Setting goals is one of the most effective techniques to achieving success. Goals come before business plans, sales forecast, and eventual consultations with Brisbane bookkeepers. When starting up a business, everyone has a goal, and that is to succeed on the business and to earn money in the process. What people don’t know is how to reach that goal.
Business Tools for More Effective Goal Setting
There are several business and organizational tools that you can use in order to design a plan that can take you from the starting point to the achievement of your goals. The traditional way of goal setting is to write down the things needed towards the achievement of the main goal. You start with point A and write what you have right now. The next item, point B is on the first things that you need to accomplish. If you are starting a new business you can say ‘Write a business plan.’ Or if you are planning on a marketing campaign, you can say ‘Build the marketing team.’ You continue writing steps or supporting and smaller goals until you reach the ultimate goal.
Another common method of goal setting is the time based goals. An example is using a whole year and dividing it into twelve months. You then set a goal to be achieved or accomplished for each month. If you are setting up a dog walking business, your time based goal setting could read January – acquire at least 10 customers. February – have at least 15 customers. March – have at least 20 customers and increase hourly rate by $2. However, there are also other tools that can help set and achieve goals. These tools have been proven effective to organize business resources, actions, and plans geared towards an ultimate goal.
The SWOT Analysis
The strength-weaknesses-opportunities-threats analysis is a useful tool when assessing the feasibility of planned endeavor, like starting a new business or planning a promotional campaign. This exercise is usually done during brainstorming sessions where planners are called to identify the SWOT of the project. Each identified item is written down and discussed thoroughly. After the identification and discussion, the group is expected to write a recommendation or a plan of action that will address all the threats and weaknesses, highlight strengths, take advantage of the opportunities, all geared towards setting the ultimate goal.
The Gantt Chart
The Gantt chart is a tool that presents the business plan in graphical form divided into timelines. Usually done in a linear chart, it plots all actions, steps, and significant events that affect the business plan. These are indicated in chronological order. The Gantt also set the targeted timeline of completion for each step and the resources needed. Accountants and bookkeepers in Brisbane recommend using the chart to enable the planner to have a clearer view of the actions or goals that are needed to be accomplished at a certain point, and the corresponding resources.
Backward Goal Setting
The backward way of setting goals is a lot similar to the traditional way of goal setting. The only difference is that you’ll be working backward instead of forward. So, instead of starting with point A, you will start with the ultimate goal. If you are planning to start a construction firm, your ultimate goal could be ‘To earn at least $100,000 a year.’ Your next consideration is what you need in order to earn that much, it could be ‘Acquire at least 50 projects a year.’ And then work backward again, what would you need to get 50 projects a year? ‘Have 100 customers in the database.’ You work backwards until you reach the starting point.
Tips in Setting Feasible and Appropriate Goals
It is natural for people to set high goals. Some like the challenge it presents, while others simply just want to achieve that much. There are also people who would rather set low and easy to achieve goals. High or low, there are certain criteria of goals to make it feasible and achievable. Too high or too low goals set do not make it better, or appropriate. Here are some tips to setting and criteria of great goals.
Ø Define Specific and Measurable Goals – Your goals should be specific. Include amounts, levels, or positions. Being specific will give you a clear view of what you are aiming for. Avoid vague and generalized goals. If your goal is to increase sales, include by how much you want it to increase.
Ø Goals should be Relevant – All goals within your business plan should be relevant and aligned towards the achievement of your ultimate goal. Irrelevant goal will only muddle your plans.
Ø Goals should be Attainable – Avoid setting goals that are too complex or too improbable to achieve. Knowing its impossibility and the thought of imminent failure to accomplish it will only demoralize you and your team.
Ø Goals should be Time-bound – Identify a deadline for you to accomplish the goal. Time bound goals will create the sense of urgency and motivation. Achieving the goal before the set time is also an accomplishment.
Ø Break down Main Goals into Smaller Goals – Big projects are intimidating and overwhelming. But by breaking it into smaller steps, departmentalizing tasks, and creating smaller goals, it becomes more realistic. Accomplishing each of the small steps also creates the sense of accomplishment.
Starting a business or spearheading a business operation always calls for planning and organization. And the best way to set your sights right and focused is by setting attainable, realistic, and appropriate goals. While Brisbane bookkeeping and accounting firms can guide and help you set up a business, the legal and financial aspects are just part of the big picture that you need to create.