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Goals; why every entrepreneur needs them

Drive like a Real Entrepreneur In my book: 'Drive Like a Real Entrepreneur' I mention many management tools and techniques, one of which is the setting of goals and milestones so that you as an entrepreneur or business driver can measure yourself.

These can take the form of;

Management by objective

Set yourself some targets for the year ahead across a range of activities and tasks. These could be in relation to sales targets, marketing activity and/or technological developments.

Set out what needs to happen, how does one obtain the correct resource and set each quarter, say, which of these should be achieved. Set objectives and goals and give yourself every chance of accomplishing them.

These objectives in another form can be passed on to your team. It's not all down to you the entrepreneur. However you do need to drive the business forward!

Milestones

This would take the form of setting a goal in respect of something in the distance. For example this could be a figure for turnover, such as £5m from start up.

The timescale, resource and groundwork is fundamental to accomplishing this goal. So set yourself reasonable targets, and these could be;

Year 1 £750k Year 2 £1.75m Years 3 £3.25m Year 4 £5m

Every year you are adding incrementally to the amount of turnover achieved the year before. You need to understand how to stop attrition, where the new markets and sales can be achieved, the profitability of the sales and are there any barriers to stop this growth.

Don’t fool yourself, an awful lot of thought and hard work needs to support these figures in order for them to be accomplished. But this can be done. It may be that there are mini-milestones within the milestones that are set. That is fine as long as the whole business is going in the same ‘one’ direction.

Next week I shall be talking about the behaviour traits of smart people. In the meantime please feel free to get in touch with me via Twitter @entrepreneuruk1

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