Achievable Goals: 3 Steps to Achieve Your Business's Real Goals + Tools

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Have you ever wondered where you want to go with your business? Or how long it will take you to achieve your goals? If not, it’s time to start thinking about it!

When you decide to start a business, you need to have a clear idea of what you want to achieve with your venture . It doesn’t matter if you’re still planning or if you’ve been in business for several years. Believe me, you need to set achievable short, medium and long-term goals.

To help you with this mission, we have created three steps that will guide you to understand your business needs, establish achievable goals and objectives, and measure results. We will also recommend the best tools to help you with the process. Check it out!

Step 1: Understand your business and market
Understanding your market and your business is the first step to setting achievable goals. This is the first step in everything we talk about here at 55 Lab. This is because studying the market is the first step to entrepreneurship, in general .

To help you with this step, we have brought two tools:

SWOT Analysis
SWOT Analysis, also known as SWOT Analysis, identifies new zealand phone number lead the Strengths, Opportunities, Weaknesses and Threats of a business. This tool allows you to analyze both internal aspects of your company (strengths and opportunities) and external aspects (weaknesses and threats).

Strengths: positive factors (help the strategic objective) that occur in the internal environment (characteristics of the organization);
Opportunities: positive factors (help the strategic objective) that occur in the external environment (market characteristics);
Weaknesses: negative factors (which hinder the strategic objective) that occur in the internal environment (characteristics of the organization);
Threats: negative factors (which hinder the strategic objective) that occur in the external environment (market characteristics).
Benchmarking
Benchmarking is a marketing term for competitor analysis. It is research done to find out what other companies in your niche are doing, to identify opportunities for improvement in your business.

Benchmarking does not mean copying what others are doing, but understanding which strategies work and which do not work within the market. This tool allows you to evaluate which strategies can be adapted and implemented in your company.

Step 2: Create achievable goals and objectives
It’s time to get down to work. After defining what can and needs to be improved in your business, let’s create achievable goals and objectives. When setting goals, focus on where you want your company to go, not on the means to get there.

To do this, there are some questions you should ask yourself to assess the importance of achieving a certain goal:

What is your goal? What and who do you want to reach?
What actions will you need to take to achieve this goal?
What is the expected financial return?
If you have answered these questions and decided that you will follow through with your goal, it is time to establish the necessary goals to put them into practice. This is where our third tool comes in: SMART goals:

SMART Goals
To be more assertive in the process of setting your achievable goals, use the SMART goal creation tool. Basically, this method allows you to create specific, measurable, achievable, relevant and time-bound goals. Let's take a look at the details:

Specific: Your goal should have a clear and simple objective. Instead of just wanting to increase sales, you could replace it with wanting to increase sales of my product X by 20%.
Measurable: Goals need to be measured to ensure they are successful. In the example above, we could keep a spreadsheet of all the sales for the day to track.