How to Set Goals for Massive Business Growth
Starting and running a company often demands a set of goals. It’s tempting to list as many goals as you can for the whole team to finish. While this may seem like a good idea, it’s simply not realistic. Too many goals usually lead to nothing getting done at all. Here’s an effective framework I’ve learned that will help you set your goals and achieve massive business growth.
Divide your Goals
You’re in it for the long haul, so it’s advisable to foresee goals not only for this month but for the entire year. You should have yearly goals, quarterly goals, personal goals, and a scorecard. These goals are what they call “rocks”. Yearly goals become “big rocks”, quarterly goals become “pebbles” and so on.
This concept is meant to have you imagine your whole year is represented by a jar, and in this jar, you must fit all of your goals. You must fit the big rocks, the pebbles, and there would also be sand and water. The sand represents all the things that are distracting you, and then there’s water, which represents everything else that’s going on in your life. If you were to put the sand, water, and pebbles into the jar first, there would be no room left for the rocks.
So what do you do? You put in the rocks first, then the pebbles, then the sand, and the water. Everything would fit. Each of your set goals can work out if you prioritize them accordingly.
Be Realistic
The best number of goals to set for all of the divisions is between 3 to 7. Having one goal is never enough, but 3 to 7 is the perfect amount — not too many, not too few.
Yearly Goals
These are goals you want to accomplish as a group. These are big goals, but you want to complete them within the year. You don’t want to set up 20 big goals either because it’s just too many to realistically complete. You have to be very specific and concrete when it comes to these big yearly goals.
Quarterly Goals
You should set up 3 to 7 quarterly goals for your business as well. You can also have quarterly personal goals that you set for yourself to accomplish each quarter, that way you are improving yourself as well as your business.
Personal Goals
As the name suggests, these are goals you set for yourself. Again, aim for 3 to 7 goals. These can be goals specific to your department/field, where you won’t need extensive help from your team.
The Scorecard
A scorecard is a way to measure your goals. It can be used for yearly, quarterly, or personal goals, but whatever it is, the goal has to be measurable. For example, say you want to hit $1 million in revenue this year, or you want to retain 100% of your clients.
Whatever your goals are, the scorecard will keep track of them over quarter, or over the year. Check with your scorecard at least once a month to track your progress and make sure you’re on track to achieve your goals.
Setting different types of goals is a great way to keep a pulse on your business. It’s easy to overlook things and realize at the end of the year that you no longer have time to complete a particular goal, which is why prioritization and scorecards are the keys to success when it comes to achieving your goals!
