It is amazing how many different answers that I get when I ask this question. In most every situation the answer is Yes, I am. When I ask to see those goals then there is usually more to the story. They are not written or they are not updated in most cases. As the speed of our world has increased through technological improvements like smart phones and tablets, I believe we have lost touch with some of the simple, basic things that allow us to prosper. You do not own a Busyness! You should own a Business. Our definition of a Business is a successful, profitable enterprise that works without YOU!
So what does this have to do with goals? Quite simply, without written goals we are left to perform based on what the world hands us daily instead of having a tool that keeps us focused on what is really important in our business. Good goals allow us to keep ourselves and our teams accountable.
Some years ago, a study of Harvard Business School graduates showed that upon graduation only 3% had written goals, 13% had thought of some goals and the balance were just thrilled to be out of school. Ten years later the 13% with non-written goals were making TWICE as much money as the 84% without any goals at all, while the 3% with written goals were making TEN TIMES what the other 97% were making. So if it is so compelling to have written goals, why aren’t we all doing it?
We do not have to re-invent the wheel when it comes to our business. What we have to do is to change our mindset about our goals. Here are some tips on how to get started.
- Decide what your business will look like in 5 or 10 years. How much revenue will it be producing, how many jobs will it have created and how many locations will it have? How many hours will you be working?
- Determine where you need to be with your business in 1 year to achieve the long term goals you previously established. We know you cannot do it alone so who do you need in your business. What revenue levels will you need to hit quarterly to achieve your annual goal.
- Complete quarterly goals (that can be measured weekly). Plan some time each week to work “On” your business instead of just “in” it. I host a GrowthCLUB planning day for my clients each quarter in which we all take the day to plan our goals for the following quarter. We do this because it has been proven over and over again that having a written plan is where true success starts!
Right now would be a great time to develop a strong plan for your business with clear goals and action items that you can share with others for added accountability. Make sure to include clear milestones and chip away at each goal a little bit every day. If you do this consistently, you may soon be making TEN TIMES more than your competition.
Remember, failing to plan is planning to fail!
I want to talk about the importance of facing your fear. We all possess this human emotion. What separates us, and our businesses, is what we decide to do with that emotion. The acronym that we use for FEAR is False Expectations Appearing Real. When you think about it, the fears we focus on usually do not present any real risk to our business. Where we get onto dangerous ground is when we let our fear cause us to postpone important decisions or even worse causes us to spend time and money trying to fix a challenge that does not really exist. We must understand that the things we fear happening are usually a result of something else. Instead of focusing on the result of that fear, focus on the real issues that are causing you to feel that way. I would like to address a few common failures that fear can create in our businesses.
- “I cannot find good people to work in my business because no one can do what I do and how I do it.” This truly a fear based statement. What’s left for you to do if someone can actually perform the work you do? This means you will have to learn something new and that makes us uncomfortable. When you decide to quit allowing yourself to be a victim of this then you will change your expectation level. A replacement will be found and it will be the first step for you to become a business owner instead of a job owner.
- “I just need more cash flow to be able to grow my business or hire the right team.” You are right; you do need revenues in order to grow. What are you doing to increase revenues or cash flow? More specifically, what are you doing differently to reach the new cash flow goal? If you continue to do the same things and hope that your bank account is going to suddenly increase then click here and listen to my radio show archive on business insanity.
- “I have a plan, I am just waiting to implement it as soon as I get everything in the plan worked out.” The only perfect plan is one that gets started and gets measured. Waiting to make a decision on what to do next is based on fear. In our society we call this procrastination. Not sure what to do next? Order a book, research the topic or get some advice from a mentor. You do not have to possess all the answers and the sooner you realize that, the faster you will get results.
You are a business owner. We must evaluate our risk with any decision we make. The next step is to invest our time on ascertaining the amount of reward to be gained with that risk. Once we quantify what that the reward is, make a plan to achieve that. We only have a certain amount of hours in each day. You can choose to focus on the risk you are taking each day and how to manage those emotions or you can focus on what you are doing to achieve your goal. Write your fears down and then intentionally decide what your next step has to be for each of them. I work with business owners each week educating and providing them with the tools that create great rewards. For many of you, facing your fears may mean that you realize it is okay to invest in a coach to provide the direction to get you on the path to wealth. Often times, admitting we need help is the fear we must address first.
In today”s interactive world, video is becoming more important to engage with your prospects and communicate with your clients. Video also provides a tremendous opportunity to increase your web presence.
Executives with little time to spare for fun and games do take time to watch a video, according to the findings from Forbes Insights. In some cases, they actually prefer video to text when learning about products and services.