THE IMPORTANCE OF GOAL SETTING IN THE BUSINESS

HOW TO SUCCEED BY DESIGN, RATHER THAN BY ACCIDENT

Baseball is an excellent analogy for the importance of goal setting in business.

You step up to home plate with a clear objective: hit the ball, run to each base, and ultimately aim for a successful home run. However, without “bases” to guide you, how can you chart a path to progress and achieve the success your business needs?

My business coaching service helps small business owners to achieve results by design and not by chance. Part of this is recognising the critical importance of setting goals and creating a plan to achieve them.

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WHAT IS GOAL SETTING?

Think of goal setting as a series of outcomes you want to achieve.

Typically, I work with clients to determine their 12-month, three-year, and often five-year goals. These goals can be just business but may also include personal goals. After all, if the company doesn’t sustain you personally and give you a great quality of life, what is the point of having your own business?

We then break down our 12-month goals into 90-day plans to keep us on course for each quarter. In other words, a series of smaller, shorter-term tactical goals realise the strategic, long-range milestones.

My business coaching programs help owners crystallise the most valuable and necessary objectives for their circumstances.

Mark has been an integral force in our trade services Business for over 3 years. He readily developed a through Understanding of our business model. His experience in developing business and management strategies has really helped us to Focus and achieve our goals. We highly recommend Mark As a Business Coach.

SUE HANSON

What I like about working with Mark as a business coach is that he makes us accountable so we get things done in our business. He makes sure that no matter how busy you get, you always remember your ‘big picture’ focus for your business and keep your end goals and direction in mind with everything that you do.

DAVID ALLEN

One of the things I like about working with Mark is how flexible this service is. For the first year Mark helped us put in place all the processes to make our business run well and create a great culture. Now Mark gives us advice and feedback on our business challenges and goals and I really enjoy having input from someone who is an expert on business and takes a genuine interest in what we are doing.

WILL BRUCE

WHY GOAL SETTING IS IMPORTANT FOR YOUR BUSINESS

Improves Efficiencies and Saves Valuable Time

Work smarter, not just harder. When you started your business, you no doubt intended to sail your own ship. But if you let currents and the random direction of the wind determine your path, you could end up anywhere (often where you didn’t intend to be). Instead, setting goals is like setting your sail exactly where you want to end up. It gives you a clear direction and purpose, ensuring you arrive at your desired destination by careful design, rather than by accident.

Improves Time Management and Productivity

By establishing clear objectives and setting deadlines, you significantly enhance your productivity. This not only saves time but also empowers you, putting you in control of your business’s direction and fueling motivation.

Want to learn more about this? Visit our time management page to discover the enormous benefits of a default diary.

Saves Money and Builds Motivation

Wasting time and failing to address inefficiencies costs money. Being clear on outcomes is highly motivating and puts the ‘fun’ back into your business.

Builds a Positive Team Culture

Don’t underestimate the importance of goal setting for employees. If you have a clear path forward, so will they. Without it, it’s like you are all lost at sea and floating about aimlessly.

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HOW YOU CAN BENEFIT FROM SETTING GOALS

IMPROVES SELF-WORTH AND CONFIDENCE

You can see clearly what you’re achieving.

MAINTAINS ACCOUNTABILITY

Now that you have a plan and can check in with it, it’s much easier to realise.

ACCELERATES YOUR BUSINESS GROWTH

The more direct path is usually the more efficient one.

CONFIRM DECISION MAKING

Will it help or hinder you in achieving this goal?

ENHANCES TEAM COLLABORATION

There’s cohesion and alignment between the team and you.

“I always say you can use one of my tools to create our 90-day plan, or even the back of a drinks coaster, as long as we end up with a plan that works for you!”

HOW TO SET A BUSINESS GOAL –
THE BUSINESS COACH MARK PROCESS

Clients don’t come to me wanting to set business goals. They come to me wanting to grow their business and profits, improve their workplace culture, enhance their quality of life, etc. However, whatever they want to achieve, setting business goals is one of the tools we use to make it happen.

STARTING WITH AN ALIGNMENT SESSION

We typically begin with an alignment session to coordinate the business goals with any personal goals. If it adds value, this session can involve your spouse or life partner. Why? Because I’m a big believer that your business sustains your personal life. If you and your family want to holiday overseas twice yearly, who pays for it? If you’re going to grow an investment portfolio, how do you bankroll it? Your interests outside of work are interwoven within it.

This alignment session is crucial as it ensures that your business goals are in tune with your personal goals, leading to a more balanced and fulfilling life. ‘Not everyone wants to involve their partner/spouse in this alignment session, but it’s available and encouraged’

THE 80/20 RULE

It’s crucial we apply the 80/20 rule to all our planning. The Pareto Principle dictates that 20% of inputs lead to 80% of outputs (results). In other words, it is the art of doing less to achieve more. This principle can be applied to goal setting, helping you focus on the most impactful goals that will drive the majority of your business’s success.

DEVELOPING A 90-DAY PLAN

We will complete this session with a 90-day plan as an initial step. This will be your first draft map to sustainable success. In the following few weeks, we will undoubtedly finesse this draft until it is spot-on and becomes a blueprint you enthusiastically use as an ‘anchor’ through the quarter without having to keep it all in your head.

CHARTING A PATH FORWARD

We look at where you want to be at specific points in the future and decide what needs to happen to get there. These form the early kernels of your business goals. To keep you accountable, clients can benefit enormously from me ‘looking’ in from an outsider’s perspective, as I will often see the blind spots in things that can’t always be seen when you are in the middle of the nuts and bolts of the business.

SMART GOAL SETTING IS KEY

Our session also quickly filters quality, achievable goals from nice-to-have achievements. Indeed, it’s critical to set “SMART” goals that are Specific, Measurable, Achievable, Realistic and set within a certain Timeframe.

My business coaching helps you identify the opportunities that will help you achieve your business goals. Call 0403 881 105

CHOOSE BUSINESS COACH MARK AS YOUR SMALL BUSINESS MENTOR

Setting goals is just part of the process – I can help you become a better business leader.

I will keep you accountable so you do what you say you are going to do. This way, you will move toward success much faster.

This is not about cookie cutting. Everything we do has to benefit you. I want you to enjoy every moment of personal and professional growth and see tangible results.

I know how to nudge you out of your comfort zone and towards new ways of thinking and behaving that will truly move the dial.

Sometimes I have to tell you things you won’t always like to hear but need to hear because no one else will tell you.

You’re not investing in me to listen to your excuses; I’m not afraid to remind you of that.

We want to see you working on your business, not just in it.

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FREQUENTLY ASKED QUESTIONS

How do Organisation Goals Help to Set Personal Goals?

As a business leader, the two are very closely interrelated. Setting goals for your organisation will help you align your personal objectives, and vice versa.

What is the Importance of Setting Realistic Goals?

Achieving your objectives brings a sense of pride and joy while failing to meet them often leads to negative emotions. It’s crucial to set stretch targets (ambitious, yet achievable).

What Are Some Business Goal-Setting Examples?

Every business is unique, as are their objectives. Some potential goals might include:

Reducing costs
Increasing profit margins
Appointing a 2IC to help alleviate pressure
Increasing customer retention
Acquiring new customers
Reduce product defects
Improving the team

Remember, objectives must be measurable, so you need to apply qualifiers alongside each goal (e.g. I will reduce costs by X% by X date)

BUSINESS COACH MARK

MARK VISCHSCHOONMAKER

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0403 881 105

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info@businesscoachmark.com.au

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100 Harris Street, Pyrmont NSW 2009

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