The Entrepreneur's Guide to Goal Setting
Whether you're an entrepreneur with a new business or wanting to make some extra money in a side hustle, there are some easy but effective ways to make sure your plan and your goals are met.
From writing your business plan, to pitching to investors, there is no doubt that the road to success can go much smoother if you have a clear vision of where you are headed, and how to get there.
With that in mind, here’s a guide on how best to set your goals in the world of business.
Keep a diary
When it comes to setting goals in business, it can be wise to keep note of appointments and other important events.
If you use a 2024 diary, you'll be able to keep track of what needs to be done to either establish your business or, if you’ve already started, to track the progress of your goals and your timeline for gaining a return on investments. Through the use of a diary, you'll also be able to prioritise which tasks, appointments and key dates are more urgent than others, thus creating a schedule that promotes balance.
It can also help balance your social life as well, by helping you define what your personal goals are for the coming year and what to focus on with your enterprise. Journaling is not only an organisational tool, it’s also an opportunity to creatively express your thoughts and reflect on what steps you want to take next, whether for your business or in your personal life.
Innovation is a S.M.A.R.T way to start
When constructing a concept into reality, having well thought out plans can truly help you to create a blueprint towards a viable business plan. The best way to do this is to make your goals S.M.A.R.T., which is an organisational technique that ensures the goals you set are -
Specific
Measurable
Achievable
Realistic
Timely
The first step when acting out this structure is to be specific about what your purpose is and how you intend to achieve it. Innovation is key to being a successful entrepreneur. It is a relationship that goes hand in hand, but you have to know exactly what you’re going to do, rather than come up with a vague idea. For example, rather than ‘I want to start a clothing line’, phrase your goal more along the lines of ‘I want to produce 200 designs for the spring quarter.’
Track progress with mini milestones
Innovation is not enough to get the ball rolling on its own. A successful entrepreneur goes a step further and makes an idea financially feasible. This means developing the plan to make it a viable business venture and put steps in place to put it into action. This is the measurable stage.
A measurable way an entrepreneur could do this is to stage mini milestones within the project, to celebrate achievements that show movements in the right direction.
If your goal is to have a certain number of clothing products made, include checklist tasks such as “Write a letter regarding dress materials and must be sent out to all suppliers by the end of the week.” This keeps you focussed and you’ll always have at the forefront of your mind how you can progress the business.
Execute with excellence
When it comes to setting your business goals, as great and necessary as it is to be inventive, it is also a balance with being pragmatic. Your goals need to be actionable - meaning they’re tangible steps you can take.
As an entrepreneur, both you and your investors want to see a profit. You, for the sake of business success, and them, to see a return on the money with which they used to support you. So while you may have big dreams for the future of the enterprise, remember to keep in mind the current project you want to execute.
A way to look at this is to see if your timeline meets your level of production. You want it running like a conveyor belt machine. And if it doesn’t - then consider changing your goalposts. Having realistic aims will help you stay motivated, and not get too carried away.
Remember to Review
When working towards obtaining your goals as an entrepreneur, it is always wise to take a step back and look at the big picture from time to time. When we set aspiring dreams, we can get caught up in a current project to the point where we don't acknowledge what other goals are being worked on, or forget to check whether the current one needs tweaking.
Thus, it is wise to do things in stages, with a set plan to help you achieve your desired result in a timely manner. This can be done through meetings or feedback sessions with fellow employees or collaborators. If it’s just you - try to be as honest with yourself as possible. It’s all about shifting your mindset to become a true entrepreneur, which means taking your project seriously, and constantly assessing how things are going.
Scheduling in time for review should be done in the midst of your current project, to see if things are in a good place, and upon completion, to see what went well and what could be done differently next time, to improve on your efficiency and outcomes.
Of course, when you reach a certain major milestone within your business, don't forget to celebrate! Recognition of an achievement helps to promote morale and self-esteem, and it can help build the momentum to kick start yourself into your next undertaking.
By following these guides, staying organised and being realistic about what you can achieve with what is currently available to you, you’re sure to find you meet more of the goals you set, and continue on track to be a successful entrepreneur.