Business Goal Setting for Business Owners

Goals, objectives, strategy, plan, tasks, outcomes. There's a lot of terminology floating around the goal space.

This lesson will lay out the main terminology, what it all means, and why there are just so many terms.

Goals are not easy.

In this lesson learn:

• The 4 main challenges in setting goals

• The 4 main challenges in achieving them

Achieving goals doesn’t start with your actions. It starts with your goals. In fact it starts before that: it starts with writing good goals.

Writing goals is transformational. It will flip your business around and give structure and purpose to what you do. In this lecture see the 4 main ways you can expect your business to improve with well written goals.

Goal - Objective. What's the difference?

Find out what it is and why it is important to know it.

Now that you are all warmed up, here is an introduction to the structure you will learn in this class: a simple, step by step guide to writing excellent goals.

What does it mean to ground your goals in reality? Before you even get to your goals, make sure you have solid business foundations on which to build your business.

To plan the future, start in the past.

Here are four specific areas of your business to review and understand in order to set realistic goals.

Then address your present reality, looking at

• 3 main factors that drive your business right now

• 3 elements in understand what your business represents

Only now should you start to look at the future.

Find out the 3 simple questions you can now ask yourself to set proper goals.

We know that a goal is something that is far away. It is an end achievement.

And we also know that to achieve that goal, you have to go through a series of activities. You can't just do the thing.

And that's where targets come in.

Start by determining your expected ROI - in other words: what you expect to change and improve when this goal is achieved. You will learn

• A new way to think of ROI for your business

• 4 questions to ask to determine your expected ROI

Next, consider your KPIs, or how you will track your progress to that ROI.

Here is how to determine them... plus a story about tiramisu.

Deadlines are not motivating. They are scary. But they are important.

So let's make them easier by creating milestones.

A list of both quantitative and qualitative KPIs for you to use.

If you are in a business with employees, their buy-in is essential. Because the goals don't happen just because you set them. They happen because employees work on them.

Find out how to inspire your team: explain your goals by making them meaningful and relevant to your people. Use these 4 steps.

Next comes the part where you sit back and listen. Learn how to gather feedback from your team and give them space to discuss things.

You have goals. You have targets. Now you have to get to work. Start to lay out the step by step tasks you and your team will have to perform to achieve your goals.

Putting the right people to do the right tasks, entails understanding:

• The difference between responsibility and activity

• People's skills

• People's approach to work

You can't get it done without the right tools for the job. Learn about the 6 types of resources to consider.

A few tips to make new work stick

Your turn: use the final project to practice for your business.

What goals should you set for your business?

Here are a few ideas in a series of business areas to get you thinking.

Understanding goal hierarchy and interconnections will ensure you are balancing your goals, as well as accounting for all the work that each goal entails. Learn the difference as well as the relationship between

• Strategic,

• Tactical,

• And Operational

goals.

An annual goal drives towards the company vision.

A quarterly goal makes sure the work happens and corrects itself to get to the right destination.