January is typically the time when business owners take a step back and consider their goals for the coming year. If you’re in this mindset right now, it’s important to make sure they’re realistic.
Want to float your company for £5 million by the end of the year? Or maybe you’re looking to increase your staff from three to 300? Setting intentions is important for any firm, but you need to make sure they’re achievable or you and your staff could end up demotivated and burnt out.
Most of us are familiar with the SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) approach to goal setting – and smack in the middle of that useful acronym is A for ‘achievable’. So what’s the secret to setting goals that you can achieve and be proud of?
Not only is this disheartening, but the survey found it can also have wider implications. In order to achieve their aims, 17% of founders had to reduce their short-term goals and 22% increased their budgets.
And when it came to long-term aims, 64% said they had to expand their initial time frames by 12 to 18 months in order to achieve them.
This is a trap that web design enterprise owner adiboy has fallen into. He posted on the UKBF forums explaining that he wants to build up his company to “having a large team and multiple offices”. And yet, his team of eight lacks motivation and it’s having a huge impact on his own wellbeing.
“Over the last six months, I just feel like things have gone from bad to worse,” he said. “I'm continually stressed out, angry and upset at both work and home, and I just don't feel like my team shares the same ethos or determination for the business as I do.”
Going back to the iwoca survey, it seems that adiboy isn’t alone – many founders are making big sacrifices to reach their targets. For example, almost 17% said they have missed out on holidays and one in five said they spent less time with loved ones.
So, how can founders set more realistic goals, stay motivated and get back some much-needed balance?
Mark T Jones says it’s important to take a step back and think about what you want to achieve from the enterprise on a personal level by asking the following questions:
When it came to adiboy’s predicament, this is exactly what the UKBF community suggested.
“As for motivation, set small and larger goals, weekly, monthly, annual etc, even daily, as in getting your staff members to work as required,” advised MBE2017.
Breaking it down isn’t just about motivating your team, though. It will also help you set out a roadmap so you achieve smaller goals more regularly and build up to reaching the bigger ones.
There are different methods to help with goal setting. Read our article on the nine tested techniques to help you set business goals that work to see which one might suit you.
Read our article on how to unlock your business growth goals which offers advice on financial planning and how it helps you with this kind of goal setting.
And if you’re working on your own? Give yourself the recognition you deserve and share the good news with friends and family.
If you’re looking to grow your firm into the new year and beyond, incorporating an insurance plan into your growth strategy is key. Whether you’re expanding your team, acquiring expensive equipment or opening up a new studio space, these steps should be accompanied by detailed research and regular updates of your insurance policy.
From Employers’ Liability Insurance to Professional Indemnity Cover, browse insurance options with our friends at Smart Business. Compare cover options in minutes before exploring insurance policies with their partner, Simply Business to receive a plan tailored to your needs.
Want to learn more about setting achievable business goals? Upgrade to a Business Membership today, and make the most of exclusive benefits including premium forums, partner offers and member-only content. You could save your business up to £400 a year by upgrading your account today, enabling you to put more funding into reaching your goals.
Want to float your company for £5 million by the end of the year? Or maybe you’re looking to increase your staff from three to 300? Setting intentions is important for any firm, but you need to make sure they’re achievable or you and your staff could end up demotivated and burnt out.
Most of us are familiar with the SMART (Specific, Measurable, Achievable, Relevant, and Time-Bound) approach to goal setting – and smack in the middle of that useful acronym is A for ‘achievable’. So what’s the secret to setting goals that you can achieve and be proud of?
See the value in achievable goal setting
In a survey by iwoca, small business owners were questioned about their one- to three-year goals. The results were revealing – 45% didn’t achieve their short-term goals within the time frame and budget they had initially set.Not only is this disheartening, but the survey found it can also have wider implications. In order to achieve their aims, 17% of founders had to reduce their short-term goals and 22% increased their budgets.
And when it came to long-term aims, 64% said they had to expand their initial time frames by 12 to 18 months in order to achieve them.
How goals affect your wellbeing
It’s great to be ambitious about what you want to achieve – but if you reach too high, you risk feeling demotivated if you don’t achieve your aims. As a result, productivity is likely to take a dive, setting you back even further.This is a trap that web design enterprise owner adiboy has fallen into. He posted on the UKBF forums explaining that he wants to build up his company to “having a large team and multiple offices”. And yet, his team of eight lacks motivation and it’s having a huge impact on his own wellbeing.
“Over the last six months, I just feel like things have gone from bad to worse,” he said. “I'm continually stressed out, angry and upset at both work and home, and I just don't feel like my team shares the same ethos or determination for the business as I do.”
Going back to the iwoca survey, it seems that adiboy isn’t alone – many founders are making big sacrifices to reach their targets. For example, almost 17% said they have missed out on holidays and one in five said they spent less time with loved ones.
So, how can founders set more realistic goals, stay motivated and get back some much-needed balance?
Six tips to help you set achievable business goals
Setting aims that are realistic and achievable is a good way to avoid this trap. Use these tips to guide you…1. Start with your personal goals
Your business aims should feed into your overall personal goal. If that’s to sell your company in three years, you’ll need a different set of business targets than if your aim is to achieve a certain salary alongside a decent work/life balance.Mark T Jones says it’s important to take a step back and think about what you want to achieve from the enterprise on a personal level by asking the following questions:
- Why do you want to build a team?
- What are your personal measures of success?
2. Break it down
Once you’re clear about your overarching goal, it’s time to look at the smaller steps you need to take to get there.When it came to adiboy’s predicament, this is exactly what the UKBF community suggested.
“As for motivation, set small and larger goals, weekly, monthly, annual etc, even daily, as in getting your staff members to work as required,” advised MBE2017.
Breaking it down isn’t just about motivating your team, though. It will also help you set out a roadmap so you achieve smaller goals more regularly and build up to reaching the bigger ones.
There are different methods to help with goal setting. Read our article on the nine tested techniques to help you set business goals that work to see which one might suit you.
3. Set goals for business growth
Most SMEs want to grow in one way or another. So-called ‘growth goals’ centre around sales, profitability, new products and services, and employee count. Some of these aspects may be more important to you than others and this method is a useful way to prioritise.Read our article on how to unlock your business growth goals which offers advice on financial planning and how it helps you with this kind of goal setting.
4. Track your progress
How are you measuring what you’ve achieved to date? For each goal, understand how to track it and decide how regularly you need to check in. Plot out your results so you can see how you’re progressing and address any setbacks as they arise.5. Celebrate each milestone
Achievable goals are often smaller, but that doesn’t make them any less important to celebrate. If you’re managing a team, recognise each goal achieved by individual staff members and reiterate why it matters.And if you’re working on your own? Give yourself the recognition you deserve and share the good news with friends and family.
6. Protect your business
Setting clear goals is an important step for any founder eager to grow their enterprise, but these plans can soon be derailed if you fail to have the right cover in place when facing an unexpected claim.If you’re looking to grow your firm into the new year and beyond, incorporating an insurance plan into your growth strategy is key. Whether you’re expanding your team, acquiring expensive equipment or opening up a new studio space, these steps should be accompanied by detailed research and regular updates of your insurance policy.
From Employers’ Liability Insurance to Professional Indemnity Cover, browse insurance options with our friends at Smart Business. Compare cover options in minutes before exploring insurance policies with their partner, Simply Business to receive a plan tailored to your needs.
Want to learn more about setting achievable business goals? Upgrade to a Business Membership today, and make the most of exclusive benefits including premium forums, partner offers and member-only content. You could save your business up to £400 a year by upgrading your account today, enabling you to put more funding into reaching your goals.
