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How to set and measure goals for your businessMarch 5th, 2015 by
With a few months of 2015 under your belt, it’s important to ensure that you’ve taken the time to set business goals for the year. Setting goals for your business is a great way to let your team know exactly what is expected of them and what they need to do to achieve success. It’s also a great way to make sure that your business as a whole stays on track – whether that’s financially, the number of projects completed, customer satisfaction levels or whatever other aspects you’ve deemed significant. A recent article from Remodelers Advantage shares that while goal setting helps these things, the biggest reason you should take time to set goals is “control.”
“Running a business without goals is like shooting a rifle in the fog. You know there’s a target out there somewhere –but you certainly don’t know where – nor do you know if you hit it.”
So, how do you go about setting goals? The article gives some great advice on how to set goals using the SMART criteria – Specific, Measurable, Assignable, Realistic and Timely.
- Specific – define exactly what you’d like to happen.
- Measurable – are your goals measurable? How will you measure success?
- Assignable – decide which member(s) of your team will be responsible for each goal. Who will be held accountable if the goal is not achieved?
- Realistic – set goals that are realistic and can be achieved in the allotted time with the resources allocated.
- Timely – what’s the deadline? Goals must have a date for when they need to be achieved.
Now you’re feeling “SMART” and you’ve got your goals set, but now what? Do you just write these down on a piece of paper, only to be stuffed in a drawer until it’s time to set 2016 goals? We think not!
Define Customer Satisfaction Goals
When you’re setting goals for your business, be sure to factor in a few that pertain to customer satisfaction. To successfully set customer satisfaction goals, you must understand how satisfied your customers actually are. We recommend doing this by gathering as much feedback from your customers as possible – that way you have a clear picture of how your company is performing, what areas you’re doing well in, and where you need to improve. This information will also help guide you when defining specific goals around customer satisfaction and service.
Measure your performance
Setting goals is just the first step – measuring your performance on a regular basis helps you keep tabs on the status of your goals. Knowing if you’re on track to succeed or not gives you the information you need to either keep doing what you’re doing or change your strategy. If customer satisfaction and team performance are important metrics for your company, GuildQuality offers several reports that provide valuable information for tracking these types of goals. Maybe you want to know which project manager has the best communication with your customers? Or maybe you’d like to see how likely your customers are to recommend you? Our reports can be customized to fit your business needs, and you can even get them pushed straight to your inbox!
Share goals with your team
Get your team involved with your company’s goals. In keeping with the SMART criteria, your team will need to know what the goals are, who’s responsible for which goals and the timeline for when the goals are expected to be achieved. Giving your team a clear path to success helps them work more effectively and efficiently. To really push your employees, you could even consider offering a reward if certain goals are achieved – if your company receives over 95% recommendation rate from your customers, the entire team gets to go out to lunch, on you! Keeping your employees involved in the business’ goals creates a sense of loyalty to the company and determination to see that the goals are met.
Has your company set goals for 2015? How did you decide what those goals should be? We’d love to hear from you in the comments!