The key to setting business goals you’ll actually achieve as an entrepreneur
Every entrepreneur must have goals. Goals are aspirations for your business and they inspire you to keep moving forward by focusing on what matters most.
Below we’ll outline best practices when it comes to setting and achieving your goals as an entrepreneur along with the most important goals you should be setting for your business.
How to set goals as an entrepreneur
Determine what success will look like: In some cases, the goal you’re trying to achieve will be more quantitive in nature (e.g., achieve 15% growth in sales). In others, your goal will be more qualitative (e.g., feeling more confident as an entrepreneur or improving your brand perception). Think about what you want to achieve, and be specific.
Break your goal down: consider how you’re going to achieve your goal and what steps are necessary to be successful. Be specific here. Think about who will be executing each of these steps and what resources are required.
Set realistic deadlines: many entrepreneurs want things done yesterday, but when it comes to goal-setting it’s important to give yourself a reasonable amount of time to create the outcomes you want.
Have a con Determine how you’ll stay accountable to your goal: Who (or what) will keep you committed to the things you say you’ll do? You might connect with an accountability partner, bring on a mentor, track your wins along the way, or reward yourself in some way once you complete the goal.
Come up with a contingency plan: What if you don’t meet your goal by your deadline? How will you adjust your plans to ensure you stick to what you intend to do? Perhaps the goal needs to be re-evaluated, or perhaps the way you’re working towards the goal needs to shift in some way.
Powerful questions to ask yourself when setting goals
Do you know what could stop you from achieving your goals? whenever we try and achieve something big, there’s always going to be a layer of fear and resistance to overcome. I once heard an entrepreneur say that “business is 90% personal development,” and I couldn’t agree more. Write down a list of things that could keep you from achieving your goals. Then, clarify how you’ll work through these roadblocks.
Do you have the right resources in place? oftentimes as entrepreneurs, we assume we have to hustle and thereby do everything ourselves. But that couldn’t be further from the truth. A capable team is at the heart of every successful business. If you’re struggling to achieve your goals, ask yourself: where do I need to be more supported? What resources can I tap into that would make these goals achievable?
Do you have a greater vision to align your goals to? as an entrepreneur, it’s essential to have a clear and compelling vision for your business along with an understanding of the steps you’ll take to get there. If you want guidance on determining a vision for your business, check out our latest blog post on developing an intentional vision statement.
Do you have a business plan? your business plan is the blueprint for how you’ll build, launch, and grow your business. Every goal you set should be backed by a solid plan. If you need help creating a roadmap for your business, check out our blog post on how to write an intentional business plan as a new entrepreneur.
Here are 8 entrepreneurial goals to set for yourself and your business today.
1. Write a business plan
Your business plan is your roadmap for success. A good plan will include a detailed vision statement, business model, product overview, marketing strategy, financial plan, and more. If you want support in this area, our guided journal for entrepreneurs, Bedside Business Plan, is an approachable way to write your business plan in just a few minutes a day before bed!
2. Understand your ideal customers
Make it your mission to know everything you can about the people you most desire to serve. What do they value? How does their day typically unfold? What are their painpoints in relation to your product? What kind of media do they consume? The more you know, the more targeted you can be in building a brand and business that resonates with your ideal customers.
3. Launch a product people can’t get enough of
Once you have a solid understanding of your ideal customers, the next step is to develop a product that speaks to their needs and values. Your product should alleviate their painpoints, stand apart from competitors, and offer both practical and emotional value. You also want to spend adequate time developing and testing your product before bringing it to market.
If you're in the early stages of developing a product or service, check out our blog post on how to move forward with a business idea.
4. Build brand awareness
People must know you exist. The key to building brand awareness lies in creating an identity for your business (i.e., logo, visuals, and messaging) that people recognize and remember. You want your ideal customers to be familiar with what you do, and recommend your business to friends and family.
5. Lower your costs
The less money you spend, the more profitable you’ll be. Take a look at all of your business expenses and determine which are necessary and which aren’t. When it comes to the business expenses that aren’t adding value, consider eliminating them or coming up with creative ways to reduce them. There are lots of options.
6. Stay in your zone of genius
While it’s tempting to do everything yourself in order to maintain control of your business and keep costs low, this isn’t necessarily the best pathway to success. Figure out what you’re really good at and what you love doing. Outsource everything else.
7. Surround yourself with a capable team
Bring on a team before you’re ready. This doesn’t necessarily mean hiring employees. You can trade products or services with other entrepreneurs or hire contractors or interns on an hourly basis. In the early days, think about the leanest ways to bring on more support for your business so you’re free to stay in your arena of brilliance.
8. Generate recurring revenue
Sales are the lifeblood of a business so it’s essential to secure ongoing revenue over time. There are a number of ways to adapt your business model and create more revenue including launching a membership site, turning your products or services into a subscription service, extending the length of your client contracts, etc.
As you move forward on your entrepreneurial path, remember that every step matters and every action counts. You now have what you need to establish meaningful goals for your business and achieve them. The world is waiting for what you have to offer.
