There will be a time when you feel that your business has hit some form of a “rut”; it could be that you’ve reached your income goals or that you can’t seem to break through the glass ceiling within your niche due to the competition and market share.
Stagnation can kill a business even if it’s bringing in the bank.
A business that fails to evolve and grow will eventually be replaced by a new, up-and-coming achiever that’s willing to take new risks.
Set smart goals
Smart goals are ones which fall under two elements:
- They have a valuable outcome
- They can be achieved in a logical progression
If you wanted to improve your sales, for example, a smart goal may include re-investing into your business to expand your budget and update your advertising campaign; this will directly correlate to your bottom-line if you improve upon your current reach and offering.
This example, though, is only half the challenge.
The other element, the logical progression, needs to be formed in a manner whereas you can take the right steps toward achieving this goal without going too far off the path; it’s usually accomplished by determining your most wanted response and then pairing these goals with a straight-and-forward to-do list which will tell you what you need to do to reach these new points.
If I’ve lost you than heed another example:
I want to increase my sales through my website. I know one of the fastest ways to do so is through online advertising such as Google Adwords. With intentions clear, I now need to create a step-by-step process to implement this idea which comes about through competitor research, budgeting, testing and optimizing landing & sales pages, and using community feedback to improve the experience. After I have taken each of these steps will I begin to see the rewards.
The concept of smart ideas can be applied to any element of your business – it’s what you desire and crave.
Growth is what matters
As I had mentioned, in the beginning, stagnation can kill a business but your choice in how to expand can do the same, equally so, especially if you’re short-sighted.
There are many different ways to grow your business besides raising its profits:
- Creating a lasting legacy within the industry by becoming a thought-leader through the creation and publication of valuable resources.
- Doing good to the community to touch and improve the lives of all those individuals that allow you to do what you do.
- Expanding your network and reach into new horizontal or vertical ventures that will challenge your expertise and create a new set of offers to the marketplace.
A result of these types of choices, which seek the long-term reward, happens to be increased profits.
Short-sighted goals to earn a few extra dollars this week may lead to “burning” your community and list just for the quick win; these individuals won’t come back once you’ve lost their trust. The better solution is to aim for these distant smart goals that culminate to so much more.
Try this one
1. Take a moment to determine just one are of your business you feel lacking and make a judgment whether it’s internal or external that’s holding the business back.
2. Invest in the right tools, services, workers, or training in order to create a logical progression to reach the goal.
3. Commit to accomplishing each item on your to-do list that will lead to your eventual growth; never allow an internal or external force get in the way of using the most of your day (because time is precious).
That’s really all there is to it.
Smart business owners have smart goals; they are the ones willing to take the challenge or risk destruction because, either way, all businesses will die if the vision fades, and this will be the inevitable outcome to those that accept stagnation.