The 3 Monthly Strategies Every Business Owner Should Implement to Achieve their Goals
Many business owners, advisors, and consultants set out plans towards the growth of their business, to meet their annual goals. However, once the new year begins, they are uncertain about the right steps to take towards achieving the already set goals. While setting goals is vital for business growth, it is equally important to consider how the plans you are implementing towards achieving your goals will affect the growth of your business. This involves you going back to the drawing board each month to assess new developments in your business. It enables you to know what worked and did not work in the previous month, so you can improve and achieve your goals.
Setting goals is the process of challenging yourself to turn your business vision into reality. Your goal could be a financial goal, partnership goal, or any other goal which would help your business growth. Setting goals is one of the most vital parts of business growth. Setting goals involves a great deal of reflection on how to attain those goals, why you want to attain those goals, when and where you want to achieve them. The sooner you analyze your business and identify your goals, the more achievable your goals are. Typically, goal setting should be done on an annual basis to align with the vision of your company. But a monthly session should be conducted to review your progress and identify how to stay on track to achieving your goals. Here are the three-monthly strategies you should enforce to achieve your goals:
I. Reassess your Activities
Reassessing your activities is healthy for identifying the realities of your business. It involves reviewing the activities of the previous month and using the results to determine your future actions. To reassess your activities, the S.W.O.T analysis is an effective strategy you can use. S.W.O.T stands for – Strengths, Weaknesses, Opportunities & Threats. By using this strategy, you will identify your strengths from the previous month, and how they were able to affect your business growth. Your strength includes those aspects in your business that you are confident in, to help you achieve your goals.
The S.W.O.T strategy also enables you to identify your weaknesses from the previous month. Your weaknesses include distractions, mistakes, or shortcomings you made that cost you to reach your goals. Using the S.W.O.T strategy, you will also be able to identify those opportunities that were available to you, and how you benefitted from them. Lastly, you will be able to identify those areas which pose threats to achieving your goals. Threats are those obstacles that hinder you from attaining your goals. Identifying your threats enables you to work towards getting rid of them and allows you to focus on your strengths.
“Reassessing your activities is healthy for identifying the realities of your business.”Latika Vines
II. Reprioritize your daily and monthly activities
Once you have reassessed your monthly activities, the next step is to reprioritize your activities. By using the S.W.O.T analysis, you can determine the steps you can take to achieve your goals. Re-prioritizing your monthly activities involves you implementing different tasks according to their relative importance in achieving the set goals. That is, focusing on the most crucial task first. You may ask your staff to recommend daily activities the organization must carry out to achieve the set goals. To do this, you can implement the S.M.A.R.T strategy. That is, your goal needs to be S.M.A.R.T (Specific, Measurable, Actionable, Realistic, and Time-bound). In essence, you should prioritize your activities to meet a specific goal. The goal should also be one that you are able to measure your progress, that is humanly attainable, relevant to your business, and has a timeframe.
III. Reconstruct your Plan
After reassessing and re-prioritizing your tasks, the next step to take is to reconstruct your plan. You reconstruct your plan by putting into consideration all the insights gathered while implementing the two previous steps. When reconstructing your business plan, it is best to involve all members of the team. This will give room for creativity and innovation, which are vital to your business growth.
Your action plan should consist of activities your teams will perform in achieving your business goals, till the end of the year. And during your monthly session, assess, and reassess (if needed), the activities of the previous month. Reprioritize when needed and reconstruct your action plan when necessary. As a business owner, advisor, or consultant responsible for the growth of your company, it is vital for you to not only set goals, but to plan to achieve those goals. This is why the three R’s are important for every business owner.
Latika Vines is a Work-Life Balance Advocate & Educator. She is also a Workforce Development Consultant, Coach, and Growth Plan Expert helping working moms and organizations grow.