13 FEB

Challenge 5: Goal and Objective Setting For Online Businesses

So now that you have identified entrepreneurial traitsdefined your business, overcame entrepreneurial fear, and analysed your business through the lens of the SWOT it is now time to set some goals and objectives!

There is a difference between goals and objectives and they often are thought to be the same thing. I know that I interchange them when I work with them even though you are not meant to!
As a business owner, it is really important, in my opinion, to include goals from all aspects of your life, family & friends, health, business and other passions that you have, it helps round out your mission and life purpose (which can be different from the one you created for your business). It keeps you on track for your highest calling, happiness and satisfaction.

I have a template you can download if you want to have an inspired session just sign up to the mailing list on this page. The goal template includes an exploration of three stages – now, 3 years, 5 years. As a marketing coach, knowing this about you inspires me to the type of marketing mix and life work balance you want to achieve which is so important.

Currently, in tech and start-up culture it is perceived cool to be a work-a-holic, work 80-100 hrs a week, have a coffee drip and alienate your family and friends. All so you can make millions and be notorious. We can see this with the advertising done by fiverr.com and Apple’s now pulled ad  “featuring work-a-holic themes“. While at times you may need to do this and you might find it fun and exciting and look forward to doing it – it is not a sustainable business, personal or emotional model.

Even myself when I worked for a start-up I would eat, live and sleep work. Heck, at one point I even lived and worked out of the same apartment! All my chips and goals were in the work quadrant. While at times it was super fun and I learned a lot, it was also exhausting, without the big reward that I hoped, and affected my health and relationships.  All because I did it for too long and without any counter balances.

What I am saying here, is that you can still work hard in and on your business, you just need to make sure everything always relates back to your goals and your heart’s desires. By creating goals in a variety of areas, you stay motivated, balanced and happy.
For the last challenge in setting up your business, you can look at your goals. Specifically, you can explore family, health, personal, work and passions. When thinking about goals for these areas of your life you should think of them in terms of now (a years time), in 3 years and than 5 years. You can go further if you want, but I find that so much changes in your life that revisiting your goals regularly is the best way to keep on track. For all your goals create a vision board at your desk, it is an amazing way to stay inspired.

Now that you have made your goals…

Once you have created your goals it is time to look at them objectively. Break them down into smaller goals (objectives) and be sure to make them SMART.
S= Specific
Be descriptive and avoid vagaries. Being clear helps you act on your goals.
M= Measurable
Make sure you have a way to measure your goals once you complete them. Achieving goals keep you motivated.
Make sure you can achieve them, setting goals too high can lead to disappointment and act as a demotivator.
Make sure your goals are realistic and suit your outcome.
T=Time based
Put a timeframe on when your goal should be achieved by so that you can stay on track for achieving your goals.

For example, if my goal was to open my new app by next year. Some SMART objectives I might set include:
• Scout 3 possible locations (A,B,C) starting next week and complete search in 3 weeks time
• Set appointments with banks and investors to present by business plan next week
• Have my app ux design completed and in 3 months

If you are interested in a structured approach for your goal setting then the Franklin Covey system for goal setting is an interesting model to explore and/or make sure you make use of your technology (electronic calendars, notes and reminders).

There is also a cool stationery shop called Kikki-k that has great goal setting stationery.

To get a feel for creating your first series of goals download my goal setting template for free by signing up to my mailing list!  You can also check out my video about goal setting on my channel ctrl + alt marketing.

This is the last challenge, and I hope this has helped you decide how and when you are going to move forward with your business idea. If you are looking for someone to help you plan out your business further and help you with your marketing than please feel free to contact us and we can chat about your needs and next steps.


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