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setting your small business

Setting Your Small Business Goals

A smart business owner knows that setting small business goals is important to grow a business in the right direction. There is no denying how important a business goals template is because they allow companies to prioritize their objectives and set benchmarks to evaluate their performance.

Unfortunately, figuring out the right direction and the road map to get your business to the next level is not as much of no-brainer.

Over 80% of 300 small business owners don’t keep track of their small business goals, and about 77% have not been able to achieve their business vision.

Though the statistics look shocking, they should make sense:

To establish your small business goals, you need to understand what makes your company tick and the future you want for your company.

However, it can be difficult to devote the proper amount of time to set the goals, but you just have to do it because, without a business goals template, you may find yourself floundering around in your business without any direction.

You need to know what you are going for and ensure you do it with your eyes wide open. You need to look at yourself in the mirror and ponder on what it will take you to set your goals and achieve them.

Write out the list of business goals, paste it where you can see it every day and try to work towards achieving the goals every day.

Why is small business
goal setting so important?

You may be thinking, why is goal setting so important?

Goals are powerful and they will help you focus your attention on achieving your company’s most desirable outcome.

The most important desirable outcome each business is looking forward to is almost always profitability. But profitability doesn’t just happen like that; you need to make sales and manage your expenses properly.

Employees need to know what you expect them to accomplish, and only your goals can provide such direction.

Whether your business goals are to set your business in a new direction or provide motivation, they need to be specific, achievable, measurable and timely.

There are several business goals setting examples and here is one. In terms of profitability, let’s look at this Y company goal setting: “Company Y will be profitable” it is not very specific. How profitable? Does Company Y have enough customers to achieve such profitability? When will the company reach the profitability? How to know the company is profitable?

A better way to state company Y goal is: “Company Y will attain a 20 percent profit by December this year, based on sales of 200,000 units.” Now that the company is specific about the goal, it can go ahead to plan action steps to achieve that goal and can adjust the process to attain the goal if necessary.

You as a business owner should not fear goal setting.

In fact aim higher and 10x your goals.

You should also remember that goal setting doesn’t need to be only about revenue. You can set goals concerning employee retention, innovation, service offerings and any other important things that can enhance your business. 

a few reasons why goal setting is important for your company:

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    To measure success: Any good organization needs to always try to grow, improve and become more profitable. Setting your small business goals will provide you the most precise way to measure your success.
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    To ensure leadership team cohesion: Goals setting will help everyone to understand what they are working towards and what the prize is. When the leadership team understands what the business is trying to accomplish, it becomes easier to decide on hiring, sales programs, acquisitions, incentives, or any financially-driven decision.
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    Knowledge is power: After defining your goals, you can develop a better understanding of the effects of making tactical decisions and how the decisions play against your strategic goals. For instance, when your budget considers revenue to expenses, the implication of winning large new customers or a major purchase will be clear to you. So, the more you know, the better decisions you can make.

Steps needed to get started on your small business goals

Small Business Goals: Mission Icon

#1. Mission

Your business mission is vital to your business just as your business plan. Your business mission captures the essence of your business goals in a few succinct sentences.

The mission statement explains what your company is about to your employees, community, customers and suppliers.

It reflects everything about your business: the nature and range of your products, quality, pricing, service, use of technology, growth potential, marketplace position and your relationship with customers, suppliers, community, competitors and employees.

Your mission statement will help clarify the business you are into, your objectives and your goals. However, studying your competitors or other businesses can boost your creativity.

Your mission statement will help clarify the business you are into, your objectives and your goals. However, studying your competitors or other businesses can boost your creativity.

Here’s an example of a mission statement is:

“ XYZ is a company devoted to improving human potential. Our mission is to help individuals create innovative solutions that will help them make informed choices that can improve their lives. We encourage and motivate others to achieve professional and personal fulfillment.”

To come up with the best mission statement, you should be able to answer the following questions:

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    Why am I in business? 
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    Who are my customers?
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    What image do I want my company to convey?
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    What is the nature of my products and services?
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    What level of service am I providing?
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    What roles are my employees and I playing
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    What type of relationships will I maintain with my suppliers?
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    How am I different from my competitors?
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    How will I use capital, processes, technology, products and services to achieve my goals?

Answering those questions will help in crafting the best mission statement for your business.

Small Business Goals: Vision Icon

2. Vision

A vision statement carefully crafted is the soul of a successful business. It concisely and clearly conveys your overall business goals and it is a key tool for strategic decision-making for your company. So don’t confuse it with a mission statement.

No matter how small or big, a vision statement should describe your overarching business aspirations.

It should show the big picture and state where your company is heading. A vision statement can be a single sentence or a short paragraph, but it should underline the core ideas that shape and give direction to your business.

It is good to dream big when you are writing your vision statement. Don’t worry about the practicality aspect yet – what looks impossible could become achievable in the long run if you combine the right team and technology.

Small Business Goals: Passion Icon

#3. Passion

Business passion is motivational thinking characterized by a great internal drive, emotional arousal and engagement with your meaningful work that is salient to identifying what you love to do without stress.

Starting a business is just like jumping on the emotional roller coaster, wondering if you will arrive at your destination. Anyone can start a business, but the problem is how to grow it and sustain it.

When your business faces challenges or falls into a hard time, it is your passion and commitment that will see you through. Without genuine passion for what you do, everyone will quickly sense it – your team, investors, advisers and customers.

That is why you need to focus on your mission because it will help you to make quicker decisions to go through the roller coaster ride. In short, be passionate about your business.


#4. Goals

Well-choosing objectives and goals point your business in the right direction. When you are establishing your goals, try to involve those that will help achieve the goals after setting the goals out.

Here is what goal setting does:

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    ​It directs you where to go and what to do next
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    ​It can increase your business’s effectiveness
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    It helps you to evaluate what you have achieved so far

Without goals which form the roadmap for your business’s future, you risk making wrong calls and wasting your energy and resources.

Strategy for small business

#5. Strategy

Whenever you are traveling to a new place you will want to consult your map; otherwise, you will get lost. Companies step forward to an unknown (the future) every day. And as a small business owner, what do you need to ensure you don’t get lost? You need a strategy, which is also known as a roadmap.

Whether you want to set your business goals, outline priorities, plan your investment decision or determine your product roadmap, you are going to need a strategy. But creating your strategy can be a bit tricky. 

Here are the best steps to create the most effective strategies for your business:

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    ​Gather the facts
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    ​Develop your mission statement
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    Develop your vision statement
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    Identify your strategic objectives
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    Make tactical plans
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    Manage your performance

Small Business Goals: system Icon

#6. System

A system is a process that can run even if you are not there. So you need to build a system that can make your company run on autopilot.

It is exciting to start, build and grow your business because that is what you thrive on. Yet things often get out of control. Most business owners work longer hours than they worked when they were working for someone else, and the money they realize is often not better too.

Naturally many entrepreneurs start wondering why they ever even started their own business, after all the main goal is to achieve wealth, freedom and independence but now they feel stuck. Sadly some end up throwing in the towel.

That is precisely the reason you need to systemize your business.

If you don’t have a system in place, then it is as good as you don’t have a business. It means without a system, you can’t double your revenue without doubling your working hours. This doesn’t sound good, but fortunately, there is a better way to do it.

By delegating, automating and systematizing, you can gain leverage, which is vital to creating a high growth company.

Here is what you need to create a system

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    ​Transition from your self-employed status to entrepreneur
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    ​Build a system that sets you free
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    Build systems that create wealth

small business goal - action

#6. Action

To bring your strategy to life, you need an action plan. Action plan shows you how to reach your objectives.

Your action plan provides the detail steps needed to achieve your goals.

It is usually created at the end of a strategic planning process, after setting out the vision, done with analysis and established your objectives.

Here is what you need to create your action plan

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    ​Involve your team
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    List actionable steps
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    ​Set a timeline
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    Designate resources
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    Create a follow-up and measurement process
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    Communicate your plan with your team
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    Keep your plan alive!

Small Business Goals you can set now!

You can set goals more than once in a year, track your progress and refine your strategy.

To help you set your small business goals this year, we have compiled the list of goals that can change your bottom line.

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    Increase your business productivity with more efficient systems
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    Reduce your ongoing business expenses
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    ​Increase your business blog or website traffic
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    Create a better customer service process
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    Create a new product
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    Use social media marketing to create more awareness
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    Improve your business financial health with automated tracking
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    Go paperless to cut cost
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    Open a new business location, online or offline
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    Conduct a marketing audit
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    Increase your market share 
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    Find new ways for networking
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    Work on yourself
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    Revamp your business plan

Now that you’ve got some ideas about setting small business goals, the above list of business goals should help you take the next step to setting and achieving your goals.

To make your business profitable, goals setting is vital because, without goals, your business will have no direction.

Take the short one question quiz below and let's get started learning about your small business goals! 😎

(Last Updated On: February 23, 2018)

About the Author Kemar Lawrence

Entrepreneur | Business & Marketing Strategist | Co-Founder @goldminddigital. I am a business & marketing strategist. I bring more than 6 years of experience to projects I take on with a track record of success. I help entrepreneurs win at business.

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