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Business Coaching: Goal Setting

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TradesFormation Team

January 7, 2022

It is the start of a new year which means that businesses are also beginning to set their short- and long-term goals. Success leaves clues and all the successful companies I have worked with all place a high priority on goal setting. When setting goals for the business, it is essential to include your team members during the process. It will also motivate them to do their jobs at their very best because they have a clear vision of what needs to be achieved.     

 

As a business coach I define goals as things that the company or business wants to achieve in a certain period. It can be in the short- or long-term. Goals can also be set as the company’s goals or divided into different departments or teams. For example, a goal for the marketing department of your plumbing company may be “generate 50 additional leads each month” or for the sales department to “increase the company’s average ticket sale to $2,450”.

 

Now, here is a SMART formula to follow when setting goals!  

SMART is an acronym for Specific, Measurable, Attainable, Relevant, and Time-Bound. Let’s discuss each characteristic. 

Specific

In business, goals must be specific. It means that the goal must be clear, concise, and understandable by everyone in the company. It should also answer the critical W questions; who, what, when, where, and which.

Measurable 

When we say that goals are measurable, the goals can also answer questions like how much, how long, how often, or how many. This characteristic will help keep track of the progress of the strategies set to achieve the goal. 

For example, a badly written goal is “I want more sales”. How will you know if you have gotten there? A well-written goal is to “add 15 more clients in 3 months”. The statement answers how many and how much time you have to achieve the goal. 

Attainable

I want to make a million dollars this year! Is this attainable? It depends, how much did you make last year, and what resources do you have at your disposal?. If you made $800,000, then yes it’s attainable, but if this is year one in business then this is an unlikely and unattainable goal. Make sure your goals are realistic, remember baby steps at the beginning. 

Relevant 

A goal should be relative to the business and everyone in the company. It’s because everyone is involved in achieving each goal set initially. And for members to be motivated, the goal must be relevant to them as well. When setting a goal, consider how it will positively affect each department or member when achieved. 

For example, when the goal of “increasing the sales by 50% by the end of the year” is achieved, it can lead to a bonus or increase in compensation for employees. 

Time-bound

Lastly, goals should be time-bound. It means that the goal must be specific with time or when it must be achieved. This will be useful for the accountability of every team member involved in achieving a specific goal. It will also help keep track of the goal’s progress –  if it can be completed on time or not.

Though this information about goal setting is common knowledge, we at TradesFormation take time to impart it to our clients effectively. It’s because we know how important they are in building a successful business. Our tradie clients face very tight competition daily, so as a business coaching company, we ensure they are equipped with proper knowledge from the beginning to the end. 

In our business coaching course, tradies will learn how to run their businesses successfully. We cover all aspects of business management, from finance to human resources and marketing, including the goal-setting course. Our business coaching program is also designed to let our clients practice what we teach them by giving out tasks and worksheets to answer to assess their businesses even better. 

If you are interested to know more about our business coaching program, call us at 0480 009 598 or send us an email at learn@tradesformation.com.au

Other services we are offering include the Sales Coaching Program, Business Consultancy, and Digital Marketing Services (website development, social media management, and search engine optimisation).  

 

Take the Business Assessment

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