What are your business goals for 2024? And how can you set business goals that are more likely to be accomplished?
As a business owner or manager, it is essential to set clear and actionable business goals for the future of your company. It helps you stay focused on what matters most and provides a roadmap for success. They can give you a clear focus, motivate employees and set targets for your business to work towards. In this section, we will explore the process of business goal setting for 2024 and establishing achievable goals. The success of these goals hinges on those crucial actions that many business owners are currently neglecting. If you neglect to follow the guidelines revealed below, your so-called ‘goals’ may simply become a jumble of mere wishes.
The difference between wishes and goals
When asked what their goals are, almost everyone will say “I want to be happy, healthy, and prosperous.” This is fine and sounds good on a New Year’s greeting card – but they are general wishes rather than actual goals.
Goals that lack specificity, are not documented, and cannot be broken down into actionable steps are essentially mere wishes. It becomes impossible to build your business around them.
Similarly, almost all businesses aim to boost revenue, cut costs, or both. But let’s be real, these aren’t goals; every company wants to increase revenue and reduce costs. What really makes a difference is the how, when, and what of your business goals. But before delving into that, let’s address the following:
Why do many business owners struggle to achieve their goals?
One of the main reasons is many business owners have an idea of what they want to achieve but fail to break them down into actionable steps, assign responsibilities, or regularly review their progress.
Another common issue is not having a clear vision for their company’s future. This can lead to setting vague goals that are difficult to measure, achieve, and ultimately see through.
So now, let’s discuss the right way to define your business objectives for 2024 and set achievable goals that will drive your company towards success.
How to set realistic and achievable business goals for 2024
- Start by reviewing your past performance
Before you can move forward, it is essential to understand where you stand currently. Take a look at your financial reports, customer feedback, and employee performance reviews for the past few years. Examine what worked and what didn’t.
Use this information to identify areas of improvement and opportunities for growth.
- Define your overall business vision
What are the long-term goals/vision you have for your company? How do you see your business in 5, 10, or even 20 years? Is your mission statement still relevant, or does it need to be updated?
This vision will serve as a guide for your objectives and help you stay true to your company’s purpose.
- Create S.M.A.R.T. goals
SMART goals mean the following:
- SPECIFIC – Your objective should consist of no more than 15 words and should be targeted towards a specific and precise goal.
- MEASURABLE – To make sure you know when you’ve achieved your goal, it’s important to make it measurable by adding numbers.
- ACHIEVABLE – Make sure that these are realistic goals and can be achieved within the timeframe you’ve set.
- REALISTIC – Ensure that you possess the appropriate tools and resources necessary to accomplish the objective at hand.
- TIMED – Adding specific dates instead of a timespan boosts commitment and motivates you to take the necessary actions leading up to that day. It gives you a clear target and encourages focused effort towards achieving your goals.
Successful businesses are built on specific, measurable, achievable, realistic and time-bound goals. By making the aforementioned aspects a priority for every goal you set, you’ll find them easier to commit to and ultimately achieve. Setting clear business goals influences motivation and increases performance. Whether you work at a small business, large enterprise company, or as an individual, you are more likely to succeed with strong business goals. These are just a few benefits the goal setting process provides.
Actionable steps for accomplishing your business goals
Now that you have defined your business goal for 2024, it is time to take the necessary actions to manage and achieve it. Here are some actionable steps you can follow:
- Write each goal down – This makes them tangible and keeps you accountable. Those who write down their goals have over an 80 % higher success rate of achieving them than those who don’t.
- Break down each objective into smaller actionable steps – This helps make your goals more manageable and allows for progress tracking.When you consider the end goal, that may seem tough; a real challenge.
But start breaking it down:
- How many proposals do you have to write to get 10 sales? 40?
- How many sales meetings do you need to have to generate 40 proposals: 80?
- How many calls do you need to make to set up 80 meetings: 240?
- How many business days are there between now and the target goal date: 80?
- How many calls do you need to make each business day to arrange meetings: 3?
The goal that once seemed so far off (10 new sales) now seems far more achievable because you know the precise daily action required to accomplish it
- Assign responsibilities: Clearly assign tasks to team members who are responsible for each goal’s achievement. This not only ensures accountability but also promotes teamwork.
- Create a timeline for your goals – A timeline is a vital tool in keeping you on track towards achieving your objectives.
- Regularly review and evaluate your progress – Make adjustments as needed to ensure you are on the right track and making progress towards your goals.
- Celebrate successes: When you achieve a goal, take the time to celebrate and recognise the hard work that went into it. This not only boosts morale but also motivates everyone to continue working towards future objectives.
By following these steps and staying committed, you can set realistic business objectives for 2024 and accomplish them successfully.