Once you’ve created a business plan and set goals, it is important for having an understanding of how you will measure results.
It may surprise you but this is a step that many business owners neglect to do. Many create a business plan. Some go a step further and make some goals. But most do not follow through with how they will measure if they have been successful.
There are a few reasons people don’t do this. We have a few tips for them on how to combat this so they can be even more successful in business than before.
#1. A lack of time
This is one of the top reasons business owners point to when not following up with measuring the results. The best tip we have for you is to find the time that works best for your schedule to evaluate your goals. If you are a morning person then do it then. If you prefer the end of the day, then do it at this time. Schedule a 15 to 20 minute time to sit down each month (each time every month) to see how far you’ve come with your goals.
#2. The goals were not SMART
This is a big challenge. If a business owner sets goals that are not achievable because they are not Specific, Measurable, Achievable, Relevant and Timely then it is just about impossible to evaluate if you’ve accomplished them! We recommend you look back at your goals and “tweak” them so they are SMART and then look at them again in a month.
#3. Fear of failure
There is a saying that a business owner is the type of person “who will work 12 hours for themselves to avoid working 8 hours for someone else.” No one would argue that a business owner is hardworking. But if you are unwilling to take a look at your goals again because you think you might fail, this is something you must push through. This in itself is a fear and often you can achieve your goals. The secret is learning to self-evaluate your skills and the needs of your business. Get a mentor or business professional you trust to look at your goals, this may help inspire you towards success.
To measure your results you need to have a tracking system of some type for your goals.
For some things – such as product or services sales – you will be able to look this up easily and see how you’ve done this month as compared to last month. But if you want to track how many new, potential customers call you this month compared to last month, it is important for you to ask every customer that calls “how did you hear about my company?” You can write down this information and keep track of how many new calls for business you receive. The best system that works is one that is simple and that works with your daily business life.
There is a saying about effort, that “no one can do your pushups for you” and it’s quite true. Only you can put into place the systems that will help evaluate if you are getting results. While it can be disappointing to discover that the results are not successful, this in itself can help you make a different course of action. Successful results too can aid you in making important business decisions both short and long term.
