Do you sometimes feel trapped, struggling to get to that next level in your business? Do you recognise the frustration of putting more and more into your business, yet achieving the same results? It is January and a lot of people are talking about goals and objectives.
Having goals and objectives isn’t just a January subject. The journal of Psychology published that you are 100% more likely to achieve a goal that is written down. Ok, so if you are on board that you should probably have objectives lets see how best to go about it.
“Using Business Kitchen’s performance dashboard has really helped me in growing my business. At first I felt embarrassed to realise how blind I used to run my business. After starting using the Performance Dashboard the quality of my decision-making has improved massively, my prioritisation is better and my time management has enhanced; all leading to a 70% growth in sales. Thank you!”
All planning starts with a long term plan, so we zoom out and define your 5-year goals and direction. Internal and external analyses spell out your strengths, weaknesses, opportunities and threats.
Not only financial objectives
Then we zoom back into the coming year and define key performance indicators. What will tell us whether you are heading in the right direction achieving your goals? Many people fall into the trap of only measuring financial outcomes such as revenue and profit. They are good and important measurements, but independently their problem is that they give a good picture of yesterday’s performance, but less of an indication of how tomorrow will look like. The actual quality of your delivery, the % of repeat business, the source of your new clients and other indicators help us predict tomorrow’s success.
The other thing to consider is whether your objectives are SMART? Please make sure they are specific, measurable, achievable, realistic and time-bound?
The objectives now need to be incorporated into how you run the business. Well-defined objectives help choosing strategic initiatives for the business success. What are the big things that need to be worked on? That then filters down to short-term action plans.
The danger with strategic work is that people do the plan and then go back to running the business in the same way as last year. A good performance dashboard not only consistently measures your progress, but also gives you regular reminders keeping you focused.
I have developed the Focus Booster, a simple to use yet effective tool helping you staying focused and grow your profit.
• 90 minute KPI session with Business Coach Iris Richter, MBA
• Your personalised performance dashboard