Staying on Top of your Business Goals
We set goals so we have something to shoot for, but if we don’t keep up with our progress along the way, it can be very difficult to get to the finish line. In a recent study, it was determined that over 70% of businesses that did not achieve desired revenue and goals simply were not keeping track of them. Business success relies on more than just you, your team, and your product or service. The customers, other businesses, the economy, and many other characteristics play major parts in the process of accomplishing your mission. Though taking note of where you are on your goals may seem like a very simple task it goes a long way in actually getting the win. Here are some steps you can take to ensure you are staying on top of your goals.
Let’s face it when metrics are bad the last thing most people want to do is record them. We want to figure out the problem, reverse the downturn before anyone notices, but definitely not stare at our failure on the board. Though, in order to be accountable, we have to make it a point to report both our high numbers and the numbers we dare not to mention. Once we have recorded our doings, and what actions led there we can move on to refining or readjusting our overall goals. The bottom line is we need to work hard to not leave out any metrics and be accountable for what we have achieved or what we need to keep on the to-do list a little bit longer. If you don’t know when sales have dropped, you don’t know when you need to put in extra oomph to pull the revenue back up. If your numbers are looking good, you need to know what to continue doing. Try these steps to make sure you are being accountable for your goals.
- Set a time period to check in on progress at least 4 times before your goal end date. If your goal is 6 months, meet every 6 weeks. You can record metrics monthly or weekly and have a discussion with your team on where to go next.
- Keep track of what actions have changed from each check-in and ensure they are being implemented in the following weeks.
- Clearly write down your action plan and goals every time they change, and at the start of each accountability check-in.
- If you are working with multiple team members, make sure they are clear on what the goals are and what their role is in helping the company achieve them.
- Treat not hitting goals as opportunities for improvement versus disappointments.
Optimize Your Goals
Just because you set goals, does not mean you will always achieve them, especially within a specific time frame. Recognize the reality of your goals, are they really achievable in the time you have set? Do they need to be refined with setbacks that have occurred? Though even in the worst of times, there are usually a few items of business that are still excelling or keeping steady. Capitalize on those goals. Try putting more emphasis on the things that are going well and taking a break from the others. This will allow you to still balance out by doing better than expected on other goals even though some things did not quite make the cut. Just remember taking a break doesn’t mean you give up on that goal, it means taking more time to plan out that goal and efficiently deliver results. Here are some action items to help you optimize your business goals.
- If your goals require money, put more money towards the goals already doing well, and pull money from the others.
- Optimize your time, spend more time on goals that will give you the most return based on your current business position.
- Have 1-2 individuals work on a new strategy for the lower performing goals for the next metric check-in or extended goal period.
- Keep track of the wins and losses for each goal, they should balance out in the long run if not by revenue then by efficiency, time, and/or value.
- Create multiple short and long-term goals to work towards in the background of your business.
- Ensure you account for time period flexibility for mishaps whenever possible.
Set New Benchmarks for Surpassed Goals
Let’s not forget about the plus side of things, when our business goals are being hit out of the ballpark. Reward yourself and your team. Though, make sure you set new goals to strive for. When you are being accountable for your goals, optimizing, and readjusting along the way you can stay on top of your goals. What you don’t want is getting to the end of a goal period and be clueless about any ups and downs that happened on the way there. You can use every goal, hit or miss, as valuable knowledge to your business and insight on how to improve. Though, in order to do that, we have to stay on top of our goals. Here are some final tasks you can add to your routine to set new goals and keep track of them along the way.
- Set SMART goals. SMART stands for Specific, Measurable, Achievable, Realistic, and Time Specific. Make sure your goals fall within these 5 categories to avoid unnecessary disappointments or wasted allocation of resources.
- Get your team involved in goal-setting. Ask them where they want to be and what they feel they can achieve in the company. Emphasize a work culture that is open and welcoming of ideas and input.
- Keep a chart of mistakes and learn from them. Never do the same exact thing that led to a failure unless it involves different circumstances.
- Journal daily or weekly about your feelings towards your goals and business.
Utilize your Merchant Account
Last but not least, the goal of a merchant account should be to enhance your business. A key part of staying on top of your business goals is making sure your merchant account is equipped with the right solutions for success. Here are a few items MSS Pay provides to help stay accountable to your business goals.
- Payment processing equipment that keeps track of sales, inventory, and revenue data. Access equipment that helps you take payments and meet your goals with the same device. When you have the reporting information you need already calculated you can focus on other aspects of your business.
Learn more about some of our leading equipment here: https://msspay.com/home/payment-processing/credit-debit-card-processing/choose-your-equipment/
- Marketing Tools. MSS Pay offers tools to help your business gain reach and take control of your goals. Some services include lead generation, CRM, Business Plans, Accountability Partners, and tailored E-Commerce websites.
Learn more about our marketing services here: https://msspay.com/home/business-services/marketing-tools/
- Chargeback and Risk Management Services. Keep up with your goals by eliminating factors like chargebacks that can hinder your overall metric outcomes.
Learn more about our chargeback and risk management services here: Learn more about our marketing services here: https://msspay.com/home/business-services/chargeback-risk-management/
- Funding. Sometimes businesses need a little push to get started on bigger goals. We partner with trustworthy funding lenders that can get you what you need to fund your business endeavors. Learn more about our funding services here: https://msspay.com/home/business-services/mss-pay-funding/
Check out our other blog articles and payment solutions to help you stay on top of your business goals here: https://msspay.com/
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