Common Mistakes in Setting Goals for your Business
Based on working with clients and learning from my own experiences, I’ve seen a few common mistakes that can completely derail us in achieving the goals we set in our business.
My hope is in highlighting these mistakes, it can help to avoid them, helping you to be more successful when aiming for great things in your business…
How effective goal setting can grow your business
I bet you have a clear sense of your goals over the next 1-3 years?
Whether they’re to grow your market through the number of client contracts and policies, increase your customer leads, put a new service into the marketplace, acquire a new property within your business, or add new team members….we typically have a sense of what we want to accomplish this year or over the next few years.
Knowing where we want to get to is key for effective goal setting.
But, how do we ensure we’re making regular progress so we don’t get half way through the year and realize how much time has slipped by - slowing growth?
How to delegate: Letting go…
Not an easy thing for a business owner to do.
As much as we think it should be a switch we can turn off - letting go of something we know we can do well, easily and quickly in our businesses - especially if that task brings in revenue - takes one critical piece.
Trust
Trust has to be established. If you’re lacking trust….you won’t be able to hand things off.
And establishing trust goes beyond whether we believe our team member to have the best interests of our business at heart.
There are components to trusting and letting go…
How to capture your Standard Operating Procedures for service-based businesses
First: What IS a standard operating procedure?
A standard operating procedure is a set of written/audio/video instructions that describes the step-by-step process that must be taken to properly perform a routine activity.
It’s intended that SOPs be followed the exact same way every time to guarantee that the company remains consistent - especially if you work in a highly regulated or monitored environment such as financial services, some health providers, and even for health and safety reasons…
The Dilemma: Where to Focus?
Many business owners and founders often grapple with the question of where to focus their efforts for maximum impact. When you can hone in a few important areas, you’ll find that the pieces come together, you’re gaining traction and able to create sustainability in your company.
While it's not uncommon to feel pulled in multiple directions, the key to overcoming this lies in a strategic and intentional approach to where you direct your attention.
There are two areas that support yours and your business’ growth: personal and strategic initiatives.
Ignite Your Team's Potential: Generate a Sales Surge for Accelerated Growth
Why a Sales Surge? Whether you're in Financial Services, Food Services, Home Security, Real Estate, or any industry with a sales focus, this guide is designed to help you and your team collectively hit your targets. It's not just about meeting deadlines; it's about creating a culture of continuous improvement, collaboration, and fun that elevates your team's performance.
Unleashing Prosperity: Navigating Growth, Freedom, and Flexibility
One of the reasons I’m so fired up working with business owners and founders is because I want each and every owner to experience the growth and expansion running a business offers - if you want to grow as a person, your business is a great teacher - am I right?
Unlock Sustainable Growth with this simple Model
Do you ever want to be given a plan, a step-by step approach or a list of instructions, “Do this and your business will grow”?
Well this is pretty close…
In the ever-evolving world of business, achieving sustainable growth is a goal that's often easier said than done. It requires a well-thought-out strategy and the ability to adapt to changing market conditions.
To help you navigate this journey, I’d like to share the SVO Model of Sustainability and Growth TM – a simple yet effective framework that emphasizes simplicity, verification, and seizing opportunities. By following this model, you can create a robust foundation for your business's long-term success.
Building Your Business: The Critical Role of Future-Oriented Work
Are you caught in a never-ending cycle of day-to-day tasks, feeling like you're always putting out fires, and never making the progress you dream of in your business? You're not alone.
Many entrepreneurs and professionals find themselves trapped in the whirlwind of immediate demands, leaving little room for strategic growth. But fear not; there is a solution, and it's called future-oriented work.
In this blog post, we'll delve into the significance of focusing on future-oriented tasks and how it can transform your business.
Don’t regret exiting your business…like 75% of business owners will do
Did you know that 75% of business owners regret the sale of their business just one year after their exit?
No one wants to regret the sale of their business. Yet it happens time and again.
Even if selling isn’t in your immediate future, learning about some of the pitfalls can save you from disappointment:
Regret often looks like…
…a business owner who scored the “number” they thought they wanted, but failed to calculate how much would be taken for taxes.
…a business owner who learned after the fact that there were other exit options available, but now it’s too late.
…a business owner who thought “complete freedom” would be exciting, but feels lost as the months tick by.
What would it take for you to finish the year where you want to be?
What goal would you LOVE to hit for the remainder of the year?
We have 10-11 weeks before the end of December….is there a meaningful target you would like to hit in that time frame OR….get pretty close?
If so, how would hitting that goal impact your business?
What difference would it make to YOU?
How would it make next year different?
Do you ever wish your team could take your business as seriously as you do?
Wouldn’t it be amazing if your team had the same level of commitment as you do to your business?
While that’s not a realistic expectation, you can cultivate a more earnest sense of commitment and energy to your mission.
I recently wrote about three aspects of creating a high-performing team:
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Ownership
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Transition Time
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Reporting
Ownership is a big one.
Ownership is referring to owning a task or an outcome.
There’s a difference between the two.
Creating Your High-Level Team
One of the toughest aspects of running your business is wearing the many hats it takes to run your company.
However, to get yourself out of the spin cycle of your days, investing in building a high-performing team can elevate not only the space you can gain in your business to focus on strategy and goals, but to elevate your company’s results.
Through my work with my clients who are successful business owners and founders, we’ve been able to elevate their impact and overall company performance by embracing three core steps in building high-level support in their businesses:
Does your business satisfy BOTH your lifestyle AND financial goals?
When I was in university my degree was a Co-Op program - which meant that I had several work-terms through my degree that allowed me to experience different businesses and industries. It was fantastic. I loved my degree and experiences at that time.
In one particular experience, I had the privilege of working in two businesses that shared admin resources (me) which was a partnership between two individuals - one an interior designer and the other a marketing consultant. It was a fascinating look inside these two diverse industries.
At the time, I noticed two hard-working Business Owners with a passion for their work. It was only years after that experience that I really understood the significance of how they ran their business.
What I learned:
From chaotic and exhausted to routine and growth…
I want to share a story about a business owner who was consistently feeling behind the eight ball…Always feeling 2 steps behind each week.
She was growing but everything was chaotic and she was exhausted.
She was struggling to deliver her services to her clients and grow her business - She was engaged in most of the business development, dealt with many of the clients and was the primary contact for any customer service issue.
She was onboarding a new team member yet because she was still a small business of only six, she was still wearing many hats each day.
Then, after working together, she was able to turn things around.
How?
Signs you're not planning your week effectively...and what to do about it.
Have you experienced those times when you feel:
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Consistently overwhelmed thinking: How am I going to get it all done?
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You have too much to do but feel like you have so little time
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You can’t focus on what needs to be done
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Continuously checking your emails, for the next thing to do
These can all be signs of not implementing a few intentional and savvy strategies that can take you from wondering how to get it all done….to moving your biggest initiatives - and your business - forward.
If this is you or if you’ve dipped in an out of these phases, here’s what you can do about it.
Create your sustainable business with these 3 things…
Does your life ever feel like a whirlwind and it’s passing you by?
It can be challenging to move forward on your life’s goals and dreams if you don’t make space for them.
Creating the conditions to live your life by design and build a business intentionally is not impossible amongst your other responsibilities.
But building a sustainable business takes time.
And it’s easy to become impatient.
But if you take the steps and put the structure in place, the rewards will start to show up - even before you‘re finished.
What gets in the way of hitting your big goals?
This is a quick one today…:
I know you have big goals.
Many of you share them with me.
Consider this — WHAT gets in the way of pursuing those big goals?
Whether your goals are for exercise and better personal health, working on your business, starting a second business, spending more time in your personal life or building your team….what are YOUR goals that you would love to be spending more time on - big or small?
I have 2 questions for you to answer…
What does it mean when your revenue is flat year over year...?
Has this ever happened to you?
You’re looking at your numbers and year over year, you don’t see any movement in your top-line revenue?
This could be an indication that your business is overly dependent on YOU for its sales.
You might think - of course - I’m the only one who can do sales! — and there’s the issue. For companies with teams there are more options to have others involved in connecting with customers and owning a piece of sales.
For soloprenuers, there are other considerations but there are definitely things to consider and focus on for both types of business owners to get you moving in the right direction.
Listen in for what those are…
Do your vacations actually feel like vacations?
If you’re a Solopreneur or a Business Owner with a team…how do you feel about taking vacations?
Is it something you do?
And do your vacations actually feel like a break or are you simply working from a different place?
Even if you are on your own there’s mindset, structures, and procedures you can incorporate when taking time away from your business.
And the extent to which you can do that is a reflection of how well your business can run without you.
This takes preparation…and it’s doable.