When setting up a business, you need to lay down your plans every well. Before you can take any action, how you polish and plan your business to achieve your goals play a fundamental role in business success. However, they are times when no matter how well you plan out your business processes, you still fail to achieve your goal. Why? It is not because you are not capable enough to compete; but perhaps, because you are setting unrealistic goals.
We set business goals to project where we are going. It is vital for any businesses to have a goal but sometimes, we may not know it but we are already setting a goal to fail. Set a goal base on your capabilities so it is achievable. Here are some of the unrealistic goals most startup entrepreneurs set for their businesses and how to fix them.
Achieve High Objective With Low Investment
As an entrepreneur, you might be too excited of an idea that you have underestimated it. Setting high objectives for your company also required great investments whether in capital or manpower. How can you achieve the goal of increasing leads through online marketing if you are cost-cutting your online advertising and your focus are divided?
Before setting your goal or objectives make sure to check and study your resources. Do not just set a goal without proper research. This is a surefire way to trouble. Proper market research is important so you will be able to determine the resources you need to use and the effort you need to exert. If you aim to expand your business, ask yourself what it takes to do so.
Different kinds of business have different requirements and you have to know what you need before setting up a goal. For example, if you aim to increase your revenue from your retail store in Boston by 50%, you need to conduct a competitive analysis to establish if there is really need to increase your revenue goal and up to what extent. If your goal is to expand your rental property to one state, you need to be aware that you have property management concerns to think of such as insurance, permits, property maintenance, tenants’ contracts and a lot more. Are you prepared for that responsibility and are your financial resources ready?
Aspirations are not enough to keep your business running. You must have the skills and the resources to fulfill your goal. So before you set a goal, try to look at your capabilities first. Set a goal but make sure it is measurable, relevant and most of all attainable.
Achieve Results In An Unbeatable Deadline
Some goals can be discouraging and less motivating if it takes longer to finish. This is one of the common reasons why some goals unattainable. You have underestimated the time it will take to be achieved.
When setting a goal for your business, creating a feasible time frame for it to be done is vital. You can’t just push anyone from your team to provide results in an instant. Because chances are, you just make them feel pressured and discouraged.
To be successful in achieving your goals, it is suggested that you create a scheduling pattern. This will guide your activities that can help you in your goal. Avoid being in hurry in achieving results for your business. Goals are not achieved overnight and you have to work for your success. Know how to evaluate your goals so you can set an estimated timeline to achieve such goal.
Aim For Constant Results All The Time
Venturing into a business, you have to expect rough roads. Not all the time you will enjoy high revenues. There are times when you will experience losses. If you are an entrepreneur and you aim for constant increase revenue or sales every month, there is a greater chance that you will fail.
Anticipate drawbacks in your business. There will come a time when the demand is too low for you to achieve a certain number of sales. It is nearly impossible to attain 50% of net sales every month. There will be months that you are just at 40 or 30 but there will also times that will hit more than the 50% quota… let’s say 60 or even 75%.
A proper market study will help you determine your monthly objectives. If you aim for sales increase, keep your goals low when the demand is low and increase it as the demand goes higher. You cannot achieve a constant result for your business so you also have to learn to adjust your goals to maintain a sustainable business growth.
Imagine yourself as a newbie runner. It is impossible to successfully run a marathon unless you have been training enough for several months for such goal. You have to start from short distances, gradually increasing as you gain experience.
As an entrepreneur, you have to learn how to set a goal for your business. While you want to set big goals, you also have to remember to put some reservations. Scaling too fast and too soon could be your business downfall. Your dreams may be too big to achieve as of this moment and you are just exhausting yourself for nothing. There are some goals that are not for your business — at least not for this moment.