Setting Meaningful Business Goals

Have you ever set business goals that you don’t care about and that don’t motivate you?  If you answered “yes!” then read on.

Do you know “why” you are in business? Unless you know your “why” you won’t get passionate about business goals.

Leave ego out of it

Business goals are sometimes competitive and ego driven– such as to be the biggest, the best, the most profitable, 10% up on last year, etc.  However, meaningful goals change the dynamics and unleash the power of goal setting.

For example, a goal such as “we are deeply customer focused so we can make a positive impact in our customers’ lives” is meaningful and powerful.  “Customer focus” is the what, while “making a positive impact in people’s lives” is the why.  KPIs would be set up to measure Customer Focus.

The Three Freedoms

Most of us are in business to gain freedom – time freedom, mind freedom, financial freedom.

Time freedom may be taking extended annual leave; working flexi hours; having regular long weekends; or taking an afternoon off each week to coach a sports team or indulge a hobby.  Time freedom is personal to each of us and a powerful motivator as it is about making time for what is important to us.

Mind freedom may be the security of owning your own business; choosing your staff, work colleagues or clients; or not having to work for a boss you don’t get along with.  Mind freedom may be making your own decisions and creating your destiny.

Financial freedom could be buying a house / car / boat / bach / investment property; renovating the house; being debt free by age 50; putting your kids through University; and so on.  Financial goals may include building a nest egg, creating a financial legacy, or buying a new car and paying cash!

Freedom Goals are Inspiring

Freedom goals are our meaningful “why” and they motivate because they are deeply personal.

For example, the business goal of making $250k per annum is not particularly inspiring.  But a goal of $250k profit (the what) that allows you to buy a camper van and take your loved one(s) on an extended holiday or adventure (the why) would be inspiring.

Similarly, working a 35-hour week may be the goal (the what) – and being able to get home early from work so you can spend quality time with your kids, or go sailing after work in the summer (the why) is much more personally meaningful.

Redefining Success

The events of the last two years have shone a light on what’s important to us. Now is the time to redefine success for you, your business, and your team, and to reset your plan to achieve this. Business goals should motivate and inspire when they are personal and reflect our “why”.

Register for Q2’s free webinar on 5 October 2021 to discover new ways to define business success, identify strategies to grow profit and cashflow, understand how to create a smart and healthy business as well as sustainable business success.

Click here for more information and to register.

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