Never miss a Goal again: 6 Steps to Achieve Audacious Business Goals

Introduction

Setting goals is a critical part of business success. But once the goals have been identified it is equally important to ensure you have everything in place to achieve those goals – even more so when you want to achieve audacious business goals. This means either having the right skills, resources and capacity on board right now, or having a plan to acquire the relevant skills, resources and capacity.

In this article, we’ll take a closer look at why it’s important to ensure your goals are achievable and provide practical steps to address and correct this problem.

Meet Fashionista…

Fashionista is a clothing company that set an audacious business goal to expand their product line. A project was initiated to add self-manufactured shoes to their product line as several of their competitors have done so and seem to be quite successful with this product line. Everything seemed to point in the direction of this being a good idea to pursue now.

• Poor decisions related to almost everything because of the pure lack of expertise,
• Having to work with a lack of key resources and not being able to acquire resources quickly, and
• Quality issues with the shoes that were eventually manufactured.

These challenges not only caused havoc with this specific initiative but it also caused some of their other initiatives to stall. This one bad decision to not ensure that the right skills and experience were in place before committing the business almost cost them their business. They realized that they were ill-equipped to produce shoes and eventually had to outsource the manufacturing to a third-party supplier. This move not only added more cost to their budget, but it also damaged their reputation for quality and consistency.

Are our goals achievable?

There are several signs that can indicate that a goal may not be achievable. These include:

• Do we have team members with the necessary expertise and experience relating to the key outcomes and deliverables?
• Do our team members have the necessary support and resources to achieve our goals?
• Do we have sufficient resources, such as time, money, or manpower?
• Do we have access to the necessary technology and infrastructure to achieve our goals?
• Do we have a sufficient understanding of the market and industry to achieve our goals?
• Do we have the necessary partnerships and relationships to achieve our goals?
• Do we have a clear plan in place to achieve our goals, including milestones and deadlines?
• Can we measure progress towards the goal effectively?

If you did not confidently answer “Yes” to one or more of these questions, you will need to spend some time ensuring you have the right capability in place to start working towards your goals and objectives.

How do I fix this?

Assess your current resources:

When you set a new goal for your business, it’s important to take stock of the resources you have at your disposal. Do you have the skills, knowledge, and expertise needed to achieve the goal? If not, it’s important to seek out advice from someone who does.

For example, let’s say you want to launch a new product in a foreign market. If you’ve never done this before, it’s a good idea to seek out an expert in international business or a consultant who has experience in launching products in that specific market. While you may be an expert in your own industry, you may not have the knowledge or expertise needed for this specific initiative. By seeking out advice from an expert, you can save time, money, and avoid costly mistakes that could set you back in achieving your goal.

Identify skill and knowledge gaps:

As a small business owner, it’s essential to make sure that your team has the right skills and knowledge to achieve your goals. That’s why it’s important to identify any gaps in their skills and determine how to fill them.

For example, let’s say you want to start selling your products online. You may need to train your team members on how to create and manage an e-commerce website or hire new employees with the relevant skills. Alternatively, you may need to seek external resources such as freelancers or consultants who can help you set up your online store. By identifying these skill and knowledge gaps early, you can ensure that your team has the resources they need to be successful. This will help you achieve your goals faster and with less friction.

Identify financial resource gaps

One of the most significant challenges small business owners face is a lack of capital to invest in the resources they need to achieve their goals. If you’re facing a capital constraint, it’s essential to identify the resources you need and develop a plan to acquire them.

For example, let’s say you want to launch a new product line, but you don’t have the capital to purchase the necessary equipment. In this case, you could explore options such as securing a loan, crowdfunding, or seeking investors to help raise the capital you need. Once you have the capital, you can invest in the resources you need to achieve your goal. By identifying the capital constraints early and developing a plan to raise the necessary capital, you can ensure that you have the resources you need to succeed. This will help you achieve your goals faster and with greater confidence.

Set achievable milestones:

As a small business owner, you likely have a lot of goals that you want to achieve. It can be overwhelming to tackle them all at once. That’s why it’s important to break down your goals into smaller, achievable milestones, and set deadlines for each one.

For example, if your goal is to double your revenue in the next year, you may break it down into quarterly revenue targets. This will allow you to track your progress and identify any potential problems early on. If you’re not on track to meet your milestones, you’ll know that you need to make adjustments to your strategy to get back on course. By breaking down your goals into smaller, achievable milestones, you can make progress towards your larger goal while staying focused and motivated.

Communicate with stakeholders:

Communication is key to achieving any goal, and this is especially true when it comes to small businesses. When you have a goal, it’s important to communicate it clearly to your team, stakeholders, and customers. This will help build buy-in and support for your goal.

For example, let’s say you want to reduce your carbon footprint by 25% over the next year. By communicating this goal to your team, you can get everyone on the same page and working towards the same objective. You can also share your progress with your stakeholders and customers, building trust and demonstrating your commitment to sustainability. By communicating your goal and your plans to achieve it, you can create a sense of shared purpose and motivate your team and stakeholders to work towards your goal. This will help you achieve your goals faster and with greater support.

Monitor and adjust:

In the fast-paced world of small business, things don’t always go according to plan. That’s why it’s important to continuously monitor your progress towards your goals and be prepared to pivot if things are not going as planned.

For example, let’s say you want to increase your social media following by 50% over the next six months. If you’re not seeing the growth you expected after the first few weeks, it may be time to adjust your strategy. Perhaps you need to focus on a different social media platform or change your messaging to better resonate with your audience. By continuously monitoring your progress and being prepared to pivot when necessary, you can stay on track towards your goals and adapt to changing circumstances. This will help you achieve your goals faster and with less stress.

Conclusion:

In conclusion, it’s important to ensure that you have the right skills and resources in place before committing to a specific goal. Without careful consideration and planning, pursuing a goal can be counterproductive and lead to wasted time, resources, and damaged reputation.

By following the practical steps outlined in this article, you can ensure that your goals are achievable and that your business is set up for success.