GUEST COLUMN: Identify a clear path from goal to achievement.
Melanie Dowhaniuk is the president of Imaginis Marketing, a boutique agency that thrives on creating marketing programs that connect clients with their target customer.
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Each month, Toronto Business Times solicits opinions from four experts on a question of relevance to the small business community. This month’s question is: What are the most important factors for a small business owner to consider when setting goals?
As an entrepreneur, I continue to get excited about new business opportunities. What has helped me to stay on track and maintain focus on my priorities is having clearly defined goals. This applies to any size business or project.
First, one must identify what is important to them. This is the hardest part and takes the most time.
You need to think about questions like, "What do I really want" and "Where do I want my business to be - today, tomorrow and 10 years from now." Your responses need to be aligned with your overall vision for the business. This will ensure that each milestone is leading you in the right direction and ultimately guiding you to the next level of growth for your company.
Goals need to be well defined and measurable. It is critical to identify a clear path to achievement.
"Big picture" goals need to be broken down into several smaller manageable elements. Identify short-, medium- and long-term projects that can transform into daily to-do lists with clear timelines attached to each.
You can also categorize your goals: financial, relationship building, marketing, sales, team development, personal growth, technology, etc. Remember that personal successes have an impact on business performance so don't put yourself on the back burner.
Make sure you create a way to evaluate your progress to ensure you stay on target. You will be further motivated when you know exactly what and why you are celebrating. Just make sure you take the time to do so!
Setting goals also helps to narrow focus so you can concentrate on activities that are important to you and your business instead of working on everyone else's priorities.
The goals you set for your business will impact your productivity and motivate the actions of your team. Use care when applying goals in your organization to ensure that you are promoting the right behaviors.
Share individual, team and corporate goals so each member of your organization is accountable and understands the overall direction of the company. Provide encouragement and develop a support system to further motivate positive behaviors and maintain accountability among peers.
Most importantly, set yourself up for success. Set meaningful goals and be realistic.
Goals are not static. You need to revisit them often and realign your path to account for changing economic tides and pressures outside of your control.
If you miss a goal, don't just repeat the same goal or be less ambitious. Review the path taken to achieve your goal, identify the gaps in your plan and revise accordingly. Identify and set your goals. Link all business decisions to your goals to keep yourself focused, motivated and moving your company in the right direction.
Melanie Dowhaniuk is the president of Imaginis Marketing, a boutique agency that thrives on creating marketing programs that connect clients with their target customer.