If your company is falling short of its vision, maybe it's time to view it with new eyes. This article is a must read for any small business.
EVERYTHING YOU DO reflects how you see the world - whether implicit or explicit, consciously or unconsciously. Consider your vision. Does it inspire you to do the things you must? Does it fill you with energy and get you out of bed in the morning? Is your vision large enough? Will it provide you and yours with the life and lifestyle you want? Will it help you change the world - even a little bit?
Does your vision still match your beliefs about your market? Does your vision still make sense? Clarify your vision and put it in writing. Then, follow these five steps to transform your vision into a reality:
1) Scan Your Market Conditions. I know you think your market has changed, but don't run your business on hearsay and gossip. What specifically is different? Are there more competitors or fewer? Have selling prices gone up or down? Are customers spending less or more? Are they taking more or less time to make decisions and place orders?
What has changed in your customer's business? What new trends affect the way you can or should do business? What product or service requirements have changed? Is there new technology you can and should apply? What new business opportunities can you uncover? What do your prospects need now that they didn't need before?
Is your market position still viable? If it is, look for ways to strengthen it. If it isn't, what's wrong with it?
Is your target market shrinking? Are your perceived benefits no longer as valuable as they once were? Has your market advantage been eroded by hungry competitors? Have you become obsolete?
Scan the market and figure out what's what with your customer and prospect base, and what changes you need to make to capture more business.
2) Set New Results Goals. Results goals produce an end; they are about what you will have. These include goals such as $5 million in revenue in 2007, 15% profit on product x, 50 new customers by July or a 5% direct response rate.
Set new results goals that are in line with your current vision and current market conditions, then make sure you have a way to get them by following the next steps.
3) Develop a List of 20 Actions to Take. With your vision, market scan and results goals in hand, write a list of at least 20 actions that will help produce your committed results. Don't just jump into the first thing that comes to mind - it is probably the same tired old stuff you've been doing all along, and will not get you anywhere. Shift your brain into gear, push out your thinking, stretch your mind a bit. You might come up with something radical. Don't stop at 10, 15 or 17. Go for at least 20 ideas.
4) Set New Action Goals. With that list of 20 actions in hand, set new action goals. Action goals are what you will do. For instance, you'll contact 300 prospective accounts or send out 50,000 mail pieces. You will write and send two press releases each month, or contact 20 possible strategic partners.
Don't set too many action goals; instead, define a few critical action steps you can work on right away. When those are accomplished, you'll set new ones. Only set goals you are seriously committed to accomplishing and have a clear link to your results goals. With action goals, you have total control over whether or not you do them. You can do what you say you are going to do. And if realizing your action goals doesn't give you the results you want, you can do more and different actions until you achieve your results.
Before getting started, answer this question: What exactly are you using your time for? Will the things that fill your day help you realize your vision and your results goals? If your goal is to increase your new account base by 20%, you must contact prospects, right? But if you are only speaking to existing customers that goal is never going to happen. Detail what you are doing each day - check if your daily actions and your committed results are a match. Stop doing all the things that don't make a difference.
5) Put a Measurement System in Place. Finally, put a measurement system in place for each results goal and each action goal. You can use fancy software for this, or you can use something simple like the United Way thermometer that sits in front of Town Hall. Or just write on a piece of graph paper. However you do it, measure your accomplishments against your goals often - at least weekly. If you find yourself falling short, question what else you can do differently to make your numbers.
That's it. In any economy, following these timeless steps - Vision, Market Scan, Results Goals, Action List, Action Goals and Measurement - will help you turn your vision into a reality.
By Paul Lemberg
Paul Lemberg is the President of Quantum Growth Coaching, a business coaching franchise system built from the ground up to rapidly create more profits and more life for entrepreneurs. Paul is also Executive Director of the Stratamax Research Institute, specializing in helping entrepreneurial companies increase short-term profits for sustainable long-term growth. He is available for keynote speeches and workshops and can be reached via Lemberg.com.Labels: cws, goal setting, goals, vision