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.
There is nothing more stifling to success than rigid thinking. Do you have that? Rigid thinking leads to rigid behaviors and rigid behaviors lead to dead ends, blind alleys, and creative cul-de-sacs. Today’s topic is about success in business require flexibility. Do you have an idea of what that even means in business?
While there is a certain amount of comfort to routine, too much routine can choke off all chances that you will be able to successfully reach your business goals. Why? The answer is very simple.
Resilience And Change
The world, including the business world, is constantly changing. Rigid thinking and rigid behavior, by definition, are resistant to change. Therefore, rigidity, in thought and action, spells obsolescence in the business world.
In today’s world, information is power, money, and control all rolled into one. The fast and free flow of information is what makes this possible. Everything changes quickly and what is a successful formula or a popular product in one cycle can be, and usually is, old news in the next.
The only way to successfully stay on top of this bucking bronco of information and use it to your advantage is to be flexible enough to roll with the changes.
Flexibility is easy to achieve as long as you are not too tied down to any single idea, product, service, or manner of delivery. If you can keep up with changing market conditions through judicious use of the flow of information, you can easily spot new trends. Then you can adopt them successfully, usually before your competitors have had time to act.
The only trick is to not fear change and, instead, embrace it. And if changing is the only reality in the business world then, to be successful in that world, change is going to be your reality as well.
We’ve all heard the old saying “nothing ventured, nothing gained”. Like most old sayings, there’s a strong element of truth in those words. Are you a risk-taking business owner? Maybe you are and you don’t even know that you are one. Simple to find out though, take a look at this definition.
Definition of risk-taking: the act or fact of doing something that involves danger or risk in order to achieve a goal Starting a business always involves some risk-taking.
At the risk of following one old saying with another, without risk, there is not, and cannot be any reward. There is an element of chance inherent in every venture and unless that chance is recognized and faced, the venture will never become reality.
A Natural Risk-Taker
There are people who are natural risk-takers, as well as people who are very risk-averse. Do you find that to be true? The key to success when it comes to risk-taking is understanding what type of person you are. Take this quiz here ⇒ Quiz and see how you fare.
How does this personality trait affect your business when it comes to dealing with risk? It is important to keep in mind that the secret of success when it comes to business risk is mitigating potential damage in favor of potential gain.
Is it a Risk or a Danger?
Therefore, neither type of risk personality, in and of itself, provides an advantage over the other when it comes to risk management. A risk-taker can just as easily overreach themselves as a risk-averse person can underreach themselves. Interesting yes?
When faced with a situation that offers reward and risk, the key is to coolly and impartially assess the potential positive and negative outcomes. And then decide accordingly. No danger there right?
Being a Successful Business Owner
Successful business owners are sometimes seen as risk-takers simply because they understand the danger in a situation better than anyone else involved. So, while it appears that they are courting disaster, the reality is that the risks involved have been managed. This allows them to control negative consequences.
The successful business owner who takes a risk is very much like a professional tightrope walker. To the observer, it looks death-defying and, perhaps, frightening. To the performer, it is simply another day at the office. Their skill, training, and preparation sufficiently offset the inherent risk to make the feat only appear to be remarkably dangerous. What do you think?
In your own business, don’t be afraid of risk but, at the same time, don’t take the risk lightly. Weigh your options carefully and, when you arrive at a prudent decision, move forward with confidence.
And speaking of confidence, I have a great course on confidence.
There are a lot of different factors that come into play when it comes to being successful in business. Today, let’s focus on two of them, how to be on time and organized.
These two factors can make a HUGE difference in your day-to-day life. Once you have mastered these, you will be able to move faster in your business because they are a major stumbling block for new business owners.
Think back on some of the most successful people you’ve met in your own life. The chances are they were good at both of these – being organized and on time. There’s a reason why both of these factors will make such a big difference when it comes to being successful. Can you name at least one or two?
How Being On-Time And Being Organized Can Help You Succeed
Both being on time and organized can help you make the best possible use of your time and energy. When referring to energy, it includes both mental and physical energy. We all have a limited supply of both, along with being restricted to 24 hours on a given day. In other words, both time and energy are limited resources. What being on time and staying organized helps with is making the most of those resources and focusing them on tasks and activities that help us reach the goals that define success.
There are two different ways in which being both on time and organized will help you succeed. Let’s look at both of them and then briefly discuss how to get better at them.
Being On-Time And Being Organized Saves You Time
So, how much time have you wasted this week looking for a misplaced item or a file on your hard-drive? How about your car keys? And, how much time have you wasted because you didn’t show up on time for an appointment and ended up having to wait? Making an effort to be on time and staying organized helps you save precious time and energy.
Being on time is all about time management and awareness. Work will always stretch out into however much time you give it. Becoming more aware and better at time management will help you work more efficiently.
The same is true for being well organized.
Being Organized and On-Time Helps You Look Professional
Showing up late for an appointment or interview makes you look bad. So does not being prepared or having to dig around for a few minutes to find something needed like a pen or a notepad. This is particularly true when it comes to first impressions. Work on getting better at both by trying harder to be prepared.
It will help you get the chances you deserve, and people see you as the respected person or expert in your field that you are.
How To Get Better At Both
You now know why it’s important to work on getting organized and being on time.
So, let’s look at how we can improve both those skills.
What it comes down to is getting into the habit of being conscious of time and staying on top of organizational tasks. Yes, if you’re exceptionally disorganized, it will take some up-front work to clear things up. Once completed though, you have to make an effort day in and day out to put things back in their place and stay organized.
That is true for physical items, digital items, and even thoughts and ideas. The short answer then is to practice both being on time and staying organized on a daily basis until they become habits.
It’s said that it takes 21 days to make a new habit stick. Here’s a free tracker to help you master your new habits.
And if you need additional help, I’m always available to chat with you to discuss how you can master your habits. Book an appointment with me here for a free 15-minute chat.