This week I sat down with a Mississippi small business to talk about 2018 goals. We started working with this relatively new company just over a year ago and set some specific, measurable and reasonable goals.
Every month in our marketing meeting we reviewed the numbers and for the most part they exceeded their objectives almost every month. In fact, if we averaged out their monthly KPIs, they exceeded their goals by over 17%!
And yet, morale is down and turn over is high.
This month we re-evaluated those goals. I asked their team three questions:
- What numbers would make you satisfied?
- What numbers would make you excited?
- What has to change to get there?
Satisfied numbers allow the company owners to sleep a little easier, but they just really meet the needs of the business. Excited numbers mean the business can move forward, staff may get raises, bonuses are possible and the owners will sleep well at night.
This company’s KPI’s include number of clients as well as average sale price. To meet either their satisfied or excited goals, they must raise both their numbers. As a marketing agency, we can help with the number of customers walking in the door, but those sales numbers must come from within the company.
Let’s Talk About You
Where do your goals fall? Reasonable or Dream?
When you set your goals for 2018 start with a baseline of what you accomplished last year. Do you measure number of customers, patients or people served? Revenue generated? Average transaction price? Sales closing rate? Lead generation from various channels? Know what you’re measuring before you start. Then start SMART.
Achievable and reasonable trip me up every time. Just like our client above, we set achievable and reasonable goals. We met those goals and yet no one threw a party over it. In fact, almost everyone grumbled during the discussion. Why? The goals fell short of what everyone really wanted to accomplish.
After you set your achievable and reasonable goals, go one step further and ask yourself what would make you excited.
Finally, SMART goals and Dream Big goals go nowhere without a strategy for reaching those goals.
- What has to change this year to reach these goals?
- What daily, weekly, or monthly KPIs do you need to watch?
- Where can you find fast victories to keep your team motivated?
- How can you divide the big goals into smaller more manageable pieces?
- How will your team need to change to manage this kind of dream growth?
Entrepreneurs and SMB owners operate in silos at times. Unless you have upper management to help you work through the goal setting process, you need someone to just bounce ideas off of. We want to be that person for you. Now through January 12, 2018, Momentum Consulting is reserving three half-hour consultations per day for entrepreneurs, SMBs and nonprofits who need someone to help them fine-tune their goal setting and strategy. Schedule your time here.