3 Key Steps To Setting Successful Business Goals
(This was the #1 most viewed article last year so I figured it was worth repeating!) Happy New Year! In case you haven’t noticed, all around us people are making their new year’s resolutions and vowing to stick with them (if you belong to a gym you know that it’s darn near impossible to get on a treadmill these days!). The new year is also a great time to spend some time thinking about your business goals and where you want your business to go in 2012 2013.
While I always advocate that this is the perfect opportunity to revisit and rework your business plan, many people simply don’t have the time or energy to rewrite their business plan. At the very least, every food entrepreneur should spend some time creating goals for their business. In some cases, this may be that you want to get closer to actually starting that business you’ve been dreaming about. Or you may have an established business and want to grow your sales.
There’s any number of goals you can make for your business but the following three steps will help you make sure that anything you set down on paper on January 1st actually makes a difference (again, if you belong to a gym you also know that come President’s Day weekend the gym is back to just you and the ‘regulars’):
1. Create specific goals
First things first, take out a piece of paper or open up a new Word document and take notes. You want something you can come back and look at in the future that will help you hold yourself accountable to. No matter how smart you are, with everything else you face in running your business (and the rest of your life) it’s possible those well-thought-out goals of your will actually slip your mind come March if you don’t write them down!
Secondly, don’t just focus on blanket statements like “Increase sales” but put a tangible figure to it. Again, it’s all about accountability and you want to remind your future self that you actually wanted to “Increase sales 14% over 2011 figures.”
Don’t forget that it’s not all just sales. Most business books tell you that you have to increase sales at all costs but the truth of the matter is that there are any number of goals you may decide are better for your business at this point in its life. This may include winning industry or local awards, lowering your costs, getting into a certain number of new stores or farmers’ markets, or doing a better job of engaging with your customers via Facebook or Twitter. Again, just make sure that the goals you put down are specific so that down the road you can accurately tell if you achieved what you wanted to.
2. Detail the actionable steps you will take
Now that you’ve decided to “Increase sales 14% over 2011 figures” how do you actually do that? Think through some of the steps that you’re going to take to help you achieve your goals and write those down as well. Don’t be afraid to think outside of the box either. The beauty of being a small food entrepreneur is that we have more flexibility to try things that it takes the Big Boys 200 days just to get approved through all their corporate red tape. If you think something might work go ahead and list it in your actionable items. The worst thing that can happen is that you try it, it fails, and then you just chalk that up to a lesson learned.
3. Review your goals frequently
In both the Starting A Part-Time Food Business and Food On Wheels books I mention how important it is that your business plan be a living document and not something you simply stuff into a drawer and never look at again. These goals (or a fully reworked business plan) are supposed to help guide you through the coming year so you want to take time to look at them frequently to evaluate if you are making progress towards achieving those goals and, if not, how you might want to change course while you still have time to make a difference. Many small food entrepreneurs I’ve talked with actually schedule time in their calendars on a weekly, monthly, or quarterly basis to review their annual goals so that it isn’t something that’s forgotten until 2013.
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Love all these beginning-of-the-year motivational/inspirational/amazing posts reminding us to keep focused on our goals.
And yes, those specific, concrete goals are SO important. Nothing nebulous, because that’s the wimpy way out.
This is the year I publish a book. I’m not entirely sure which book (I have a few in the works, mostly based on my blog). But darnit, I’ll be publishing a book.
Thanks for the motivation!
I look forward to reading said book!
Great motivation! Thanks for this post!
Something that I would add to this list would be to set your goals with deadlines. One frequent mistake that I see people make when starting a business, or even in running an existing business, is that they often create goals with these very detailed plans, but fail to motivate themselves by setting deadlines for accomplishing things. When you are looking at something over the course of the year, it is often just like setting a big dieting goal – you start with great motivation, and then fizzle. By setting time deadlines and detailing the step to reaching goals, people will prevent that fizzle and have a very successful year. Great post!
I totally agree – that’s a huge part of goal setting and definitely one that should have been added. Thanks for mentioning it!
Found you on Freshly Pressed! Congratulations on such a great post!
Thanks so much – a pretty great surprise to end the week on!
That is something that I never thought about starting is a food business, I am going to get that book and see what are all the requirements and how to stay afloat. That can be a very profitable business! Thanks so much for your information! Happy New Year’s
Thanks for the post! My goal was to be more organized on orders!
You and me both!
I totally agree. There is power in writing. It prompts you to act. I wrote a post on Ten Things I Need To Do This 2012
http://marrylallwrite.com/2012/01/04/ten-things-i-need-to-do-this-2012/
and Five Reasons WHy I Carry A Little BlackBook In My Purse
http://marrylallwrite.com/2011/12/30/five-reasons-why-i-carry-a-little-black-book/
Congratulations on being freshly pressed!
I loved reading your posts. In addition to my business goals, I – like you – also wrote down the things I want to get done in 2012 on a personal level. They’re less “resolutions” and more things I can do (with actionable steps) that will hopefully help me become a better person in the coming year.
Without specific ideas and plans, these goals are more like fantasies. A common acronym used for setting specific goals is SMART: specific, measurable, attainable, relevant and timely.
http://happysandbox.com/news_view/23/0/set-smart-goals
thanks this was interesting and nice read.
Found your post on the WordPress freshly pressed. Your obviously doing something right
Well done. Oh and of course I found your article interesting too!
,Alex
Awesome article. Very informative. Keep up the good work.
I would add: Make sure all your goals are guided by 1 overaching vision for your business and what you want to achieve with your business. That vision must motivate you in good and bad times. Every small biz entrepreneur needs that self-guiding light!
Oops, I meant overarching vision.
It was the motivation I needed, Great post!
that’s a very practical approach. I will definitely use your ideas.
Time and tide wait for no man….
planing is most in business be pro active don’t sleep more…
thanks…its very interesting & nice read….
your post out here was very nice & interesting…so i really enjoyed reading your given topic..so i like it so much….
Very informative post. The three tips are very reasonable and easy to do yet, they also have significant results waiting if done properly. Thanks again for the post =)
That was a great stuff…
Carpe Diem friend…
Funnily enough, I advise exactly the opposite: no goals, no targets (they are just guesses anyway), just get cracking! – http://andreasmoser.wordpress.com/2011/12/30/new-years-resolutions/
great blog dear!…very informative ….
Thanks for this lovely write up. Even if I have little to do with the food trade, the suggestions you have given are practical approach to any business and would benefit all.
thank you for such a helpful write-up. it will be useful for me for the reason that i am now on the verge of trying a new business, a catering service..
http://travellersdiningdepot.wordpress.com/2012/01/01/a-melting-pot-of-cuisines/
This is very good advise for a business leader. If you have a team of employees then communicating the goals and actionplans are critical. Make sure you link their activities to the actionplans and set milestones of achievements. Celebrating these milestones will help motivate the team and as well help you in achieving your targets.
Very good point! You’re right that communicating with employees – and sometimes even having them part of the goal-setting meeting – will go a long way in building a strong and productive team.
Good refresher to start the new year.
I’m going to take you up on this excellent advice. I’m in the beginning stages of starting a business, and this is very helpful.
I am not in the food business but I think the tips will work for almost any business. I am jewellery artist and I really appreciate your ideas, am sure I can apply them to my work as well
Will launch my startup shortly, wish I don’t miss a huge thing..
Thank you for the tips!
Good luck!
Great info
Thanks for this post, the last one really helps a lot.
Excellent! I agree with Naynana, these apply to any business and -in the case of the work I do- to people setting goals for their lives and what financial resources they may need to achieve them.
Very often, people who do not have something to aim for end of what I call “wandering and squandering” their resources and energy. A goal keeps you focused.
But I have trouble setting goals, too, because I’m afraid I won’t reach them and …then…what does that mean? Separating being a failure from experiencing a failure is important.
Thanks!
I love your last sentance – Seperating being a failure from experiencing a failure is important – so true! Sometimes we, being only human, seem to forget that experiencing a failure only helps us grow and become stronger people/businesses/communities/etc.
Thanks for posting. I’d love to see some more detailed tips, though. A lot of places I’ve seen tell me to make specific goals and hold myself accountable. Could you write something about how to find new leads?
Thanks for the suggestion. I do have a few posts coming up in the next few weeks/months that are more about how to find specific business (ie – tradeshows, interviews with specific retailers, etc) so I hope you’ll check back. And anytime you have article suggestion ideas I’d love to hear them!
I can confirm this is sound business advice, even though I have nothing directly to do with the food trade (other than enjoyably consuming your product). My own resolution is to consume more chocolate so in my own small way I feel I am playing my part! Wishing you a happy and successful new year!
That’s a resolution I would have no trouble keeping!
This is great stuff! So glad I found you!
Goals are a great topic for the New year!
I’m not a business owner, nor do I strive to be one, however your tips for setting goals are still quite helpful, as I am an aspiring novelist. Thank you!
Wow, and when I thought I needed to just clean all my old shoes out of my closet I was so wrong. I need to actually devote more time to getting my office really organized so I can focus on the business. Problem is, I might be daydreaming looking at the birds outside. FOCUS!
Great blog post. Excellent business tip.
This is what a lot of business owners forget when they are a few months into making money, all they have to do is look back and ask themselves why they got into the business in the first place.
Great blog and great insight! I invite you to follow me as I chronicle a wonderful year with opinion, conversation and photos!!
http://www.aphotoaday2012.com
Great ideas and suggestions….I must use them to have any hopes of getting done what I want done in 2012.
Congrats on being Freshly Presseed
Mr. Bricks
Great tips! Very timely post for the new year!
A great little motivational post! Not only is it perfect for this time of year, it’s incredibly timely for me to read as I’m just about to start my first business – a local food shop (across the pond in England).
I’ll be sure to check back for more tips and insights from you! Congrats on being FP.
Vidya
Good luck with your new venture -next time I make it across the pond I’ll have to get in touch to stop by and check it out!
I agree, I’m in the same position but a different venture. Good luck on yours. Check out 1coffeehouse.wordpress.com
Nice post, enjoyed reading it.
You’re right, specific goals can’t be underrated. Half the battle in life is actually knowing what you want after all.
I’m just getting started and this was great advise to help me. Thank you Check out- 1coffeehouse.wordpress.com.
2. Detail the actionable steps you will take <— sometime i forgot this step
Thanks for this post!
very good post…really interesting stuff
Love this post. Thanks for sharing.
A real interesting post… Congratulations on being freshly Pressed.
Reach me at Krazy Memoirs
Great tips! All doable!
This goes for lots of things, not just business goals. It’s what I’m thinking about and considering this year: what do I want to achieve and what are the specific steps that will get me there?
I love the specifying of making specific goals. Its a key or else the whole weight of the project will feel like it overwhelms you.
Thank you o much for sharing your thoughts and suggestions. I am also convinced that the whole drama of making NY resolutions has shown itself as a (usually) failed short-term project. Change represents a period of time where one does work on him-/herself and the accomplishment of the freshly made goals.
Thank you and keep us posted!
ON
i enjoyed reading what you had to say, but i cant help to wonder that there are many more tips that people should know. you only gave them three, is three enough?
There are definitely a plethera of tips people can choose to keep their goals on track in the new year. I picked three of the most important ones so as not to write a post that was overwhelming to anyone. What are some of your favorite tips?
Great post, direct and to the point and getting to the point of what you want to accomplish is the name of the game when setting goals. Specifics have always helped our business as it makes the goal clear for all those involved in trying to reach it.
Thanks for reminders!
Tina
Inspirational post. I plan on doing all this. But, how do you how if your goals are too lofty or too much?! Sometimes, I get ahead of myself, and write down too many goals to be realistically accomplished. I was told to stick to a few goals, and just execute strong on those. What are your thoughts?
-Joseph
Joseph,
Personally I like to have a few concrete goals that I know I’ll hit (or at least, I should with a little hard work) and then I add in a few long-term “bigger” goals that would be hard for me to reach right away but worthwhile working towards nonetheless. You may not hit those this year but at least you’re keeping the bigger picture goals in mind and working towards those even if they do take a year or more to achieve.
Thanks for the great post! My goal for 2012 is to improve my social media sites so that I get 100 views a day on each. The tough part is the actionable steps… Being more active is the most obvious though, so I am starting with that.
Very good advice!
lik it..
nice post…n i reli mean it….tnks
This is the kind of positive energy every business owner needs despite the uncertain economy. Though I agree with others that not all New Year Resolutions are seen through by year’s end, it shouldn’t discourage anybody from trying.
Thanks for all the tips, my goal is set up import / export business between China and Australia.
Great tips! Thanks for sharing!
very nice………….its good for me……………….
Thank you so much. I got a lot of thing from this post; I have to start things in my mind!!!!
Wao I am a new blogger and Loved to read this
Your post was great to read and inspire me to stick to goals I have set and update them every so often.
http://www.goodtogoclothing.co.uk
Your advice rocks, my friend! I just hope people can muster the self-control necessary to carry out your tips!
Great post! I totally agree with it 100%
Great thoughts here. As a business owner, it’s good to get input on how to set and achieve business related goals. All of what you said makes great sense. Thanks for your suggestions!
Just the motivation I need to get started on the new school year, thanks!
I liked how you mentioned that specificity is the key to setting realistic goals. Not just in business but in my college career, I often find myself making vague goals that cause me to lose sight of what I’m trying to attain. Great post!
Your steps are suggestive, and i think that businesses succeed only they are really useful and easy to use, and then it is the creativeness issue.
Great advice. Thank you. I will be starting my second business this year after my first business failed after 5 years. I do realize the importance of setting goals and sticking to them. I did get side tracked with my first business. Wont happen with this one.
Cheers.
Setting SMART goals are key, detailed action steps likewise, and frequent reviews are important too. One other thing to think about doing would be to advertise your goals, (to a friend, a coach, a business partner) and by so doing have someone else to help hold you accountable to them. Often when we say /write them out loud the goals become more real and the deadlines more focussed. Perhaps another incentive to help move forward is to visualise what the ultimate success will feel like, and decide on a celebration you will treat yourself too when you achieve it.
This post is just what I needed. Thanks for the post.
Excited to find your blog. I’ve been looking for some how-tos about how to set up a food truck. Nice post too, by the way. Good tips here.
Fantastic – I’ve written a piece on business success myself.
The secret to business success lies in the following 8 guiding principles.
I – I believe in myself
B – Be Passionate and Wanted
E – Extend Your Comfort Zone
L – Lies and Luck do not work
I – Install Goals
E – Enjoy Hard Work
V – Very, Very Persistent
E – Expect Failure
Read the rest of the post at http://bernieandkelly.wordpress.com/2011/04/12/the-secret-to-business-success/
You can also get a free audio book describing all points in detail
Welcome to WordPress – Bernie Hough
Thanks for the advice. Sounds good to me
great arguments, my most important thing for my business plan is to do only things where i’m fully happy with it, don’t follow stupid people who makes your life awfully, follow your dreams, live your dream everyday.
Love this!
As an entrepreneur, I can vouch for these ideas, although simplified, they get straight to the point. Another note is to not hold back, get something out there and wait. All that matters is getting something out there to the public.
Liked and subbed. Your business ideals are spot on.
TheAmazingJoLuCo
http://inexplicablyinsane.com/insanity/
Great tips for ANY small business owner! Thanks for the tips
Great Post!
Specific objectives will allow a business to concentrate better in their long term goals.
Brilliant post. Really enjoy reading it as I feel it is really important to stick to your goals and review them every so often.
http://www.goodtogoclothing.co.uk
A great motivational post – I found myself taking stock, and fine tuning goals after reading it. Fabulous!
Great read! People remember in 3′s and you’ve outlined a success plan by getting people to focus on and remember to create goals, an action plan and to review.
Specific objectives will allow a business to concentrate better in their long term goals