As we usher in the new financial year, it’s typical for many businesses to go back to the drawing board to reassess their EOFY goals. While it’s easy to list them down, putting it to action is a whole other ballgame. In an article by Steadfast, they introduced three businesswomen with significant success in achieving their goals and the advice they have for other businesses to do the same.
Mitchell is the founder of Aurora Spa, where twenty-two years ago, she noticed a demand in the market for wellness spas in an urban setting. Her company has grown to over 100 people with branches in Melbourne, Sydney, and Queensland. Furthermore, she coaches and helps her clients attain their goals with these effective strategies:
Draft a 20-year plan: It’s usually better to start with a large-scale vision before narrowing down to the more detailed aspects. In Mitchell’s case, she knew where she wanted Aurora Spa to go and supported this vision by setting achievable goals along the way. As the company expanded, she could take herself out of the day-to-day operations and focus on other areas of the business.
Manage your expectations: A common mistake people often make is biting off more than they can chew. While aiming to double in revenue within several weeks can be motivating, it’s more constructive (and feasible) to have an aim to increase revenue by 5-10 per cent each month over the next 12 months. That way, you’ll avoid feeling discouraged if you don’t manage to meet your weekly revenue.
Avoid being an over-achiever: If you’re someone who likes to set lots of goals, it is likely you won’t be able to make it through all of it come year end. However, setting goals and spreading it across the different areas of your business is possible. You could have a financial goal, such as increasing revenue by 10 per cent and an operational goal, like releasing a new product. Try not to set more than five goals per financial year.
Reflect on your goals: Mitchell makes it a point to review her goals and determine her course of action for the coming week. In doing so, she is clear on her weekly targets and there’s a smaller chance of her getting thrown-off by less important issues.
Peggy Wilcox & Jane Tweedy
Unlike Mitchell, these two women are still in the early years of their business. Peggy Wilcox, a licensee of Mooney Real Estate Penrith, strongly believes in the effectiveness of goal setting. According to her, the best goals are those that get you out of your comfort zone. She had set herself the target to double the rent roll within the first half of the financial year. This goal, trickled down to her staff, meant that they had to be on the ball in bringing in new business and making sure they work smart to stand out from the rest.
Instead of just setting goals for yourself, Wilcox suggests having your employees to list goals for themselves too. Weekly team meetings help to ensure that everyone has an opportunity to voice their progress. Those who manage to meet their goals will receive a reward, as this encourages friendly rivalry between colleagues and invites everyone to bring their A game.
Owner of FAQ Business Training, Jane Tweedy, is a staunch practitioner of preparing SMART (Specific, Measurable, Achievable, Realistic, and Timely) goals. One must be able to clearly state what their objective is and know their movements in getting there. Tweedy doesn’t entertain the “no time” excuse when it comes to non-urgent but important goals. She believes that if you dedicate 10 minutes every day to tackling your set tasks, you will be able to progress significantly towards your aim.
Another tip from Tweedy would be to find a proper support system to see you through this journey. With like-minded entrepreneurs and business advisers to lend a hand, it grants some relief in achieving your vision for your business.
Is one of your goals for the year to make sure your business is properly insured? At East West Insurance Brokers, we can help you tick that off your list, so you have one less thing to do.
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