It’s one thing to have a business plan in place, with goals, purposes, and policy. It’s quite another to have some detailed and very specific targets – actions to guide you down your winning road.
A goal for your business is what you are working for. It’s your idea of what you are doing and why, with activity then determined to achieve that objective. For example, if your business sells fabric and lace to seamstresses in Hollywood, your goal might be:
To fill the exact needs of quality fabric and lace to every high-end seamstress at every major studio in Hollywood.
Or, even broader:
To fill the exact needs and quality of fabric and lace to every high-end seamstress at every major movie studio in Los Angeles and around the world, as well as the top luxury clothing designers everywhere in the world.
Your business purpose is a lesser, more directional intention for the future. The purpose breaks off the broad business goal to start creating surmountable paths of achievement.
To provide every high-end, quality fabric and lace needed, affordably and shipping expeditiously to anyone anywhere in the world.
Specific and solid purposes should work hand-in-hand with your broad business goal to provide a clear direction of the strategies needed to create plans and programs with exact, surmountable steps to the end goal. Your full business plan, written succinctly, actually finishes itself when you get off to a good, solid, specific start. Plans, programs and strategies become obvious once you see exactly what you are aiming to accomplish.
Policy provides the guardrails, keeping you in line and on track. These are the business rules, expectations and guidelines you and your employees are operating with. Some examples:
- Keeping shipping accounts paid and in good-standing.
- Returning all calls within four business hours.
- A personal call from the CEO to every new client to say thank you.
You will choose policy that works for your business, your branding and your vision, remembering that your policy could very well be the one differentiator that will surpass your competition. Having the CEO personally call every new client to say thank you could be the one thing that your clients will remember and share with others.
Now that you have delineated and streamlined your goals, purposes, and policy, you will start setting targets as part of your plans to get there. Here are a few different ways to set targets that will hone in specifically on obtaining your goal.
Some targets are big, with a big goal, covering an approximate or estimated time period. You can call these Major Targets. Such as:
- To move into a bigger, more productive office.
- To get to 150 active agents.
- To add two new, major services to our offering.
Conditional Targets come with a type of partnership. It’s a “if/then”, a “will/when” or even a “either/or” situation.
- When we get to ten new clients a month, we’ll hire a new account manager.
- If we start seeing a diminishing return on our mailers, we’ll see about utilizing email marketing or social media more.
- If we double the demand on our online store, we’ll expand our online advertising to include all major US cities.
Operating Targets are progressive targets that are set up to show an advance or completion. Having a “To Do” list is a list of operating targets.
- Answer all calls and emails by 10am.
- Make 5 follow up calls per day.
- Email the latest blog to our email list.
Targets set against time are important too, and can be called Production Targets.
- Send out all of June’s orders by July 15th.
- Buy a full set of new equipment by December of this year.
- Hire a marketing director by September.
Hopefully this information will help you streamline your target and goal setting. Setting targets will help keep your eye on the prize, and understanding that there are different types of targets can further simplify your business expansion.
We use many more types of targets, and the tools we use in developing your business plan incorporate other specific actions to help guarantee your business success. There are many business tools out there. Find one that makes sense to you and that works; one that is simple to use and gets you to your pot of gold quick. The tools we use have proven extremely successful, both for us and our clients.
We’re happy to share more to help your business too. Pop me an email.