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Business Development How to set goals and succeed in business

How to set goals and succeed in business

A white paper released by Wealth Management gives tips on defining and achieving your business objective.
Team Cafemutual Jun 25, 2018

According to a recent survey by Wealth Management, 75% of financial advisors say that setting goals is important or very important to them. For some, setting goals can be challenging. One in 10 advisors says he/she has been unsuccessful in setting goals in the past. Goals provide an important framework; without clear, achievable objectives, it is hard to channelise efforts towards actions that will yield results.

The following five steps will guide you in setting goals that will help the business grow:

Make time

It is easy to get caught up in day-to-day business activities and not find the time ever to work on setting goals that can help your business grow.

Try setting aside a dedicated block of time early in the week, before too many tasks have been added to your to-do list. Use this time to make short-term goals for the week, to make new long-term goals and to review goals that are already in progress.

Be specific

Be as specific as possible when setting goals, outlining clear objectives. For example, it is not enough to say that you want to increase revenue – because that is too general. It’s important to identify by how much you want to increase revenue, from which services you want to generate the bulk of the revenue, and which markets you want to target. When defining goals, make sure they are relevant. This will prevent you from focusing energy on goals that don’t actually have any bearing on your business.

Set achievable goals

Having achievable goals does not mean that your goals cannot be big. But if the goal requires endless amount of time or money, for example, it’s unlikely that you can realistically make them happen. No matter what the size of your goals is, make sure they are actionable. Identify clear near-term and long-term steps that you can take to achieve them.

Dhruv Mehta, a Mumbai based IFA who has created a niche among HNIs, believes in setting achievable goals. “I set goals based on an assessment of the current rate of growth in the industry and the potential growth rate.”

Have measurable targets

The only way you will know if you are on the right track is by measuring your targets. For example, if you want to increase customer satisfaction by 50%, make sure you have a way to measure customer satisfaction, say, by conducting an online survey. Once you know your current status, and compare it with the numbers you wish to achieve, you can evaluate your efforts and judge whether you need course correction, a change of track, perhaps.

Work on a timeline

Set a clear timeframe for achieving your goal. Once you have an end date in mind, build a timeline that includes the steps you need to take, and when you need to take them, to achieve your objectives. Once you’ve defined the goals for the business, ensure that other office members are aware of and on board with these. Let them know their role in achieving the goals. Make sure each person knows the tasks he or she needs to perform to help the business succeed.

 

 

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