Whether it be January 1st on the calendar or the fiscal new year, setting goals is a natural part of any new year’s evaluation.
However, just how someone might scoff when you tell them your New Year’s resolution is to learn five new languages, your business should not set unrealistic expectations either.
Don’t get us wrong– we here at The Miner Agency want you to have lofty goals for your business. Dream big!
We simply would caution not to damage yourself or your team if you dream too big, too early.
For example, when pitching your business to investors, if you promise to increase profits a certain percentage in the coming year, they could potentially pull their investment if those margins are not met.
The same is true for the emotional investors in your business, namely employees and staff.
Telling your employees to double profits, production, or online visitors in a year with no reasonable way to do it could set everyone up for disappointment.
Instead, know your business and set goals based on past performance. If year over year performance has a trend of improving 25 percent each year, for example, it’s not unreasonable to set a 30 percent expectation. If you can show the number of walk-in customers has improved each year for five years, it’s not unreasonable to set a goal of improving the number a sixth year.
Getting employees involved in the goal setting process can also help achieve the desired results. When insight from the front line meets leadership consideration, employee engagement and initiative increases. An increase in employee engagement can guarantee reaching your intended goal.
Where both personal and professional resolutions can go wrong is when you take reasonable expectations into the stratosphere.
Think of it in a new way. If you’ve gone to the gym five times in your whole life then promise to go every day starting January 1st, you’re likely setting yourself up for burnout or disappointment come March. Even earlier than that in most cases. However, if you are used to running three times a week, adding a trip to the gym the other two days might not seem like a huge stretch of your abilities and athletic performance.
Your business muscles need the same type of warm up before running a marathon.
So, when the clock strikes midnight on January 1, 2021, have a list of reasonable, achievable, but challenging goals in mind for your business or staff. It can be the starting line for a rewarding and gratifying New Year.