Small Business in a Big World

October 7, 2010

Goal Setting: Building The Foundation of Your Small Business Success

Filed under: small business,Uncategorized — itbiznez @ 10:15 am

[tweetmeme source=”LilBizBigWorld” only_single=false] Just a checkpoint question: Are you where you aimed to be when you first started your small business? If not, then you need to reassess your goals when you first started out with your enterprise. It is but natural to get sidetracked once in a while, or most of the time as the case may be. But the important thing is, you should know where you are ad where you left off.

Goal setting can easily be done but hard to follow. Case in point, how many New Year’s resolutions have you ever made? And how many of those did you follow to the letter?

It is not enough to put your goals in writing. Sure, it makes a heck of a business plan but if you don’t follow through with it, there would not be enough to measure your success with. The bottom line is, goal setting should be the foundation on which you build your business on. Without a solid foundation, your business would be in shambles.

Let’s say your goal is to have an increase in sales. The first thing you need to remember is that goals need t be measurable and time bound. How much of an increase in sales are you aiming for? It is also important that you give a reasonable time frame for it. Say about a year or two.

Here are some questions you need to ask yourself in setting up a goal:

1. Is it specific?

2. Can you monitor the progress? And if so, how?

3. Is the time frame you specified reasonable enough for you to attain it?

In the example I’ve stated above, instead of the generic goal that you want an increase in sales, your goal can be: a 50% increase in sales by year end. That answers the first and the third question. For the second, you need to constantly monitor the progress of your goal at least every month or every quarter. In so doing, you will be able to know which areas you need to improve on. Setting a goal is like setting a standard for your small business and in so doing, there would be no other way but up the ladder of success.

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