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Whatever your entrepreneurial dreams — to realize your vision for growth — focusing on the right details is a skill conducive for setting goals strategically. For which, there are eight best practices.
However, if management doesn’t ponder enough on action-oriented details, goals are inordinately difficult to achieve. That’s really true in our new economy in which ever-increasing change makes for surprises in a dynamic marketplace.
To alleviate uncertainty in setting goals:
1. Written assessments
As Socrates said: “Know thyself.” Spend quality time writing your strengths and weaknesses. Develop objectives for your personal improvement for skills in organization, and as a leader and coach with resilience.
Strategic planning generally involves six tips.
Next, do the same for your business or venture. What are your company’s strengths, weaknesses, opportunities and threats? Who are your competitors? What are the other external considerations?
Will a partner give you more flexibility and faster growth? If you think you need a partner, ask yourself the right key questions before you act.
2. Budget time for blue sky sessions to dream big
A blue-sky session is where you use your imagination. Just as a youngster dreams about going to Disneyland or meeting an idol, use child-like wonder to ponder your business future. So dream big.
It’s important to dream about what might seem to be unattainable. We’re in an era with greatly accelerating series of changes. What is the status quo today might not be tomorrow. You don’t have to worry about starting a business in a weak economy.
Think big so your goals won’t be obsolete before you reap profits from your efforts.
And consider how you’ll be able to continually innovate. To achieve lofty goals, certainly innovation is the key in our new economy.
3. Use visualization techniques
What do you want accomplish? Visualize in vivid detail how success will look. If you have an open-minded mentor that’s even better.
But be realistic in planning. Make sure you’re diligent to avoid failure in risk management and strategic planning.
4. Put actionable steps in writing
You’ll need to focus on dates and deadlines. Baby steps are important. Determine your key performance indicators and measurements. Decide on responsibilities – who will do what and when.
Be comprehensive – especially in marketing, sales and financials.
5. Priorities in financials for profitability
Project expenses, sales, and most importantly, cash flow. Be certain to get pragmatic forecasts.
Track sales-to-expense ratios every 30 days. Monitor your inventory levels and project sales, receivables and cash – make certain to adjust your spending accordingly. Cash is king. So it’s key to know your Here’s break-even point.
Take a sober look at your pricing to help maximize your profits. In the new economy you need to make certain you have pricing power.
Closely monitor the work and performance of your accountant or financial advisor. And, oh, yes, learn the 21 tips to guard against embezzlement.
6. Emphasize your human capital
Focus on the people who are involved. It’s important for laser-like thinking about your performance benchmarks, deadlines and responsibilities.
Encourage ideas and performance. To optimize profits, you’ll need to partner with your employees. Track results and hold everyone accountable, and make certain everyone is skilled in maximizing customer loyalty.
7. Establish a schedule for reviewing
Review every detail at regularly scheduled meetings. Make sure they’re productive meetings to achieve top performance.
8. Include an exit strategy
You should always have an exit strategy in place – no matter what. Whether you’re just starting out or you’re a veteran business owner, you should always have an exit strategy.
From the Coach’s Corner, to be lean and not leave any money on the table, here’s recommended reading:
Why Startups Fail – Biz Coach Strategies on How to Win — It’s vital to conduct a thorough needs-assessment of strengths, weaknesses, opportunities and threats – followed by development and implementation of a strategic action plan. Here’s more.
19 Tips to Protect Your Core Assets from a Disaster — Texas officials have highly praised the Trump Administration for its relief efforts in the wake of Hurricane Harvey. But have the nation’s businesses capitalized on such lessons? Is your business ready? Here’s a 19-point business continuity plan.
“People with clear, written goals, accomplish far more in a shorter period of time than people without them could ever imagine.”
–Brian Tracy
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