How to Set Your Business Goals in 4 Steps
It's a new year, a new day. Finally the time has come to reflect and determine how you want your business to grow. As a coworking space where we value a balancing our work and personal life, we suggest you set goals for both. Writing our goals helps us achieve them; so dream big and prepare your path.
2020 has reminded everyone the need to be flexible and tenacious. At WOMADE, members have been redesigning their business models to adapt to the shifting market. We've had to redefine our own objectives for the year (though it didn't stop Alba from opening the doors in Sept.). The coworking space has provided a consistent haven for our entrepreneurs, while other aspects in business have been in flux. Even when the world seems to heave beneath our feet, we're at the ideal moment to reassess and organize a plan for the future.
As the new year starts, it's the moment to start planning your goals!
The best way to figure out where you're going is to look at where you've been.
Reflect on what you've been through this year. What went according to plan? How have you been spending your time?
Don't have the time to do a thorough look through the books? That's alright! Even five minutes can bring up a lot of ideas.
Ponder these questions: What am I grateful for accomplishing this year? What would I have done differently this year? Was there anything
As tenacious coworkers building our businesses, keep in mind that we grow from our mistakes.
This is the time for growth.
Take 15 to 30 minutes, write down all yours ideas. If you have another member on your team, this might be a great place for you to receive fresh ideas for your project.
Does your idea seem too outlandish? Write it down anyways. Don't limit your imagination.
Take a five minute breather to clear your mind, then go through the list. Narrow it down to ideas that are important, viable, and align with your vision and missions. Keep the rest of your list to go back to when you have that itch to start a new task.
3. Be SMART
The SMART technique is an excellent method to create a framework for achieving your goals. Let's go through each idea that you should keep in mind.
The more specific your goals, the more specific your course of account. Think: what, why, who, where.
As much as possible, make sure your success can be measured. How will you know you've achieved your goal if you can't measure how close you are to it?
You want your goal to be something you strive for, but it shouldn't be so grand that you can't actually do it. Find a balance between stretching and realistic ideas.
Keep your goals relevant to your business, your missions, your plan. Try to ensure your goals all work together and push towards your company's vision.
Deadlines are super important! This ties into measuring your success. By setting goals in a timely way, you give yourself check-in dates. I am personally a fan of 12-month, 6-month and 1-month breakdowns, as it gives me a clear vision of the work I need to do on a daily basis.
SMART GOAL EXAMPLE
Instead of I want to have more clients, try - By the end of each month, I want to have 5 new clients use my booking software, so my business will continue to grow at a steady pace and so that I can increase my site traffic. By six months, this will be 30 and at the end of the year, a total of 60 individuals will have used the system.
4. Let Others Hold You Accountable
One of the biggest challenges to goal setting? Keeping them secret. I get it, I truly do. But I've realized, that for me, this usually comes from a place of self-preservation. If I don't achieve my goals, then no one will be the wiser. But this shame-based response will only make me feel guilty when I fall behind on my goals.
So what to do? Tell people! Coworkers, Colleagues, Friends, etc. People with whom you can have honest, constructive conversations. They are there to help you get back on track should you fall behind. That's why we have a community at WOMADE- it's not just a coworking space. It's a support network.