Do You Set Goals for Your Business? Or Just Wishful Thinking?

Estimated reading time: 5 minutes

We are in the era where we define and execute new goals in the new year. The question is: How many goals did you accomplish last year? The reality is that we are used to filling ourselves with “wishful thinking”, in our life and in our business, thus not fulfilling actual goals. And the sad thing is that new year resolutions become a list of actions or changes that take place the first week of January, and later, they end up throwing in the towel and going back to the same old habits.      

If we want to accomplish these resolutions and not convert them into a list thrown into the trash as quickly as children throw wrapping paper from their presents away on the 25th of December; if we want to talk about true goals, key points to consider are:

  1. To be sufficiently specific, i.e., detail it as much as possible so that there is clarity (without the need to provide previous explanations) and both you as a business professional, as your work team, perfectly understand the goal to achieve. An Enterprise Social Network allows you to transfer the message in a clear and concise way.

  2. It must be measurable, i.e., have a quantifiable parameter that allows you to know how you are advancing with respect to the goal and time.

  3. It should be reachable. Beforehand, know that it is a challenge, but with this additional effort, you will be able to achieve the goal. If you obtain it without effort, then it is not a goal. It is only a task.

  4. Target a result. Let it be clear- why do I want to achieve this goal? What do I get when the goal is reached?

  5. Define a specific date to reach this goal, or a clear time mark. The act of it being reachable generally goes tied to this criterion. Then be realistic, yet bold in setting the date for this goal.

A key point is to break the goal in greater detail and the necessary tasks to achieve this goal. Do not give anything away for the obvious. The next step is to determine who will be responsible for the execution of tasks. Finally, if your goal has a date, then each one of the tasks should have a deadline, with which we can devise a timeline to gaurantee that the goal is accomplished on time and in form. If each person accomplishes their tasks, the goal will be attained!

However, before claiming victory remember to answer the following questions:

  1. What resources do I need to invest in order to achieve the goal (finances, materials, people)?

  2. What problems or challenges can arise along the way?

  3. How am I going to monitor the advancement towards the goal?

  4. Throughout the plan, is it clear WHO will do WHAT and WHEN?

  5. What are the costs that I should consider in my proposal?

Having detailed the action plan in specific terms, the next step is to make this information available to everyone involved with the plan. By completing the above, you have everything you need to make 2014 the best year for you and your business.

Rodrigo Escobedo (@TuActionCOACH ) is a Business Coach certified by ActionCOACH, the International Business Coaching Institute and the Asociación Mexicana de Coaches de Negocios. His studies include Civil Engineering at ITESM Monterrey Campus, and an MBA from HEC Montréal. He has over 11 years of work experience in Mexico and Canada. He is a certified trainer for PDA Institute to enable the SAP channels in Latin America. He is a specialist in SME’s, Entrepreneur Development, Finance and Human Resources.  Among his achievements he has coached over 200 companies directly focused on increasing business profits, for owners to work less hours and the team of collaborators of these companies are more aligned with the vision and philosophy of the owner.