- April 13, 2021
- Posted by: Lonadek Global Services
- Category: Opportunities
As we delve into Q2 of 2021, ask yourself, “How often do you set goals as a business?” and “How often are those goals achieved?”
These questions are key because setting goals is a rudimentary step to building and growing your business.
Goals in business are a motivating force and they keep your business moving forward in the right direction.
In addition to setting yearly goals which often change or are modified within the course of the year, you should think about setting quarterly goals for your business. So read on to learn the importance of setting and achieving better business goals.
Here is Why this is important.
Well, this is because quarterly goals are less likely to be derailed. The shorter timeframe also helps to ensure that your goals are S.M.A.R.T (Specific, Measurable, Attainable, Relevant and Timely) and they also create an opportunity to celebrate little wins which in turn boosts performance.
Thinking of setting your goal for Q2 now?
Here 5 Tips to setting and achieving better business quarterly goals in 2021
- The Big Picture
Knowing the big picture for your business per year helps you adequately plan quarterly.
By what measure do you want to grow your business?
By what percentage would you like to increase your sales in the year?
Start with your major goal for the year, then you can set milestones for each quarter based on time, skillset and resources available.
- Break it down
Desmond Tutu once said “The only way to eat an elephant is by taking one bite at a time”
Now that you’ve known what the big picture is, break it down; break it down into quarterly goals, these can further be broken down into monthly and then weekly goals and set milestones to achieve them.
While doing that, ensure that everyone in your team is carried along effectively and duties are duly assigned.
Now, instead of having huge one-year goals looming, you have manageable quarterly goals that look and feel achievable.
- Set S.M.A.R.T goals
SMART is simply an acronym for:
- Specific: Ensure your goals are clear and well defined, don’t just say you want to increase sales this quarter, but by how many percent or by how much?
- Measurable: Your goals need to be measurable to have a real chance at succeeding. What are the key performance indicators to measure your progress?
- Achievable: It’s one thing to set goals, it’s another thing to make realistic goals.
- Relevant: How relevant is that goal to your business growth? Does it align with your objectives?
- Time-bound: Your goals should be time-bound (deadline-oriented). Deadlines allow you to keep track of your progress and know how much is needed to produce results.
Understanding SMART goals will not only help you gauge your progress, but it will aid in creating more impactful achievements at the end.
- Set Performance Indicators
You need to set performance indicators to help you track your processes. This should include data-driven indicators, metrics and actionable steps that must be taken to track these processes.
Performance indicators can help you identify if you’re on the right track of your goals and this may be the most important part of your goal-setting process, they are also used to measure overall performance in the long run.
- Review and re-access and pivot if necessary
Regular review sessions are very important in ensuring the success of set goals, its performance, accomplishments, pain points, metrics, ensuring all stakeholders involved are in the know and on track with the goals and that things are moving as planned.
The re-access part is also fundamental.
Be flexible with your goals and remain adaptable to change because it is constant, the best strategies always leave room for change.
Organizations that have rigid structures are prone to be swept away easily, but those that learn to adapt to change thrive.
It is fine to pivot your strategies in a different direction if there are signs that they are not working to achieve your laid down goals.
Setting quarterly goals is an important step of building your business, because of their short time span, they establish accountability, help maintain sustainable business growth, enhance performance, visualize the big picture and ensure your yearly goals are met faster.
Want to learn how to set goals effectively? Register here
Got any more tips? We’ll be looking out for your comments below.
We are social, be in the loop of our engagements and get great insights to improve your business.
Follow us on our various social media platforms;