Goals play an important part in running a business. If you will look back to the previous year, are you satisfied with the business performance? Did you achieve the goals you set?

 If your answer is NO, then you might need to step up and find another way to achieve it through setting set goals, this time it should be realistic. Realistic in the sense that it is achievable. 

When goals are set you know where to focus.  It allows you to move forward and enables you to control and manage your business. 

In this article, we’ll show how to set a realistic, achievable goal for your business. Let’s make it a goal that through these steps you can hit your objectives to make your business succeed. 

1.  Using a framework to set goals. 

Before you begin setting goals it is very important to create a system and guide you can follow to establish a goal. 

From the expert opinion of the co-founder of Revenue Geeks, Adam Wood says, “In my opinion, it is important to use a framework to set goals, because it might be difficult to determine where to begin when you are on the journey to defining your first business objective.”

5 Principles of goal setting

• Clarity- To know what you want to achieve and where you want to be after achieving everything, a wise first step is much needed– and that is finding out what framework to use in setting the goals. 

• Challenge- Make your goals realistic and achievable yet challenging to encourage all of the members of the team to work diligently.
• Commitment- Consider everyone as the main character in achieving the goals so that everyone will commit themselves to their own assigned areas.
• Feedback- Exchanging feedback and suggestions among the team is important. This way, everyone will be informed of what needs to be changed. 
• Task Complexity- Assigned right and realistic timeframes.

2.  Identify the purpose of your business and your target market.

The first thing to consider is the purpose of your business to be able to define what you want to achieve. You should clearly define your purpose. 

The representative of Euphoric View, Communications Manager Krizza Buendia says, “ In our company, we Define the purpose of your business – Before setting any goals, it is important to have a clear understanding of the purpose of your business and what you want to achieve. This will serve as the foundation for setting goals that align with your overall vision and mission.”

Right after defining your purpose, next is to identify what will be your target market. She also added, “ Identify your target market – Understanding your target market is crucial in setting goals that will bring you closer to your customers and

meet their needs. This information will help you tailor your goals to the specific needs and demands of your target market.”

When these two steps are completed, you are ready to implement more of the advance and crucial steps of setting your goals.

3.  Always perform a road map

Sometimes some goals are big enough and very useful in your company. So, to clearly demonstrate the goal, a road map should be done always. 

Rikin Shah, the CEO of an independent life insurance agency, GetSure, says, “I believe, regular road planning is a fantastic method to define clear, quantifiable goals that link your team with your long-term vision and mission. By dividing your road maps into monthly, quarterly, and annual road maps, you can break down big goals into manageable steps with the right tools. In addition, developing a road map with key contributors enables you to generate, identify, and apply the most effective strategies for achieving your objectives.”

Of course, do not forget to always use the right and suitable tools for you to manage carefully the division of areas as the breakdown of a goal.

“With key contributor buy-in, you’re able to ensure your team is on the same page and ready to work toward big goals. If the plan isn’t working or could be improved, the periodic road map check-in provides ample opportunity to alter your approach and keep you on track to achieve or surpass your objectives,” she added.

In this step, teamwork is much needed. When everyone works together by working on small tasks to accomplish the big task or goal. 

4.  Make a vision, implement the vision, and consider possibilities.

According to Tim Connon, Paramount Quote Insurance founder there are three steps they take in setting realistic goals:

1st. The first action is a vision which means we have a vision for how the year should go and what our profits and clientele should look like. 

A vision of how you want the year to be. Envision who are you going to work with by knowing their preferences. This is almost the same as identifying your target audience. The only difference is its scope. 

While the target audience is mostly people in general that would benefit your brand and which was established through the untiring efforts of your team and employees in coming up with the brand. In vision is that there is a specific people that you work with. From them, you get ideas about the contents of the vision.

2nd. Begin implementing our vision to work towards the end goal for the year.

The next step is to implement the vision, make it work, and make your vision a reality. 

3rd. The final step is a contingency if we do not meet our goal what is the contingency to salvage how close we got to our goal and change things to meet it next year? 

If you have plan A, there should be plans B and C. Prepare for the possibilities like you may not achieve the goals for a specific year. What you can do to not make your efforts laid to waste? This is significant because it doesn’t mean that your goals are not achieved, the work done is meaningless. 

Save as much as you can from your work and re-implement it in the following years. It can also save you time. Let us know about this in detail through the next step.

5.  Use past campaigns and projects to set today’s goals. 

This is an expert insight from Greg Barnett the President of a  consultation company,  Brazil Counsel, “If you can, use past campaigns and projects to set today’s goals. This will give you a realistic look at what to expect and where you might end up on your current project, even if you’ve seen substantial growth or things have changed. Basing your goals off past results ensure that you don’t lowball yourself, or – on the opposite end of the spectrum – make unrealistic goals that can’t be reached,” he says.

What he said absolutely correct, because if you don’t have any basis for setting your goal for the present year alone, then it will be difficult for you and for your staff.

6.  The goals should be precise and quantifiable. 

This is suggested by Carl Jensen who is the founder of Compare Banks. He says, “Your goals must be specific. Everybody engaged should be able to understand and express a goal, and they should all be aware of its completion. Make absolutely sure the objective can be measured. You cannot tell whether an objective has been attained or how it has actually affected the firm if it is not evaluated. Determine the strategies and approaches that will enable you to achieve your objective.”

Concerning this, it is only right that for a goal to be more attainable, it should be specific. For you to know when and how to start.  Everyone on your team should know what the goal is all about. A careful decision on which strategies and approaches you are going to use to make sure you achieve your goal.

7.  Choose what to prioritize and focus on.

Too many goals pose a risk of failing. As mentioned, set a goal that is challenging enough and doable. It is not about how many, or how it works. 

The same with the expert opinion of the Founder of Love connection. Tina Fey. “Prioritize and focus. Identify the most important goals and concentrate your efforts on these. Remember, quality over quantity,” she says.

Choose a goal that would greatly benefit your business and company, then prioritize it as a center of your focus. 

8.  Establish time-bound business objectives.

We are talking about “realistic” goals. It should be achievable in a given span of time. The specific time wherein the goal will be achieved. 

Regarding this, this is what the CEO of Shopping Foodie, Jamie Penney: “Goals in business should always be time-bound. You can’t just pick some arbitrary target and hope for the best. When establishing a deadline for the launch of your firm, be specific about the day it must occur. No matter what your business goal might be, you have to set a precise timetable for when you’ll reach it. As you work toward your objectives, this will provide some much-needed context.”

Time can sometimes be your friend or your biggest enemy. It is the same with setting goals and making “time” as your ally. Be precise with time, for you to reach your goal. 

9.  Ensure to monitor competition.

You need to know that you set your goals because you want these goals to help you get ahead of the competition. And so it is very much useful that you monitor competition. This way, you can set a goal that would make you stand out among the competitors. 

Yes, they are your business rival, but they can help you in this sense. Don’t get this wrong, it doesn’t mean you imitate them, instead make them an inspiration asking yourself, “What goals should I set and achieve to surpass my competition?”

As Athena Zisi says,  CEO of Energy Casino.  “In order to keep ahead of the competition, you must monitor it. Tracking what they’re doing and what they’re offering can help you stay competitive and guarantee you’re giving your customers the greatest products and services,” she says.

You made your competitor your stepping stone.

10. Set SMART goals.

SMART is a framework for setting goals.  To make sure that your goals are clear and achievable. Each goal should have SMART qualities. 

• Specific- clear, precise, and direct to the point
• Measurable- criteria should be set to check the progress until the accomplishment of the goal.
• Achievable- doable, and not impossible to achieve.
• Realistic-  realistic and should be related and applicable to your purpose and vision.
• Timely- set a timeline, set the start date, and decide what is the specific target date the goal should be achieved.

This framework is also used by Abrams Roofing CEO, Kim Abrams. “Each objective must be SMART in order to be effective. Through this method, we may be more certain that our objectives are within reach, which in turn will encourage and excite the team to strive toward their completion. Additionally, we may monitor our development and make course corrections as we go to ensure that we continue on the path that will lead us to our goals,” he says.

With this SMART framework, it is not only having your goals be precise and direct, but it will also guide and monitor your progress in achieving the objective.

11. Conduct a SWOT analysis.

Another useful framework in setting goals.  This is also one of the famous tools used in decision-making. 

A franchise owner of Restoration1, Steve Elliot suggested the use of this framework and says, “The SWOT framework helps business owners assess their company’s strengths, weaknesses, opportunities, and threats, hence the name. 

“Specifically, it assists business leaders in identifying what is working and what needs improvement; which new or expanding markets, products, or services could provide growth for the company; and the obstacles, challenges, competition, and other factors that threaten growth and even survival. Comparative analysis and market research provide additional insight into these topics,” he added.

SWOT analysis stands for and will help you in:

Strength- it will build your strength

Weakness- it lessens your weakness

Opportunity- take the opportunity

Threats- prevail from threats

In setting a goal one should know what is working and what is not. It may not be detected right away, but with the help of such frameworks as SWOT analysis. It will lessen the obstacles in the way of achieving the goal.

12. Evaluate and monitor progress.

Once the goal is achieved, it doesn’t mean– that is it! Because there is more to it. After the goal is achieved, evaluate and monitor the progress. 

The founder of True Wilderness, Fredd Hoffman says, “As goals are achieved, it is important to evaluate progress and make adjustments as needed. This includes analyzing successes and failures, making changes to strategies as necessary, and revising the timeline for completion.”

The process is never-ending but as time passes by your goals and achievements will be even better. It will always benefit you in the end.

13.  Creating and setting milestones

This is according to Jamie Miller the co-founder of Treadmill Review, who says, “As you make progress toward accomplishing your company objectives, setting milestones can be an excellent method to provide yourself with some useful stepping stones. The most essential thing is to establish benchmarks that will assist you in moving forward on the right path and will ultimately lead to the accomplishment of your long-term business objectives.”

As mentioned previously, it is very important to always monitor the progress. Also, creating a milestone is a method that is useful that allows you to have stepping stones every step of the way in setting and especially achieving the goal.

It may not be a remarkable change or milestone at first, but it’s okay! That is why you need to monitor the “progress”—- it means as time pass by you are advancing and moving forward closer to accomplishing the goal. It takes time. It does not come right away. Creating milestones allows you to have something to look back at. A record of the efforts and dedication of you and your team. 

Wrapping it up!

You have confirmed that successful business leaders are taking their time setting goals, and applying different kinds of steps and strategies to ensure that the goals they set are realistic and achievable. Setting a goal should not be as easy as “trial and error” because it might compromise everything you built so far. 

Invest time, effort, and even money to create goals that you want to achieve to have a successful company so you can call yourself a “successful person”.

Once again, it does not end with just setting and achieving the goals. You must constantly set goals to not lose grip, and drive in succeeding. It may be difficult at first but when you already grasp the technique and mastered it, you can do it!

Lastly, setting and achieving goals depends on your satisfaction, do things that satisfy you. This satisfaction should not be impossible to reach, set a satisfaction enough to make you happy and your team happy. 

At the end of the day, we set goals not just because we want to succeed ourselves but to share success with the people around us. GOALS are meant to be ACHIEVABLE no matter what. . You can do it!