Why small business owners don’t set goals is the topic of today’s article. There are several reasons why small business owners fail to set goals. It’s a common problem and can adversely affect their businesses.
The following are some of the more common reasons:
Afraid of Failure
By setting goals, if the business owner doesn’t meet them, others may see this as failing. This can be a fear for the owner and could be a big reason why they don’t set goals.
They Are Not Sure How
This is one of the biggest reasons why small business owners avoid setting goals; they don’t know how. It’s one thing to list a bunch of desires and another entirely to create a plan that may actually move a company forward.
Afraid of Success
Just as strong as failing is what happens when a business owner sees success. Are their companies big enough to handle that success? If they set goals, they may have to take on more activities such as hiring and expansion of facilities, etc.
Are You A Small Business Owner That Doesn’t Set Goals?
Here are a few more reasons why:
Will Be Held Accountable
When you make your goals official, you now have a roadmap that holds you accountable. This means that the expectation is much higher and can put unnecessary pressure on these already busy owners.
Too Time Consuming
It takes time to brainstorm ideas and to create tasks that are associated with the goals. This is time taken away from core business functions. Unless they have employees to take up the slack, many business owners are sole employees and have to manage the day-to-day activities.
Why Bother? You Are the Only One
This was covered somewhat in the previous paragraph but when you are the only person in your business, why do you have to come up with goals? Many small business owners think they know what needs to get done.
Just Go with the Flow
Many smaller business owners are under the impression that they can just wing it, i.e., to go with the flow. The belief is that whatever is going to happen will just happen as if it’s meant to be. Setting up goals is a waste of time for people who feel this way.
While there are business owners who have been successful without setting goals, most struggle with their business. In fact, this could be the single reason why a majority of small businesses won’t last past a couple of years.
So, in conclusion, by having a roadmap, you will be in a much better position to see what is working and what needs help. It sure is better than going back to square one and starting all over again!
Here’s an example of a business roadmap, it’s a screenshot from Product Plan, a resource you might try using for your business.
How to stay motivated with your business goals and why you should. Today’s topic is about staying motivated with your business goals, why you should, and why it’s important to business success. YOURS!!
Setting Your Business Goals
When you set up your business goals, you have an initial surge of motivation. The planning stages are exciting because of what you may accomplish by proceeding with your plan. However, as time passes and other aspects of your job get in the way, you may feel less motivated to make those achievements happen. You begin to make judgments about everything.
Here are some ideas on how to stay motivated:
Keep a written copy of your goals and tasks on your desk. Create a daily task list that you print out and keep near you as you work. Daily tasks are more granular than the task list that supports the goals.
Then you can check them off as you complete them. Make sure those daily tasks are as relevant as possible to the tasks on the master list. It’s understandable that you will have to perform tasks outside of the goals but try to keep those to a minimum.
Think about the benefits of completing the goals for your business. You will be responsible for bringing your business to a new level. Of course, that is dependent on what the goals are. However, even smaller-scaled goals will contribute to the success of your business in some way.
Sometimes, as you work through your goals and tasks, you may find some that are no longer relevant. Perhaps your has changed direction, and some of the previous goals are no longer valid. It is a worthwhile exercise to readjust and create alternative plans or even start from scratch. Speak with your mentor or coach if the changes are major enough.
Tracking Your Goals
Another way to motivate yourself to keep on track with your goals is to imagine what may happen if you don’t complete them. Your business may stagnate, or you may not be getting the recognition you deserve. This can be a great way to ensure that you push forward and complete your goals.
When you and your team complete a task, find ways to reward yourselves. This can be as simple as going out for a celebratory drink after work. Don’t forget to invite your boss, even if he or she wasn’t as involved as the rest of the team. He or she may have been more involved at a higher level than you realize.
Achieving goals often become habit-forming (the good kind) so the more you do it, the higher the chances you will succeed.
How to be grateful while creating your business. It is easy to expect success as if being successful was a right instead of a privilege and a gift. That’s today’s discussion because it’s not a topic that most people think about. Do you?
The problem with expecting to succeed is that, without more, the self-absorption of that expectation can slowly and subtly poison everything around you, including your business. True success is earned and when it arrives it should be, and needs to be, accompanied by a stirring sense of gratitude.
What Is Gratitude?
This gratitude is not simply about being grateful for what you have achieved. It is about being grounded enough in the moment of success to remember and recognize everyone who helped you get to this particular time and place. Without this grounded gratefulness any success is lessened and will, in all likelihood, be fleeting. Now you don’t want that do you?
Are You Obligated?
So how do you repay those how helped you in achieving your goals? Well, obviously, acknowledging those individuals and sharing the benefits of your success with them is a great place to start.
Yet, above and beyond taking care of your nearest and dearest, you also need to “pay it forward” by becoming a mentor and helper to others who are currently on their own journey towards success.
Think about how you can collaborate with someone else in order to further their efforts. See if you can contribute in some way to their projects. This contributiondoesn’t have to be monetary.
This gratitude can extend even further. There are people who are currently helping you every day that you may not see as mentors. Your customers are among these people. Without them, success becomes impossible.
Take the time to let them know how important they are. Your vendors are also equally important. Yes, they provide you with materials that you pay them for, but a truly grounded and grateful attitude would also recognize each of them for the critical element they play in your business.
Look outside the box and you’ll see that success is not a solo effort, it’s a team sport. Where is your team? Have you thanked them lately?
Networking and connecting in business are super important. Just as in life, you can’t go it alone. It’s said that none of us are islands, but if we were, each of us would form a vast and interconnected archipelago. Bridges and boats would stream traffic between all these islands and that traffic is largely information. If you cut yourself off from this flow of information, either purposely or by mistake, you do so at your own peril.
Why is it so important to make connections with other business owners? This topic of networking and connecting comes up often so why is it so important?
Here’s one reason why. If you don’t, the island next to you is going to make those connections you’re making and the information they provide and use it to his or her advantage. What are am I even talking about? Let me explain in further detail below.
Why You Should Network
Networking is an essential element of every successful business. It provides you with contacts, leads, clients, partners, suppliers, and much more. It will carry your name and your business reputation farther and more efficiently than most advertising will. Most importantly, it is an endless source of profit, ideas, collaboration, and support.
The IFS and the BUTS
If you are networking, you should do more. If you’re not networking, you need to start. If you don’t network, your business will stagnate and die. But why should I do this you might ask? Aren’t people just going to find me online searching for me? After all, I have a website! Ha…so does everyone else!
When you’re networking you need to keep a couple of important points in mind.
First, every social or professional engagement can provide you with an opportunity to network. There’s often nothing more formal about it than an exchange of information and follow-up connection. Remember, as a business owner you’re always “on the clock”, so to speak. Be ready to take advantage of a potentially lucrative networking situation should the opportunity arise.
Second, when you are networking, treat people naturally, the way you’d want to be treated. Offer no-strings advice. Often solving a problem for free generates more long-term profit than the cost of the advice or service. Also, listen more than you talk. Silence really can be golden when you take the time to hear what another person is saying.
Finally, always remember that honesty is the best policy. Don’t promise something that you cannot produce. Don’t be someone you’re not in order to close a deal. Be yourself and watch those connections grow!
Connections & Business Collaborations
Networking and connecting with other business owners gives you the opportunity to collaborate with others also. You never know what you might teach each other or you might just find someone you can partner up with. Some of the most interesting aspects of your business might be just around the corner. So, remember that when you’re connecting with others.
Today we’re discussing creating focus and endurance in your business. You might ask why you need these two things. Well, if you really want to succeed in your business, this is what it’s going to take.
In any activity or endeavor, it is important to build endurance. Endurance can be defined as the ability to focus on the task at hand and bring it successfully to a conclusion. Some call it fortitude, others call it strength or stamina.
No matter what you call it though, endurance is the ability to persevere and get the job done, no matter what. Do you have what it takes?
Usually, when we speak of endurance, we’re referring to physical activity. Yet, endurance is as important in the business world as it is anywhere else.
Focus & Concentration
In business circles, endurance usually takes the form of focus. Instead of physical prowess, it becomes the ability to concentrate successfully on a given task. Focus is a critical skill set for any business owner. Especially in today’s fast-paced world where success often means keeping several equally important balls in the air at one time.
So, how do you focus on multitasking, a situation where, by its very definition, several things are happening at once?
Well, the key to successful focus is attention. When several things are happening simultaneously, you need to concentrate on only one thing at a time. This doesn’t mean that you bring one task to full completion before you start on another.
Rather, you spend just enough time on a given task to take it to the next stage of development. Then you turn your attention to another task.
In some sense, it’s a little like being a mother duck with ducklings. You give your attention to the duckling that is farthest out of line, nudging it forward to where it should be before you turn your attention to the next little duck. Each duckling gets a measure of your focus, but none gets your full attention all the time.
In this way, each task gets moved along in turn, and all are successfully completed in time.
How are you doing with your focus and endurance? Are you doing what is necessary? Or are you finding yourself all over the place and overwhelmed?
Maybe it’s time for you to think about 1×1 mentoring sessions to help you figure the necessary steps to take to decrease your overwhelm. I would love to help you if you are struggling with your focus.