Defining and Measuring Progress Toward Your Business Goals

Effective goal setting is crucial for the growth and success of any business or personal endeavor. However, many people struggle with setting impactful goals that are both manageable and measurable. One strategy for achieving this is to break down larger goals into smaller, achievable milestones. By focusing on these smaller steps, you can stay on track and make steady progress toward your ultimate goal. In this discussion, we will explore the steps and considerations necessary for setting effective, impactful goals for your business or personal goals, and how breaking them down can make them more manageable and measurable.

"If you're not anchoring your goal to something deeper than the revenue number, then it can just be surface level and you can feel like you're chasing this thing that you're never going to get because you're never going to feel completely satisfied."

In this episode, you will learn the following:

1. How can we set effective goals that will sustain us and ensure success?
2. What do we need to do to break down our goals into achievable pieces?
3. How can we determine who we need to become in order to achieve our goals?

What you'll hear in this episode:

• Why you need to anchor your goal to something deeper than the revenue.
• What are the three phases you need in order to move forward?
• Where are the trophies if we don’t get them?
• Where do you want to be a year from now?
• Who will I need to become to step into the new version of me or my business?
• The difference between leading and lagging metrics.
• How do you know if your conversion rate is good?
• Create a scorecard and measure your progress.

Here are some brief snippets from this episode:

[00:00:50]
We're going to be talking about setting financial goals for your business or for your life. What is your goal? And it's surprisingly a complicated question. If you're not anchoring your goal to something deeper than the revenue number, it can be fleeting.

[00:03:33]
How do you really create impactful goals that will sustain? And I kind of set it into three phases. One is looking at the past, looking in the rearview mirror, reflecting, and examining your past performance. Then it's looking forward through the dash and saying, where am I going?

[00:05:22]
How have my accomplishments of the past year created momentum? How has my life changed for the better since last year? How can I leverage what I did or didn't do to drive my actions going forward?

[00:08:21]
Do you want to have the same year as last year? Where do I want to be a year from now? Who will I need to become to step into the new version of myself or my business? What will it take to achieve the success that you want?

[00:13:07]
Most people's goals are actually lagging metrics, like revenue, profit units sold, or team size. There are two types of indicators, really leading and lagging. Mark the calendar, and make the commitment based on your overall goals. Hold yourself accountable.

Related episodes:

176. When Should You Hire a Fractional CFO?

199. How to Set Effective Goals for the New Year

206. What is EBITDA?

Resources:

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.