vision outlined and goals in place, work backwards by identifying your most pressing NEED (or want) of the business based on its current state. As you know, cash-flow is the bloodstream of every company, so if you’re a new brand and there is a cash-flow problem, your goals are wrapped around first understanding why there’s a cash flow problem (lack of brand awareness, inconsistent sales, etc.) and second, putting into practice tactics to remedy that. In this case, if there’s a cash-flow problem, it will be hard to move on to next level needs such as hiring a team or how much to invest into your next product release.
If you are in your business for the long-run, your business goals should be around making the business sustainable, before anything else. This involves a system of goals through metrics.
“I want to make a minimum of x sales per month”
“I want an average of x inquiries through the website per month”
You'll notice, these goals are specific and have a number attached to them. Once those are defined, you can develop branding and marketing strategies around those specific goals. Ultimately, identifying your business goals helps you prioritize what to focus on, invest in, and tactically work toward the future with the much needed momentum behind you.