2016 is done. Kaput. See ya! And the holiday d-a-z-e have finally passed us by… Whew, what a ride, huh?
Sure, I was right there with you. Yup, that was me setting up that loooooooooong line of rum-spiked eggnog shots – and knockin’ ‘em down like nobody’s business.
But now that you’ve got all pent-up party shenanigans out of your system at Uncle Larry’s annual New Year’s party (love the way you donned that lavender lampshade, btw!), there’s some work to do…
That’s right; it’s New Year’s resolution time!* Or as we call it in the business world: Goal Setting.
*Don’t worry that’s already January 3rd. Truth be told, you’ve got until January 31st to set your 2017 business goals. There’s still some time left :–)))
Now it’s fair to say I’ve railed against goal setting in the past. So this might sound a lil’ bit contradictory. But bear with me here…
Why I’m Opposed to Focusing on Goals
I mentioned this in my last post (and blabbed TONS about it in the past): When it comes to marketing, I favor developing the Marketing Habit over concentrating on achieving (often arbitrary) goals.
This is mostly because the marketing habit will serve you in the long term. Certainly long after some arbitrary goals that you may or may not accomplish anyway.
On the Other Hand, Goals Make Ideal Benchmarks…
You knew “the other hand” coming, right? Yup, there’s always the other hand… And in the case of setting goals, the other hand is: Goals make perfect benchmarks by which to measure your business’s growth and ultimately the success of your marketing efforts.
Three Keys to Setting Goals That Work
The problem with goals, according to overwhelming research on the subject, is the vast majority of small business owners fail to achieve their goals. And this largely due to approach…
Far too many small business owners (perhaps you included?) make some big mistakes when it comes to setting business goals. Mistakes that negate the whole purpose of goal setting. And it’s not surprising. If you really roll up your sleeves, get out your spade and dig into the process carefully and thoughtfully – effective goal-setting is HARD and sometimes CONFUSING work.
To avoid getting mired in the muck, here are three strategies to help create effective goals that will genuinely help your business in 2017:
Effective Goals Are – Realistic
There are different schools of thought when it comes to this issue. Some, like famed small biz marketing consultant John Jantsch – founder of the wildly popular Duct Tape Marketing blog + author of the bestselling book by the same name – believe aiming high is your best portal to continue growth and financial success.
Double your income… Double your client roster… Double your project output… You get the picture.
And there’s logic to this perspective. NBA coach Mike D’Antoni became famous for his “7 seconds or less offense.” D’Antoni encouraged players to take a shot in 7 seconds or less after gaining possession of the ball. When asked why he not only allowed, but encouraged, players, even those with low shooting percentages, to take 3-point shots (the most difficult shots to actually make), D’Antoni responded: “If you put limits on players, they play up to their limits.” Similarly, if you put a modest cap on your business growth expectations, you’re likely to aim for the cap, rather than aiming for the stars.
I echoed this sentiment in my last post, too. If your biz is absolutely killing it, why not swing for the fences? This the moment when pushing yourself is most likely to achieve higher returns.
But, as always, there’s a counter-point. Setting the bar too HIGH can backfire. If a goal starts to feel unattainable, you’re likely to get discouraged. And that can lead to purposefully ignoring a goal (usually because it starts feel seems too far out of reach). Of course, this defeats the whole purpose of goal setting.
Instead, aim for something realistic. If we’re talkin’ income or new client acquisitions, take a look at past performance. Let’s you’re income has grown by 10% over the past three years. How about shooting for 20% growth this year? Or let’s say you’ve averaged 3-5 new clients per month over the last three years. How about shooting for 4-8 new clients per month this year? These are realistic goals that won’t leaving you feeling hopelessly over-matched. And if you’re on track to exceed these numbers, no worries… Revise and aim higher!
These are realistic goals that won’t leaving you feeling hopelessly over-matched. And if you’re on track to exceed these numbers, no worries… Revise and aim higher!
Effective Goals Are – Measurable
Far too often, small business owners set nebulous goals. “Greater market share” or “Increased brand awareness” are two common indeterminate “goals.” How come? These “goals” are impossible to measure…
How do you define growth in either “market share” or “brand awareness?” Truthfully, you can’t. Instead you need to identify a definite, measurable result. Using the examples above… Increased market share could be defined by increasing monthly client acquisitions — 4-8 new clients per month. And increase brand awareness could be defined by greater blog traffic or more social media shares — 100 additional blog page view per post, 20 additional social media shares per post, etc…
Effective Goals Are – Ultra-Specific
When it comes to business goals, specificity is key! Increasing annual income is a given, right? Of course! But how much of an increase? Assign an exact percentage or dollar figure. Growing your client base is also given. But how many new clients? Set a monthly target number for new client acquisitions.
Specificity is especially critical in measuring the impact of blogging and social media marketing. Increasing blog page views and comments, along with increasing social media shares and comments are key indicators of brand awareness and social reach.
But simply aiming to “increase” these numbers doesn’t give you a benchmark to strive for. Thus you need to define specific numbers. For example… 100 additional pages views per blog post. 20 additional comments per blog post. 20 additional likes, shares, comments, retweets, etc… per social media post.
These are the basic building blocks for effective goal setting. But there’s another important ingredient that makes this recipe complete…
The Secret Sauce Behind Effective Goal Setting: Accountability
One of the biggest reasons small business goals fail? For many small business owners, there’s zero accountability. Because if you’re the “boss,” to whom are you accountable? In many cases, no one.
This means you need an Accountability Partner. And who would this be? Basically, it’s an associate, colleague, trusted friend, spouse or significant other, or some other reliable party that can keep you honest and on track in working toward achieving your goals.
How does this work? You share your goals, in detail, with your accountably partner. And establish a regular check-in appointment. At least once a week is ideal, but no less than once a month. Any less than a monthly check-in, and your goal achievement commitment is far more likely to wane.
Struggling to Craft Your 2017 Marketing + Business Goals?
As we’ve already discussed, this process can be a real pain in the patooty. And “painful” tasks are easy to ignore … and … simply … let … drift … away … Know what I mean?
So if you need some help, or even an accountability partner, drop by my Google+ page. We’ll give each other some Happy New Year’s dap, and then dig into crafting goals guaranteed to boost your biz in 2017!