Like most business owners, you took time out at the end of 2020/beginning of 2021 to set goals and create substantive targets to meet throughout the year. With two months behind us and ten months ahead, we wanted to take some time today to remind you to dust off those goals, review them, and reframe them as needed.
2021 Goals Review
Whether you have been hyper-focused on meeting targets or you’ve gone a bit off track, now is a great time to review and re-set as needed. Here are a few steps you can take right now – as you read this article:
Take a look at your goals list
Examine what you have accomplished so far and consider:
- What measurables show these accomplishments?
- Am I tracking these measurables or going by project completion alone?
- Are there ancillary parts of my company that accomplishing these goals affect? If so, how are they doing?
Re-examine your metrics
One of the best ways to track your goals is to track metrics that indicate accomplishment. Many business owners only look at their overall metrics without making a deep-dive comparison until the end of a quarter or year. Take the time now to:
- Track your metrics on a week-by-week basis.
- Compare where you are this year to where you were during the same time in 2020 and 2019.
These comparisons can give you an idea of both what you have accomplished and where you may have diverged from your goal.
We advocate examining these metrics early and often so that you can stay on track – rather than looking back at the end of the year and wondering where you went wrong.
Compare notes with your team
Is your team on the same page? Compare notes and makes sure your goals align with those of the rest of your executives. When you are all on the same page, you are much more likely to accomplish your goals.
Do You Still Need to Set 2021 goals?
You may not have set 2021 goals. With the uncertainty that we all encountered in 2020, this is understandable. However, with two months behind us, it’s time to look forward and set your goals for the rest of the year. Here are five tips for simple goal-setting when things look uncertain:
1. Consider what would make your company profitable this year.
One of the most straightforward goals to set is a profitability goal. You want your company to make money this year – as do your employees! So, consider the income your business needs to make each month to have a profitable year.
2. Chart a sustainable growth trajectory.
Another simple goal is business growth. Even if your business contracted last year, it can grow this year. Consider where you are at right now, and then chart where you would like to be at the end of the year.
3. Work backward – what do you need to do to attain profitability and growth?
Now that you have overall goals established, go ahead and work backward. How can you achieve those goals?
4. Look at the steps listed in 3 above – what metrics would indicate growth and profitability?
Make sure your goals are trackable. Establish the metrics you need to keep track of progress.
5. Go over the above with your team. Who can accomplish each step and when?
Finally, be sure to get your team on-board.
Sometimes goal setting can feel like an enormous task. However, you don’t have to shoot for the moon if that target doesn’t seem feasible. Instead, set manageable goals and get your team to help you accomplish them!
Are you ready to create sustainable growth in 2021? Contact Business Success Consulting Group today!