2010 is now well underway.
It’s a great time to review your direction.
Don’t jump right back into the norm of ‘doing business’. Before you know it, you’ll feel like you’re treading water again and not getting any traction.
Follow this simple process.
Take stock of where you are right now, so you can get to where you want to go – sooner.
Here are some quick tips to set you off in the right direction in 2010.
2010 and we’re one month in
Right now is the perfect time to take a step back and look at the bigger picture.
It’s time to make sure the things you’re doing are going to get you the rewards you’re seeking.
It’s time to revisit your Business Vision & Goals for 2010 and beyond.
time to ask yourself 5 simple business questions
Determine how clear you are on where you want to go. And more importantly, if you’re laying the foundation to actually get there.
You don’t need to take all day answering these questions; they’re just here to make you think.
Take 5 minutes now and see how you go. You can always expand on your answers later on.
1) Have you clearly defined a Vision & Goals for your business?
If so fantastic. Go to question #2 now.
If you haven’t, then it’s time you put pen to paper … right now.
What is your Business Vision for the next 3-5 years?
What does your business look like if you put yourself in it 3-5 years down the track. Describe it. Write it down. Collect pictures or photos to visualise it. This helps anchor it, and keeps you honest.
Your Business Vision may be something like:
- A growing business, that is successful, profitable, and sustainable as an operation long term that can ultimately be passed onto future generations
- A business with a strong financial foundation that supports your life endeavours & adventures
- A business that you truly love working in and on
And to support this Business Vision, you’ll need some clearly defined 3-5 Year Goals. They may be something like:
- Achieve 15% or more in sales growth year-on-year in the next 3 years
- Add $10k of cash to your bank balance every year
- Open a 2nd location by Year 2
- Be able to holiday 3 months of every year by Year 3
- Buy an investment property by Year 5
Once you have your Business Vision & Goals locked in for the next 3-5 years, repeat the exercise for year ahead.
What are your Business Vision & Goals for the 2010 calendar year?
2) Are your Business Vision & Goals still valid now that 2010 has begun?
If so, great. The only thing stopping you from achieving them is your execution.
Ideally set your reporting systems up to monitor your achievement of Business Goals each day, week, month, and quarter. Tweak the Business Goals if need be, so they remain achieveable.
As the year progresses formally review your progress quarterly, at a minimum.
Regular monitoring & a formal quarterly review will help you steer your business towards achieving your Business Vision & Goals for 2010. And ultimately realising your 3-5 Year Business Vision & Goals.
3) Has anything happened to make you reassess your Business Vision & Goals?
Have circumstances or an event caused you to change your Business Vision & Goals from this time a year ago? How about 6 months ago? 3 months ago?
Perhaps you have an even BIGGER Vision for your business now? Is so, fantastic.
Or maybe you wish to downsize and make a lifestyle change? That’s okay too.
The most important thing is to be clear on what your Business Vision & Goals are right now, upfront at the start of the calendar year.
Check if your business operation is currently aligned to achieving your Business Vision for 2010. If not, take corrective action.
For instance, is your business operation delivering the profit results that fall short of your Business Vision & Goals? If so, you need to make some changes.
Start improving now while you’re fresh. Changes will take 1-3 months to flow through your business cycle.
4) Are you being SMART?
Set SMART goals for your business that will enable you to achieve your Business Vision.
SMART Goals are:
- Specific in that it relates to the business vision
- Measurable in that it is a quantifiable benefit
- Agreed in that it has commitment from you & your staff
- Realistic in that it is an achievable result
- Time-Based in that it is time bound and trackable
Work towards SMART goals. If you’re having trouble defining your goals, start with something easy.
For instance, set aside 30 minutes each week to work on your business. Quarantine that time for strategic thinking and don’t give it away. Perhaps research new product lines, monitor the competition, or review your sales & marketing strategies.
And we’d encourage you to always set targets for turnover and net profit.
5) Does your team know your destination?
Be absolutely clear on where you want your business to go. If you’re clear, then you can express that to your team, and then everyone can work together to achieve the same outcome – your Business Vision.
If you’re not clear on your Business Vision, then your team working in your business will not be clear on the direction. That will result in an outcome. You’ll get results for sure, just probably not the ones you’re after.
So have a clear Business Vision backed up by a set of measurable and clearly defined SMART Goals.
Achieve your Business Goals, and you will create your Business Vision.
Ensure every one of your staff knows what your Business Vision & Goals are. Share with them and get them involved. Make it fun. When everyone in your business is aligned to achieving the same Vision & Goals, magic can happen.
We can be a professional sounding board if you need to get your business vision & goals sorted. Contact us.