We’re almost halfway through 2017. If you’re like many business owners, you probably had a list of lofty goals at the beginning of the year. January is usually a time for hope, positive thinking, and high-level strategizing.
As weeks and months pass by, though, it’s easy to get bogged down in the day-to-day challenges of running a business. As a CEO, president, or other leader in the business, you likely have your hands in many different functions, from product development to sales to accounting and more.
On a recent episode of Right on the Money, Milestone Coach Advisory Vice President Jasmyn Nakata spoke with host Steve Savant about the importance of goal-setting and benchmarking for business owners. She also highlighted the approach and formula Milestone Coach Advisory uses to consult local business owners and help them reach their goals.
If you’re behind on your goals for 2017, the good news is that you still have time to correct course. Below are some highlights from Jasmyn’s appearance on Right on the Money, along with three questions to ask yourself about your business’s goals.
Are you aiming for the right goal?
Goals are critical if you want to grow your business, increase its value, and turn your long-term vision into reality. However, the goals have to be realistic and appropriate for your business’s current position.
Consider the story of the young boy trying to hit a target with his new BB gun. He never seems to hit the target at which he is aiming. A man walks by and notices that the boy is having trouble and suggests that he move the target closer. That solves the problem, and soon the boy is hitting the middle of the target with every shot.
The problem wasn’t the boy’s aim. Rather, it was that the gun wasn’t powerful enough to hit the target at such a far distance. The same could be true of your goals. The problem may not be your business’s performance, but rather that your goals are too big.
Before you take drastic action in your business, review your goals and analyze whether they are realistic. Perhaps your big goals should best be viewed as long-term, multi-year objectives. Then you can create smaller, more achievable goals for this year.
Do you have a culture of accountability?
In the Right on the Money episode, Jasmyn discusses the importance of a “culture of accountability,” and how that culture has to extend all the way to the top of the organizational chart. Without buy-in from the CEO or President, it’s difficult to expect other employees hold themselves accountable to strategic goals.
Milestone Coach Advisory often consults with local businesses on their strategies and objectives. Jasmyn mentions in the interview that no amount of advice or consultation can be effective if the CEO isn’t onboard. While Milestone can provide guidance and support, it’s up to the business’s leadership to implement recommendations.
During your review of your business’s goals, ask yourself whether you’ve created a culture of accountability? Do you hold employees accountable for reaching their targets? Do you hold yourself accountable? If not, it’s possible that you are off-track because the employees have heard an unspoken message that company goals and objectives aren’t necessary. Changing the culture could improve your performance.
How often do you benchmark?
Finally, Jasmyn also shares with host Steve Savant the importance of benchmarking. That’s a process of assigning quantitative values to your goals and then tracking your progress on a regular basis. Every business will have different benchmarks based on its history, products, employees, and more. A business consultant like Milestone Coach Advisory can help you develop the appropriate benchmarks for your company.
Of course, benchmarks are only helpful if you review them regularly. Jasmyn says that Milestone Coach Advisory reviews internal performance against benchmarks on a daily basis. Other companies may do so weekly or even monthly.
The more often you review your benchmarks, the more opportunity you will have to take corrective action. You may discover that a salesperson is in the wrong role or doesn’t have the skills needed to do the job. You could learn that there’s an issue with your product or service that needs to be fixed. Regular, frequent benchmarking helps you identify these problems as early as possible.
Ready to review your goals and implement a strategy. Let’s talk about it. Contact us at Milestone Coach Advisory today. We can help you analyze your objectives and create a plan. Let’s connect soon and start the conversation.
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