Let’s Discuss How to Set Business Goals.
Gru is sitting at his home at Tulsa. College for Business startup & management is over. Now, He is thinking to start a business. He has got his Interest in Clothing Industry, And now He is thinking to buy clothes in big amount, for sale. He got some basic informations about this industry. Suppose, you are Gru’s Business coach, then what will u advise him?
- Try to buy your favorite products at the cheapest rate.
- Follow the trend & buy according to it.
- Make a proper plan for a business & Set a Business Goal.
Yes, you thought right. Before taking any actions, making a plan and Setting a Goal is necessary. Goal gives you an inspiration to work in one direction. So, let’s start today’s blog session.[NOTE:-If you want to listen this blog content ,click on the Sound button .And if you want to read this blog in your language click on the choose your language button( scroll up-top right of this page.)]
Today i am going to show you How to set business Goals. It will surely boost to your business vision. You just need to understand it properly. Of course, it will not any 5 steps or any, because it don’t work practically. Today I am going to show you practicals of setting goal. So, without wasting a moment of time, let’s learn How to set business goals.
1. Precautions- How your Business Goal should be?
Set a Business goal, which is..
1st see this 4 points and then learn How to set.
Flexible means Easily Changeable. If you also have this query, Do You have to Change your Goals?- No, You do not. You should be able to Change the way of your working, You should be able to Change the Strategy, Change the plan to reach your goals. That’s meaning of Flexible because when you will start working on your goal, then you will realize your mistakes & opportunities. So, In short your goal should be Flexible.
You can set any level of goals[means easy, hard]. This doesn’t mean, you are impractical. Practical goal means, your goal suits on your plan, Your strategy nicely and practically expresses your Goal. This is meaning of practical goal. Being Live is very important to be Practical. Because if you want practical change, you need to be Live. This was the Simple but actually unique meaning of Practical business goals.
Setting a Reachable goal is very important. Reachable means, Your strategy should be able to reach your Goal, Your Plan should be able to End Happily[reach a goal].
For Example:- Let’s go back again with Gru. Gru a startup owner has clothing material related to Professional Women. His clothes[Products] are also suitable for women, who likes wearing Eastern clothes. Now, If he thinks, he wants to be the brand for college girl’s clothing wears…It will be foolishness because he can’t reach that goal with current products[Professional women clothes]
A wise goal setter will always have plan B. You should think about awkward situations[means if you get failure]. Also think about Backup plan to move out from failure. A wise goal means, you are ready to fail, because you already have a plan to move out from failure. You should be Enough wise to see the most of every side of your plan & goal. Again, you should be enough wise to see your costs and impacts.
Do you know Actual Definition?:-
Goal is just an Ultimate Goal of your Strategy.
I’ve shared knowledge about How your business goals should be. Now, I’m going to share knowledge about How to set visionary business goals. You will learn properly about setting business goals by it.
2. Learn to set Visionary business Goals.
You have to achieve good vision, Because It is said..Without Vision there is nothing Business, nothing Goal. You will be just a small vendor without a Vision. So, be Aware! Now I’m going to Share Secrets of setting Visionary business Goals.
My Request to you:-I really hope you have read the Story of Gru[at starting of this blog]. Because, I’m going to teach you with His Example. So, if you haven’t read..then scroll up and read it 1st.
Secret:- The Only way to achieve great Vision and Set a best Goal is to be Very Very Clear about your work. You have to ask Proper questions to yourself about your Goal. And now, I’m going to teach you with Example, how and which questions you have to ask.
Questions You have to ask:-
What is my Goal ?
For Ex.:- My Ultimate Goal is to cover 30% Of Women Clothing Stores[not very small stores] Of my State.
See, It is a big and practical goal for Gru.
When I will achieve my Goal ?
For Ex.:- I will achieve this Goal in coming 4 years. Because, I have to work on my small goals to achieve this big one.
From Where I will start working on my Goal ?
For Ex.:- I will start from Wholesale market of my town And after wholesale market, I will catch Online Stores.
Why I’m working on this Goal ?
For Ex.:- Because I’m watching..In this Industry, Right source of Supply is Less than Demand. And because of this, Rate is very High. If i will be success to achieve this, I will be able to provide Nice quality at Cheaper Rate.
What is End result of my Goal ?
For Ex.:- If I will achieve this Goal, I will be B2B Brand of my State. I can go Further in this field, because it has no limitation to go further. Plus, I can earn a lots of money.
What’s My Backup plan ?
For Ex.:- 1st I will not spend more than 65% of my budget before i start selling.
2nd, If I won’t be Successful there, I have already bought an Online Shop. I will make my Full Focus on it.
In this Blog, I’m not going deep in How to achieve…I’m just teaching you How to Set. Yes, You will see it in Part-2.
If you are Done with all questions-answers, then Let’s go to Tools. I’m Showing you some Tools, you have to Set your Business Goals with keeping this tools in your mind. If you want to Know How to be an Entrepreneur with No money, then Click on it![Advise by Author: If you are Startup and You need Personal Guidance for Free, Enter Here. You will get Free 7-days Trial, where we will reach you and our Experts will Help you.]
3. Tools: Keep in Mind
Now I’m going to show you some Tools. You have to set business goals with Keeping this tools in Mind. Funny thing is You already have these tools. You just have to Decide[Find] Quantity& Quality of these tools. This will make your Business Goal more clear than others.
I’m talking about these 6 Tools.
- Your Equipments.
- Distributing& Marketing.
These all are tools because it can Either Increase or Decreases anybody’s Future. Now I’m going to talk about these all.
Basic Equipments means, some Basic Products& Equipments to Show your Products. Before setting business goals, make sure What Equipments you need. For Example, You may need a website or virtual store! You have to make a list of Equipments you have and Equipments you need. Keeping it in your Mind, you will make a strategy to achieve your business goal.
You should make a timeline to achieve your Goal. This will encourage you to reach your Goal. And, If you won’t be able to reach your goal, It will make you able to take a decision about future. Make your Timeline duration Divided in parts. Means you have to give small Time limits to yourself. This will be more Beneficial.
For Example:- I have to complete work A. A has mainly 3 parts B,C and D. It means, If want to do A, I have to complete B, C and D 1st. So, my Timeline will be, 1week-B, 1week-C and 2week-D. Instead of 4weeks of A.
In 90% of cases, Budget affects Plan, not Goal. It means, you may change your plan to achieve your business goals, but Goal can be still Unchanged.[That’s why, I suggested to you to make your goal Flexible]. But, we have to keep budget in our mind. If we have small budget, we have to set a goal, which can be achieved by small budget. After these small goals, you will be surely able to reach Big Goal.
Do you know what is Trend?- Trend is a temporary Flow in the Market. Trend is not Necessary, but also it isn’t Ignorable. If you want Quick Earn, Trend will be more important for you. So, your Goal should be enough Flexible to obey Trends. Observe the market and buying process, see How people are buying..What type of people are buying what products. This Observation will help you a lot.
You Will learn about How marketing & Distribution can work and effect on Goal, In next Blog, How to set Business Goals-2.
If you want to know about Offline Marketing Strategies for Startup growth, you can click on it!
My Gift of this Blog– I’m linking you Millennium Addition of Bible of Marketing (Marketing management by Philip Kotler).
Enter here, to get PDF.
- Set a Goal, which is Flexible, Practical and Reachable.
- Make your Vision clear, before working [I’ve taught you how].
- Maintain Timeline.
- Always have a Short Goal.
So friends, it is Enough for this week, I have taught you How to set business goals, in easy language. I have not taught you How to Achieve it? Enter to see 2nd Part of the Blog, How to Achieve business Goals.
I’m Offering you Some Links of Blogs. See, if you are Interested!
Small business in Lockdown: How to stay alive
Communication in Business: Secret of a skill
Online marketing Tips for small business: Starter pack
What is marketing Trends in 2020