Setting Goals1:51 with Dan Gorgone
Setting short- and long-term goals are important for setting a direction of your company. Whether they are financial in nature or related to other metrics, your goals must be measurable and realistic.
Things to Consider
- Do you have metrics that indicate success for your company? If so, are they clear and obvious? Do you know where to find this data?
- Do you have any short-term goals? Any long-term goals?
- Have you set your goals high enough to keep operating your business?
- How many people are directly involved with setting the goals for your company? Who are they? Should they have influence over these goals?
Setting goals is an important step for a company
as it can help do a few important things.
It helps further define who the company is and why they're in business in the first place,
and it also helps define what success means to them.
At the same time, setting goals gives you targets
to help you ensure that you stay in business,
allowing you to gauge how well you're doing.
Revenue, profits, and return on investment are key indicators of performance
that can help predict future success.
So it's important to communicate with stake holders
to know how these goals should be set.
What kind of performance must you have to stay in business?
Now these numbers must be accurately and realistically defined.
Be clear about what each goal is.
Define it with real facts like numbers and dates,
not vague metrics that depend upon sentiment or opinion.
Goals must be measurable.
So whether you find that data on a dashboard, a website, or a balance sheet,
you need to know where to look.
For our t-shirt company, we have to consider how much money we need
to make to keep our business going.
On top of that baseline goal it might be nice to consider some simple milestones.
Perhaps we want to try to sell 300 shirts in our first month.
That's just 10 shirts per day.
Or, since we're trying to build a mailing list,
let's see if we can get to 1000 people to sign up in that first month.
If we succeed, perhaps we double that goal in the next month.
It's important to build upon these goals,
to push ourselves to the next level.
At the same time, let's put some long-term goals on that horizon.
Whether you want to generate $10,000 in revenue over the first year,
or just grow your team,
make sure to plot a course for yourself
that helps you stay true to the vision for your company.
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