This video emphasizes the importance of setting clear business goals by defining your purpose, vision, and mission. It also highlights the significance of involving your team and getting their buy-in to achieve these goals effectively while avoiding distractions.
What this video covers
You need to get clear as to what is your purpose? What is your purpose? What is your why? What is the what? What is the how of the business? What is the vision? What is that mission?
Get your priorities straight. Honestly. The thing is that always, there’s going to be a new shiny thing that is going to be knocking on your door. When you’re executing, when you’re building something, scaling something, there’s always going to be all types of distractions coming your way.
Consult your teams. As the saying goes: you’re going to be able to go faster if you go alone, but farther if you go together. Your team may be seeing things that you’re not seeing, and for that reason, listening is critical. Be able to ask them the right questions because as a result of that, you might get the right answers for the execution, for setting up those goals, goals that make sense.
Get buy-in. This is really important, especially if you’re a little bit more mature as a company. You are going to have a board that is going to be overseeing the strategy. As the founder or CEO or perhaps senior executive, you’re going to have to pitch to the board your idea, the way that you’re thinking about those goals, the way that you’re thinking about accomplishing those goals, and they are going to need to approve that. So for that, you want to enroll them slowly in it.
Before you go to that board meeting, you want to perhaps have individual discussions with them so that by the time that you get to that board meeting where you’re going to be having this discussion, they’re already sold. They maybe have even had chats between themselves, and you’re going into a room where they are inspired by what is coming ahead and what is in front of you.
Make your goals visible. This is ultimately one thing that is going to constantly remind you, whether you have to put it on the ceiling on top of your bed, whether you have to put it in the entrance so that all your colleagues are going to be seeing them every day – keep reminding what those goals are. Maybe there’s a plan: by this year, we’re going to accomplish A, B, C, and D. But you need to have that as a refresher, as a reminder all the time that [audio interrupted 6:36] pushing into that direction.
You need to choose your KPIs wisely. By KPIs, I mean metrics. What are the critical metrics of the business that are going to determine the health, that health that is showcasing that ultimately that business is growing over the course of time? Those are metrics that you need to track, that you need to be laser-focused on and that you need to make sure that there is growth over the course of time, whether that is weekly, whether that is monthly, but again, that is something that you really need to get aligned with your team.
Know the benchmarks. Perhaps here what you can do is research the market, research your competitors, research out there to know that those goals that you’re setting are realistic, achievable, and actually grounded because, obviously, what you don’t want to do is come up with these goals that are completely out of proportion. Then, you put it in front of employees, and then they’re going to think that you’re crazy. So you can’t afford to lose the respect of your colleagues.
Short, mid, and long-term goals. Just like Bill Gates says, ultimately, human beings “overestimate what we can accomplish in one year, but we completely underestimate what we are able to accomplish in ten years.” With that, basically, put a plan in mind. Put a plan in place where – let’s say, where would you guys or gals like to see the business be in ten years? Then, you reverse-back-engineer the process to where you are today.
