I’ve gone to networking events and attended many conferences and at almost all of them, the speaker on stage will ask the audience…”What do you need in a business to be successful?” Many responses will come from the audience like money, time, customers, passion, etc. But watch them puzzle when they are asked WHY they want to earn money or have that extra time. Any John Doe can say he wants to make money, but why? Is there something in particular he wants to buy? Something he wants to do with that time?
The secret to being a successful entrepreneur is very, very simple. It is called “Measurable Goals”. It might sound complicated, but when you have finished reading this article you will completely understand what it means – and why it is so important.
Once you establish WHY you want that extra time or money, you have just taken a big step towards success. You now have a goal. For example, you want that extra money to buy a house. Buying a house is your goal. Now comes the Measurable part.
How much are you going to spend on this house? $250,000? $1 million? You need to come up with a dollar amount or time amount, something of quantity, to properly set your goals. That way, once you earn that $250,000 or gain those 3 hours, you have essentially attained your goal.
But waking up one morning and deciding to earn $250,000 doesn’t make it happen. So how do you achieve your long-term Measurable Goal? By breaking it up into smaller, medium term quantifiable goals.
For the example we have been using, buying a house for $250,000, your medium-term goals would most likely be monetary. You could set goals to complete two projects that would each bring you $125,000, or even 10 projects that would bring you $25,000, or break it down even further.
But what good are these goals anyway? They are still difficult to achieve, and how do you know what to do to achieve these goals?
Well, you break each of your medium-term measurable goals into short term goals. For example, if you chose to get two projects with a price tag of $125,000 each, your first goal might be to think of what kinds of projects you can do that would bring that kind of money in for you. Your next goal would be to close the sale on such a project, and then to complete the project, and finally to collect payment. That way, each medium-term goal is broken down into manageable tasks.
At this point, you want to break everything down into a flow chart to help establish your goals. Put your business measurable goal at the top on its own piece of paper. Then, put each of your medium-term goals on their own paper in a horizontal line directly beneath your business goal. Then directly below each medium goal, fill a sheet with the short term goals that it will take to achieve each medium term goal.
This method will help you visualize what you are working towards, and how each step is necessary to achieve your dream.
Now you’ll want to check off each short term goal as you complete it, completing one sheet at a time. By doing this, you will be able to visually SEE your results progress quickly. Each time you complete a short-term goal, you are one step closer to completing a medium-term goal, which brings you one step closer to completing your business goal.
Now that you know the secret, what are you going to do about it? I suggest following the visualization techniques given, and build yourself a “business pyramid” on a wall that is visible while you are working. Glance at it every so often, and it will keep you on track. Reward yourself when you complete your goals – from the smallest achievement to completing the entire pyramid. It will most likely be the most positive experience in your life to see that pyramid completed – and the construction process of the pyramid itself will set you on the right path.
Share your comments below if you really do use a technique to set your business goals and how it has worked for you. If you don’t measure your goals or have never considered it, share below what you are going to do today to change that.