ReportWire

Tag: Goals

  • So Your Company Is Talking About Transformation — But Is It Ready? Here’s How To Tell. | Entrepreneur

    So Your Company Is Talking About Transformation — But Is It Ready? Here’s How To Tell. | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Change. If talk of it has been swirling around the water cooler, people on your team probably have questions. When will the shift happen? Who’s going to be most involved? What does the change mean for specific roles? While each of these questions matter, perhaps no question is more critical than this: Is the company ready?

    Plenty of businesses throw this question into a lake, distracted by competitive pressure, the whims of egotistic leaders or the desire to stay comfortable. But it’s by facing the question that the business can devise a regret-free game plan.

    Committing to transformation

    Although headlines in the news might have left workers uneasy about the idea of company changes, companies have a choice about whether they want to transform or not. In fact, they have three choices: stay the course, evolve or disrupt.

    Staying the course typically means growth of 0-3%. Popular retailer TJ Maxx sits in this category. Their brick-and-mortar approach and support of different brands has been effective for them. Companies that evolve see growth between 2 and 5% — consider the NASCAR pitstop today (21 people, 12 seconds) versus the pitstop of the 1960s (4 people, 5 minutes and 38 seconds). Disruption happens when growth is more than 5%. But that takes challenging the status quo, bringing the company’s core capabilities into new, auxiliary or complementary markets, and offering clients new and different things. Netflix, one of the most well-known disruptors, changed the entertainment game with streaming video services.

    Disruption or transformation is like a chocolate brownie. It’s easy for people in a company to say they want it — but are they willing to do what it takes to make it from scratch? It’s tougher to actually execute, so companies have to be willing to commit. To get that commitment, they need first to check for a solid market opportunity, develop and communicate a shared vision, and then ask, “Are we ready, willing and able?” If the company has a good attitude of buy-in around the opportunity and workers have the skills necessary to execute, the business can often successfully transform.

    Related: 9 Entrepreneurs Who Have Rapidly Transformed Their Businesses for the Better

    The eight pillars of transformation

    Assuming a business is ready for transformation, it should look at eight distinct pillars to make the change happen:

    1. Leadership. Are enough people willing to accept responsibility to organize people toward the common goal? A company might need as many as 100-150 champions on the team who can show others why the company is doing things differently. Build out the leadership team so there’s a good mix of homegrown and outside talent that can create healthy debate.

    2. Culture. What do people want the company to be? What’s the gap between that vision and where the company is right now? Initially, our team’s culture was a high-touch service where workers aimed to do anything for the client. Now, we’re striving to be more innovative. We actively work against fixedness and apply the broken window theory — i.e., the idea that little things can make a big difference.

    3. People. Do people have the right attributes and skills necessary for the transformation? Don’t be surprised if there’s some variance. Typically, just 20% of people readily conform, 60% are the neutral majority and 20% need some proof or encouragement before coming on board. Companies can address skills gaps in lots of ways, but we introduced a program called Learn IQ, where any employee in the company can take a micro-credential program at any university.

    4. Systems. Does the company have a scalable system model in place? Without one, the business will bring clients in the front door only to have them run out the back. We went from 289 units on the road in 2018 to 30,000 units in 2022 by taking a very systemic approach.

    5. IQ. Can people interpret the core, adjacent and macro signals available (e.g., interest rates)? Can they execute logically? When we decided to do the last mile, we intentionally decided not to try to please everyone because we had something to learn and wanted to get better at it. We focused on market entry, expansion and diversification and didn’t bring in other clients until we knew our first clients were satisfied.

    6. EQ. Does the company know when to hit the gas versus the brakes? During Covid-19, we took a high EQ approach, stayed cool and focused on what we needed to do. As a result, while the overall industry dropped 17%, our team went up 38%. Any team can look into implementing this during moments of tension or stress.

    7. Flexibility. Does the business see challenges and opportunities with a willingness to fail? In mobility, we started in Class 1. Now, we go all the way through Class 8. We were willing to try franchising and then pull out when that didn’t work.

    8. Fearlessness. Every team has fears, uncertainties and doubts. Is the team willing to face those and stare them down? Many times, we don’t have data or know something is going to work. But we encourage people to try things out and fail fast because we know bold actions create new opportunities. Betting on young leaders is one way we’re committed to being fearless.

    Related: How to Create Success for Your Business Through Digital Transformation

    Step up, hit repeat, compete

    In many companies, staying the course or undergoing gradual evolution is the right decision. However, a business needs to be constantly assessing circumstances and goals. The team might find that, at a certain point, changing is the right move to make. Once they are ready, willing and able to take the transformation on, success depends on the company stepping up to all eight transformation pillars. If the business can hit repeat on that sequence over time, it can continue to meet customers’ demands for generations and enjoy long-term competitiveness.

    [ad_2]

    Brendan P. Keegan

    Source link

  • Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

    Entrepreneur Magazine: Finding Motivation In The Face of Setbacks | Entrepreneur

    [ad_1]

    You’re trying to get somewhere. But you’re not there yet.

    That is frustrating. And worse, it’s embarrassing. You’ve worked hard. You’ve traveled far. And you think: I should be there by now — so why am I not?

    I feel this too, and I’ve concluded that it isn’t just about anxiety or impatience. It’s about something more fundamental: This is what happens when we are on a path, and what’s ahead is unseeable.

    [ad_2]

    Jason Feifer

    Source link

  • Austin Pets Alive! | Open Letter from Dr. Ellen Jefferson, President…

    Austin Pets Alive! | Open Letter from Dr. Ellen Jefferson, President…

    [ad_1]

    Sep 05, 2023

    Today, Austin Pets Alive! has made the difficult decision to provide a 30-day notice to end our veterinary services contract with Laredo Animal Care Services (LACS).

    When we began our partnership with LACS earlier this year, at the request of the Laredo city council and community, it was with the whole-hearted intention to help meet the city’s goals of providing medical care and practices that further saved lives. Every vaccine given and disease prevented, medical treatment administered, surgery conducted, and animal transported to another rescue partner was done to not only fulfill our contractual obligations but as a moral obligation to the pets being sheltered in the city. We heard from community member after community member how much it meant to them that their city shelter could become more aligned with the word “shelter” — providing true safety and care to pets that are lost, displaced or abandoned.

    We’re very proud of the work we did alongside many of the dedicated LACS staff members. The last eight months have led to more than 1,000 spay/neuter surgeries (an approx 400% increase from the previous Veterinary vendor) and raised the feline live outcome rate to a historical high of over 70%. Dogs and cats that were once euthanized for having something as simple as a cold were treated and many have already been adopted.

    Unfortunately, we were met with resistance from shelter leadership. Over the past few months as the changes required became more real, and hard, the goals of LACS shifted away from a lifesaving focus and back toward operating at a lower capacity for care and lifesaving. This approach means that thousands of animals who should live long healthy lives will continue to die in order to meet a regressive goal. We cannot in good conscience continue working under such a drastic diversion from the original goals the city council laid out for us to follow.

    It hurts our hearts to leave so many pets and people behind but we believe that we have no other choice. Our true hope is that Laredoans saw that life saving was possible and that they will demand the changes necessary to be a humane city for beloved pets.

    Sincerely,

    Dr. Ellen Jefferson

    President and CEO

    Austin Pets Alive!

    [ad_2]

    Source link

  • 5 Crucial Leadership Elements to Earn Your Team’s Trust | Entrepreneur

    5 Crucial Leadership Elements to Earn Your Team’s Trust | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Trust – it’s the performance-enhanced steroid that can transform even the most diverse group of misfits into a high-performance team. Without it, standards and expectations aren’t taken seriously and productivity suffers greatly.

    You have to maintain a high level of trust across your team to ensure buy-in for collective efforts toward a shared company goal. Gaining your team’s trust, though, doesn’t happen spontaneously. It requires a great deal of authenticity, clear communication, strong and stable support, integrity and a whole lot of consistency.

    Having led hundreds of individuals across multiple industries and levels of leadership, including vice president of sales and now CEO, I learned some insightful gems to earn those positions. Here are a few lessons for other leaders aiming to create a culture of trust and extract peak performance from their teams.

    1. Authenticity

    In an era filled with curated personas and the mentality of “fake it til you make it,” authenticity stands out as a refreshing departure from the norm. And just like a well-timed, sarcastic zinger in the middle of a boring and quiet waiting room, authenticity has a way of cutting through the noise (or silence, in this case) and creating an instant connection. People have a great appreciation for authentic personalities. We’d rather work with a jerk who is direct and tells it how it is over someone who shares misinformation to just people please and avoid confrontation.

    So, how can you demonstrate authenticity in the eyes of your team? The answer lies in staying true to yourself and being transparent with others. Expressing your thoughts, feelings, and viewpoints openly (yet tactfully), allows your unique personality to shine through. By being genuine, your team will recognize your sincerity, laying the foundation for trust.

    Related: 3 Ways Authentic Leaders Inspire and Retain Employees

    2. Communication

    Saying nothing says a lot, and is a proven path to damaging your team’s confidence in you as a leader. Clear, consistent and honest communication is at the heart of leadership. To develop trust within your team, you have to communicate clearly and consistently.

    Start by articulating your vision, objectives and expectations to your team, ensuring everyone aligns with the same goals. Encourage open conversation and an environment where team members feel comfortable expressing their thoughts, ideas and concerns free from judgment. And when things go wrong, as they inevitably will, don’t hide behind a wall of silence. Address issues head-on and keep your team in the loop. Remember, a well-informed team is a trusting team.

    Related: Why Effective and Influential Leaders Focus on Direct Communication

    3. Elevate your team

    Great leadership in its purest form is elevating those around you. When you focus on elevating your team — helping them to grow, learn and improve — you create an environment of trust, empowerment and explosive growth. You’re showing them that their development is important to you and that you believe in their potential.

    This isn’t just about professional skills; it’s about personal growth as well. By investing in them as individuals, and showing a genuine interest in their aspirations and challenges, you’re building a deep, foundational level of trust. This trust breeds loyalty, open communication, and a culture where everyone feels valued and heard. As a result, you enhance team morale, productivity and overall cohesion.

    Here are a few effective strategies I’ve implemented over the years to elevate my team:

    1. Skill development workshops and training. As a leader, it’s important to identify the strengths and weaknesses of your team. Regularly conducting skill development workshops or training sessions helps your team members polish their existing skills and acquire new ones. You can start by asking your team the following questions: What skills are you most interested in developing? How do you think this training will help you perform better at your job?

    2. Mentorship programs. Pair less experienced team members with senior members or external mentors. This can provide the opportunity for personal growth and the sharing of wisdom and experience.

    Questions to ask: Who do you look up to professionally? What traits or skills do they possess that you aspire to have?

    3. Recurring one-on-one sessions. Regular feedback is crucial for personal and professional development. These sessions provide a space for open discussion about performance, challenges and opportunities for growth for both you and the subordinate.

    Questions to ask: What challenges are you facing? How can I support you? If you had to put a finger on one thing I could improve on, what would it be?

    4. Encourage autonomy. Giving your team the freedom to make decisions creates a sense of responsibility and boosts their confidence.

    Questions to ask: What responsibilities would you like to take on to grow in your role? How can I support you in this process?

    4. Integrity

    Integrity stands as the backbone of trust. Without it, everything crumbles. In the workforce, integrity is simply doing what’s right, regardless of who’s watching or how inconvenient it may seem. It revolves around honoring your word, acknowledging your errors and making decisions with the team and organization’s best interest in mind.

    To display integrity, ensure consistency in your actions, and fulfill your commitments. If you say you’ll do something, make sure you deliver. In the event of a mistake, accept it, own it and find a solution forward. By continuously operating with integrity, you’ll position yourself as a dependable leader your team can trust.

    Related: How to Maintain Your Integrity While Keeping Up With a Rapidly Changing Environment

    5. Consistency

    Excelling in these areas will serve you well, but the ultimate key to long-term sustainability is in your consistency. Trust isn’t an event, it’s a habit. It’s the consistency that establishes a reliable pattern of behavior that your team can depend on.

    To be a consistent leader, treat all team members equitably and enforce your policies the same. Strive to have a strong presence in your team’s daily activities. Most importantly, be consistent in upholding the qualities above. When your team knows what to anticipate from you, they’ll trust you to guide them, even in the face of uncertainty.

    [ad_2]

    Kash Hasworth

    Source link

  • Why Owning Your Decisions Is Critical to Your Success As An Entrepreneur | Entrepreneur

    Why Owning Your Decisions Is Critical to Your Success As An Entrepreneur | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    One of the biggest gifts I’ve had in my life has been my mentors. They’ve given me direction and advice that has gotten me where I am today. When I say there’s value in listening to others, I truly mean it.

    But there’s a big difference between taking great advice from people you respect and collapsing under interpersonal or social “shoulds.” This might look like getting the job your parents want you to get or following a career path you can’t stand because everyone tells you it’ll make you financially secure. Fearless leadership requires you to own what you want with no apologies.

    What it means to own your “wants”

    Owning your wants as a leader is synonymous with authenticity and self-awareness. It doesn’t require you to completely disregard traditions or the paths others have taken to find success. You can still deeply respect those. It just means you understand yourself enough to know what will fulfill you — and take accountability for obtaining that fulfillment for yourself. If you must go in a different direction than others to be happy or get what you need, don’t hesitate.

    Let’s pause on that idea of self-accountability for a moment. Some people make the mistake of interpreting self-accountability to mean that they must do everything independently. But no one successful has known everything or been able to do everything. The most successful people know their limits and are grateful to take help and delegate where possible. So, as you seek to take ownership of your true desires and goals, accept that it’s okay to build a team that can support you.

    Related: How to Give Constructive Feedback That Actually Empowers Others

    Why taking ownership is so hard

    Owning what you want can be hard — other people can be closed-minded or have their own goals. They can try everything to convince you that the path you want to walk is foolish, simply because they haven’t walked it themselves or don’t want you to get in their way by rocking the boat. Their efforts to dissuade you can do a serious number on your confidence.

    Then there are the logistical hurdles. How will you pay $100,000 when all you’ve got is $50,000? What if the certification you need isn’t offered for another year and requires you to relocate? Some will never own their dream because they don’t know how to overcome those problems.

    Finally, being self-aware is a rare gem — even though 95% of people think they’re self-aware, only 10-15% are. Maybe people haven’t had the chance to explore and figure themselves out. Or, perhaps they’re unwilling to break out of familiar habits, get feedback or reflect on what they believe. Either way, without self-awareness, it’s hard for a person to identify where they want to go and have conviction about that decision.

    Related: How Listening Can Help You Build a Culture of Trust in Your Business

    How to own what you want

    Looking at the three main issues that hold people back from owning what they want, five steps can help you go after what matters to you:

    • Connect with yourself. Techniques like mindfulness, journaling, trying new hobbies or getting feedback can help you discover who you are. Once you have a better sense of self, it’s easier to identify what will be meaningful or beneficial to you.
    • Define what you want. Do you build a legacy as a CEO over decades or move on every few years? Does being wealthy mean $100,000 a year or $1 million? The more clearly defined your goal is, the easier it is to understand the responsibility you’re taking on, assess what’s realistic and develop ways to measure progress.
    • Believe you deserve to achieve it. It’s common for people to get wrapped up in doubts or shame. When something good happens, they feel unworthy and mentally point out others who should get what they want instead. Accepting the belief you deserve to achieve as part of connecting with yourself silences this negative inner critic and the naysayers who might try to keep you stuck. The more justified you feel in pursuing the goal, the less likely you are to abandon it.
    • Figure out the steps necessary to achieve what you want. Most logistical issues can be figured out if you break them down into smaller action points. Mentors and teammates can help you consider alternatives and get the necessary information to move sensibly from one small point to another.
    • Take action. Even the most brilliantly broken-down plan won’t amount to much unless you do what’s on it. Face your fears and bravely confront each step, trusting you can sort through any bumps that might come up along the way.

    Related: 7 Tips on How to Manifest Success in Your Business

    Taking ownership is not easy, but it makes your soul rich

    Owning what you want admittedly is no cakewalk — doing your own thing and swimming against the current takes bravery. But taking on the risks of pressing upstream increases the odds that, in the end, you’ll be fulfilled. Because innovation and competitiveness almost always ride on the heels of a dream someone claimed and took pride in, don’t compare yourself. Just be honest about why you crave the path you do and take it.

    [ad_2]

    Brendan P. Keegan

    Source link

  • 5 Essential Steps to Drive a Culture of Continuous Improvement | Entrepreneur

    5 Essential Steps to Drive a Culture of Continuous Improvement | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As a leadership expert, I’ve had the privilege of working with numerous organizations, helping them transform their businesses and cultivate environments where employees thrive. Over the years, I’ve observed that the most successful companies are those that prioritize continuous improvement.

    In this article, I’ll share five key steps that you need to take to drive a culture of continuous improvement within your organization.

    Related: Make Continuous Improvement Culture Your Competitive Edge With These 5 Tips

    Establish a clear vision and set specific goals

    The first and foremost step in creating a culture of continuous improvement is to establish a clear vision for your organization. This vision should be inspiring, motivating and easy to understand. It should also include specific, measurable goals that can be tracked and analyzed over time.

    A clear vision and specific goals provide a roadmap for your employees, helping them understand the direction in which the organization is heading. This will inspire them to find new and innovative ways to achieve these goals and contribute to the company’s growth.

    Tips:

    • Create a vision statement that reflects your organization’s core values and long-term aspirations.
    • Set SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals that align with your vision.
    • Communicate your vision and goals to all employees, ensuring that everyone is on the same page.

    Empower your employees

    To truly drive a culture of continuous improvement, you must empower your employees. This means giving them the authority, responsibility, and resources to make decisions and take action within their areas of expertise.

    Why is this important? Empowered employees are more likely to take ownership of their work, actively seek out opportunities for improvement, and be more engaged in their jobs. This, in turn, leads to higher levels of innovation, productivity and overall performance.

    Tips:

    • Encourage open communication and collaboration between employees and management.
    • Provide employees with the necessary training, tools, and resources to excel in their roles.
    • Recognize and reward employees who demonstrate initiative, creativity, and a commitment to improvement.

    Foster a growth mindset

    A growth mindset is the belief that intelligence, talent and abilities can be developed through effort, learning and perseverance. By fostering a growth mindset within your organization, you create an environment where employees are willing to take risks, learn from their mistakes and continually grow both personally and professionally.

    Why is this important? A growth mindset is essential for continuous improvement because it encourages employees to view challenges as opportunities for growth rather than obstacles to be avoided. This mindset promotes innovation and adaptability, which are crucial for staying ahead in today’s fast-paced business world.

    Tips:

    • Encourage employees to set personal and professional development goals.
    • Provide opportunities for employees to learn and grow, such as training programs, workshops and mentorship opportunities.
    • Celebrate failures as learning experiences, emphasizing the importance of perseverance and resilience.

    Implement regular feedback loops

    Continuous improvement relies on regular feedback, both from employees to management and vice versa. This feedback is essential for identifying areas of improvement, celebrating successes and making data-driven decisions.

    Why is this important? Regular feedback loops create an environment where employees feel heard and valued, and where management can make informed decisions based on accurate, up-to-date information. This leads to a more agile, responsive organization that is better equipped to adapt to changing market conditions and customer needs.

    Tips:

    • Implement regular check-ins, performance reviews and team meetings to facilitate open communication and feedback.
    • Create anonymous channels for employees to share their concerns, suggestions, and ideas.
    • Act on feedback promptly, demonstrating to employees that their input is valued and taken seriously.

    Related: These Simple Changes to Your Performance Reviews Will Make More Effective Employees

    Measure and celebrate progress

    Lastly, to drive a culture of continuous improvement, you must measure your organization’s progress toward its goals and celebrate milestones along the way. Tracking key performance indicators (KPIs) and other relevant metrics will help you identify areas of success, as well as those that require further improvement.

    Why is this important? Measuring progress is crucial for maintaining momentum and ensuring that your organization is moving in the right direction. Celebrating milestones not only boosts morale but also reinforces the importance of continuous improvement and encourages employees to strive for even greater achievements.

    Tips:

    • Establish relevant KPIs and other metrics that align with your organization’s goals and vision.
    • Regularly review and analyze performance data, using it to make informed decisions and adjustments as needed.
    • Recognize and celebrate both individual and team accomplishments, fostering a sense of pride and camaraderie among employees.

    Driving a culture of continuous improvement within your organization is essential for long-term success in today’s rapidly evolving business landscape. By establishing a clear vision and setting specific goals, empowering your employees, fostering a growth mindset, implementing regular feedback loops and measuring and celebrating progress, you will create an environment where innovation, adaptability and excellence can thrive. Remember that continuous improvement is an ongoing journey, not a one-time initiative. As a leader, your commitment to this journey will be the driving force behind your organization’s growth and success.

    [ad_2]

    Gordon Tredgold

    Source link

  • 3 Best SMART Goal Examples and How To Achieve Them | Entrepreneur

    3 Best SMART Goal Examples and How To Achieve Them | Entrepreneur

    [ad_1]

    Everyone has goals in life that they want to achieve either in their personal or professional lives. But once you have set a goal, how do you achieve it?

    Continue reading for everything you need to know about SMART goals and the steps you can take to help achieve yours.

    What is a SMART goal?

    So you know what a goal is, but what is a SMART goal?

    SMART is an acronym first termed by George T. Doran in 1981 that helps you narrow down the steps that are necessary for helping you to achieve your goal.

    The SMART acronym stands for the following criteria:

    • Specific: You have a clear and concise goal you are working towards.
    • Measurable: You have particular criteria that help measure progress and how close you are to attaining your goal.
    • Achievable: Your goal is realistic and is not impossible to reach.
    • Realistic: It is an attainable goal and fits into your life plan.
    • Timely: Your goal has a clear time frame which includes a beginning and due date to help create a sense of urgency. This allows you to implement efficient time management processes to achieve your goal.

    Related: What Are SMART Goals and How Can You Set and Achieve Them? | Entrepreneur

    What is a specific SMART goal?

    Now that you know what a SMART goal is, it is essential to take it a step further and make it a specific SMART goal. Specific SMART goals have a much higher chance of actually being achieved.

    To create a specific SMART goal, the following five “W” questions need to be considered:

    • Who: Who is part of the goal?
    • What: What exactly do you want to accomplish?
    • Where: Where is this goal going to take place and be achieved?
    • When: When do you want to accomplish this goal?
    • Why: Why do you want to succeed with this goal?

    An example of a specific SMART goal is “I want to lose weight.”

    To make this a specific SMART goal, it would be “I want to become a member of the gym down the block from my home and work out five days a week to get in better shape.”

    Related: Use This Acronym to Create and Complete S.M.A.R.T. Goals | Entrepreneur

    Why are SMART goals important?

    SMART goals are essential, as they help you focus on what you want to achieve and create a step-by-step plan on how to achieve them.

    In fact, some research found that 76% of participants who wrote down their goals, created a step-by-step plan and did weekly check-ins with a friend achieved their goals. That is 33% higher than those who didn’t.

    Related: The 5 Golden Rules of Goal-Setting | Entrepreneur

    How do you create a SMART goal?

    There are five steps you can take to create your SMART goal-setting plan. Here’s a detailed description of these steps to help put you on the path to reaching your goals.

    Be specific

    When writing your SMART goals, being as clear as possible is vital.

    For example, if you work in the marketing industry, your job post likely centers around key performance indicators (KPIs).

    In this case, you may want to choose a specific KPI or metric to improve. This improvement can include anything from visitors, leads or customers.

    You also want to write down the names of team members working with you to achieve this goal.

    Implement measurable goals

    One key feature of SMART goals is that they should be measurable.

    This is important as you need to be able to track your progress to see if the path you are currently on is working or not.

    For example, instead of saying that you want to increase the traffic to your site by a certain date, be more specific and say you want to increase traffic by 25% by that date.

    This way, you have a specific goal to measure your progress by.

    Related: How to Set Measurable Goals and Achieve Maximum Success | Entrepreneur

    Set realistic and achievable goals

    An achievable goal takes into consideration the probability that you can actually achieve it.

    It is imperative to choose relevant goals based on your own stats and not industry benchmarks so that they are realistic and achievable for you.

    For example, if you wanted to increase your website traffic and have been seeing an increase of 5%, an achievable goal would be to increase traffic by eight to 10% rather than 25%.

    This way, you are setting a realistic goal and not just setting yourself up for failure.

    Related: Have a Plan, Not a Dream | How to Set Realistic Goals for Your New Business | Entrepreneur

    Choose goals that fit your life plan

    Choosing personal goals that fit into your life plan or business goals to help with your professional development is crucial.

    Choosing goals that help promote a healthy work-life balance and fit into your overall life plan is important.

    Choosing your own smart goals relevant to your lifestyle helps narrow your goals and makes you more aware of the factors you need to consider when figuring out what steps to take to achieve them.

    Goals should be time-bound with a clear start and end date

    A time-based SMART goal helps keep you on track and allows you to easily track progress toward your goal. When writing smart goals, it is vital to track your progress, which puts just enough pressure on yourself to accomplish them.

    For example, instead of saying you want to increase traffic to your website by 8-10% each month, you would say you want to increase traffic by 8-10% and reach 70,000 visitors by the end of June.

    Related: 8 Ways to Stay Accountable With Your Goals | Entrepreneur

    4 Steps to help achieve your goals

    There is no point in having a goal if you have no idea how to accomplish it. Once you’ve defined your goal, there are a few steps to take to help you stay on track.

    A few reasons why SMART goals are important are because they:

    • Help you create a clear goal rather than a vague one.
    • They provide a way to track your progress toward your goal.
    • They provide realistic and achievable objectives to work towards.
    • They help reduce unnecessary steps that can waste time and take you farther from your goal.
    • They help set a clear start and end date for achieving your goal.

    Related: 5 Mindset Secrets to Achieve Your Goals Faster | Entrepreneur

    1. Write your goals down

    Writing down your goals and placing them somewhere you can regularly see them is crucial. If your goal includes team members, put it somewhere everyone can see it regularly.

    Putting your goal down in writing helps make it more real and is an excellent reminder of what you are working towards.

    2. Share your goals with others

    When you share your goal with other people, it helps keep you accountable and enables you to avoid procrastination.

    Once you have shared it with someone else, it is like committing yourself to work hard to achieve your goal. Just make sure that the people you share your goals with are supportive and will provide the encouragement you need instead of making you second guess yourself.

    Related: Try This Trick to Help You Achieve Your Goals | Entrepreneur

    3. Track your progress regularly

    It is crucial to track your progress regularly. If it is a short-term goal, you may want to have a daily or weekly check-in to see how you are doing.

    If it is a long-term goal you are working towards, you may want to constantly check in at the end of the month to see how you are progressing.

    Depending on the time frame of your goal and who is involved, you may even want to have a check-in at the end of the year to see how things are progressing. Regular check-ins can help keep you on track and redirect you if your current work isn’t working. It is better to figure out what isn’t working sooner rather than later so you can adjust your strategy accordingly.

    4. Celebrate your accomplishments

    When you accomplish a step toward your goal, celebrate it. You don’t need to wait until your entire goal has been accomplished to celebrate your achievements.

    If you notice you are making significant progress when you complete one of your check-ins, you must acknowledge that milestone and realize that all your hard work is paying off.

    Related: Celebrate Milestone Successes To Maintain A Positive Work Environment | Entrepreneur

    What are some examples of SMART goals?

    Whether it be in your work or personal life, there are always goals you want to achieve.

    Here are a few SMART goal examples to help you model your professional and personal goals after.

    Related: When Looking for a Job, Know Your SMART Goals | Entrepreneur

    You want to complete a specific work project

    • Specific: You are experiencing much traffic from people on their mobile devices to your company website.

    Unfortunately, your site isn’t very responsive on mobile devices and customers don’t have a good experience.

    Your goal is to launch a mobile app by the end of the second quarter, which involves help from the software development, design and marketing teams.

    • Measurable: Creating a mobile app may take a lot of time and resources.

    To make it worth the time and money required, you want 60,000 people to install the app within six months of launching it.

    • Achievable: All departments needed to create the app have signed on to help.

    You can then focus on project management and set regular check-ins with all team members to ensure everyone is on the same page, that the workflow is running smoothly and that they are reaching their targets.

    • Relevant: Being able to improve the customer experience for customers accessing your website on their mobile devices is the number one goal of your company by the end of next year.
    • Time-Bound: To achieve 60,000 app installs within six months of launching, the app needs to be launched by June and an aggressive marketing campaign put in place that continues until the end of the year.

    Related: How to Focus on Your Goals and Work More Efficiently | Entrepreneur

    You want to improve your grades

    • Specific: You received a failing grade on your last math exam.

    To raise your grade, you need to improve your work with fractions.

    You need to raise your grade in the next two months to pass the class.

    • Measurable: Within two months, you need to be able to multiply and divide fractions.

    You should be able to correctly answer and show your work regarding any questions you receive on an exam related to fractions.

    • Achievable: Multiplying and dividing fractions is essential to passing the class and advancing your academic career.

    You can hire a tutor and set time aside daily to work on multiplying and dividing fractions to help improve your skill set. You can also ask fellow students for help if needed.

    • Relevant: Passing math is required to progress to the next step of your academic career.

    You are working hard towards your academic goals and need to pass math to achieve your end goal.

    • Time-Bound: In two months, you should be able to multiply and divide fractions with minimal to no errors.

    You want to be comfortable working with fractions to pass the class easily.

    Related: 10 Habits That Help You Learn Twice as Fast | Entrepreneur

    You want to improve your health

    • Specific: Your doctor suggested you lose weight to help lower your blood pressure. They have recommended you add physical exercise to your daily routine to lose 10 pounds.

    You want 30 minutes of moderate physical exercise daily to help you lose 10 pounds in two months.

    • Measurable: Within two months, you want to lose 10 pounds and reach your daily exercise goal of 30 minutes of moderate activity.

    To help keep you on track, you will log your daily activity in a journal and do weekly weigh-ins.

    • Achievable: Being able to lose 10 pounds and lower your blood pressure is essential to your physical well-being.

    You will add 30 minutes of physical exercise every day by taking a brisk walk at lunch in the park close to your workplace.

    • Relevant: Losing 10 pounds and increasing your daily physical activity is critical in helping to lower your blood pressure.

    You are working hard to improve your health and overall well-being and need to lower your blood pressure.

    • Time-Bound: In two months, you want to have lost 10 pounds, added 30 minutes a day of moderate exercise to your daily routine and lowered your blood pressure.

    You want to be more physically fit and on your way to a healthier life.

    Related: 9 Proven Ways to Lose Weight for Busy People | Entrepreneur

    SMART goals can be life-changing

    Implementing SMART goals can help you focus on the things in life that matter to you.

    Taking the time to identify your goals and incorporate the steps above to create your own SMART action plan is key.

    By simply defining your goals, creating a step-by-step plan to achieve them and putting in the hard work needed, you can be well on your way to achieving your SMART goals and changing your life for the better.

    Check out Entrepreneur’s other guides and articles for more information about creating and achieving your own SMART goals.

    [ad_2]

    Entrepreneur Staff

    Source link

  • How My Team Doubled Their Productivity Once I Started Doing This Instead | Entrepreneur

    How My Team Doubled Their Productivity Once I Started Doing This Instead | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Time management has been a productivity buzzword in the workplace for decades. Since the industrial revolution, people have been trying to find ways to maximize their output and efficiency, by focusing on the clock.

    As a successful business owner since 2008, I did everything I could to maximize productivity and encouraged my team to manage their time. I implemented tactics like instilling a 4-day workweek, hoping it would help my team manage their time better. They loved the shorter weeks, but we found that they still felt like they were in a constant state of racing the clock.

    [ad_2]

    Tanya Dalton

    Source link

  • How Small Business Owners Should Set Goals | Entrepreneur

    How Small Business Owners Should Set Goals | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When I owned my businesses, I found that setting goals in a particular manner made things much easier, and I found myself reaching higher levels of success faster than I thought possible. I’d like to share these simple steps with you so that you, too, can achieve your most important business (and even life) goals faster than you expect.

    Here are the four simple ways that small business owners should consider setting their goals:

    Related: 3 Rules to Setting Goals for Your Business

    1. M.E. Goals

    M.E. Goals are perhaps the most crucial aspect of creating any goal you’ll ever set. Why? Because they’re about YOU! M.E. goals are about what’s most important to you. M.E. goals are about what excites you, what creates passion for you and what makes you get up and go to work each day (outside of paying the bills, of course).

    This is crucial for a business owner because often we can get caught up in the minutia of the day-to-day activities and what the employees are NOT doing! M.E. Goals get you refocused on why you started the business in the first place. You were excited, weren’t you? M.E. Goals can help you get excited once more in case you’ve lost some drive along the way.

    The M stands for Motivating, which means you need to ask the question, “Does this excite me?” It is hard to work to achieve a goal when there is no momentum or energy behind you. Motivation is a key point in reaching your dreams and aspirations because you’ll need that excitement on the days when nothing seems to be going your way — or when accomplishing the goal seems too far away or too difficult to attain.

    The E stands for Engaging, which means you need to ask the question, “Does this goal speak to me on a deeper level?” Not only should a goal motivate you, but it needs to create passion, meaning and purpose. Otherwise, you may be excited to accomplish the goal, but you’ll be left asking “Why the heck did I even begin in the first place?” Be sure that you’re not just motivated, but that you are finding a deeper meaning in what you are working towards in your life because when you’re at the end of the road, I guarantee that you’ll look back and ask, “Why did I?” or “Why didn’t I?”

    Here are a few questions to ask to create M.E. Goals:

    • Does this goal excite me?

    • Does this goal create momentum for me?

    • Can this goal get me motivated on the days I want to quit?

    • Does this goal speak to me on a deep level?

    • Does this goal help offer meaning to my life?

    • Does this goal provide purpose and direction for me?

    • How will I feel at the end of the road if I do not attempt to reach this goal?

    2. Q Goals

    Another good idea to have in regard to making your goals easier to achieve for your business is to make them “Quantifiable.” Q Goals are perfect for small business owners as they allow you to either build up the number or break it down into smaller chunks.

    Let’s say your goal is to onboard 1000 new customers this year. Q Goals allow you to easily break that number down (discounting weekends and holidays): That would be about 83 new customers per month (1000 ÷ 12). Or you can see it as about 19 new customers per week (1000 ÷ 52). Or you can say it could be about 3 new customers per day (1000 ÷ 365). By breaking it down, it can make larger goals much more manageable, easier to plan for and not so overwhelming.

    Now let’s use the Q Goals to figure out how to plan an outbound calling strategy for the 1000 new customers. Let’s say you have a 10% closing ratio for each sale that you make. So, 3 is 10% of 30, so it looks like you’ll have to make at least 30 outbound calls per day. And according to the numbers above, it would be 190 calls per week and 830 outbound calls per month.

    However, Q Goals allow you to do so much more. A simple example is to increase your outbound activities, maybe 60 calls per day, which could very well lead you to gaining far more than 1000 new customers! Now, just block off about 2 hours a day for this activity. Get quantified by using your Q Goal method!

    • Is there a number attached to the goal?

    • If so, it can then be measured, tracked and quantified!

    Related: 6 Tips for Goal-Setting That, Trust Me, They Don’t Teach You in College

    3. S.M.A.R.T. Goals

    You know this one, right? They even teach this to kids in school now. But the big question here is: Are you doing it? Since we all know this type of goal really well, just take each goal you are creating for your business and apply it to the S.M.A.R.T. method. Understand that not 100% of your goals will fall into this, but 80% or so should. Or just get them as close as you can to being a S.M.A.R.T. goal. If you can do that, you’re well on your way to hitting your numbers this year!

    4. “I Will” Goals

    Far too often, goals that small business owners create are either too general to focus on or too weak to get motivated from. Here are some examples: I want to get more customers, I want to make more money, I want to increase my territory, etc. These goals have a serious lack of commitment, which is why another great idea you’ll want to implement into your goal-setting for your business is to add the “I Will” statement.

    By starting your goal with the statement “I will,” you place yourself in a position of obligation of reaching that goal no matter what. By having that “I Will” statement written down, you literally convince yourself that you will achieve it, and you’ll then begin to believe that the goal is something that you will do. Having the “I Will” statement written down reminds you of what needs to be done — it keeps you responsible and accountable for the results and ensures that you cannot blame the lack of effort or resolve on anyone else but yourself.

    The “I Will” statement makes you deeply committed to your goal, which is of high value because your business will have many, many challenging things come to pass and may even make you question your tenacity as you attempt to accomplish what you want. Some of these challenges will be big, and others will be small, but I promise you that you will be tested — and knowing what you will do can many times make all of the difference between failing and succeeding.

    Here are a few examples of “I Will” goals that also provide meaning and excitement (M.E.), and meet most of the S.M.A.R.T. and “Q” criteria (note that there is a date or number attached):

    • I will make 60 outbound calls each day.

    • I will onboard 1000 new customers by December 31 of 20XX.

    • I will spend two hours each day training new employees.

    • I will create one new marketing campaign each quarter.

    • I will use new technology to collect customers’ funds by end of July 20XX.

    • I will become the number one supplier of XX in my city/state by December 31 of 20XX.

    Related: The 10 Things You Must Do to Achieve Your Goals

    PRO TIP: Be sure to write your goals down in a visible area. Look, your business goals are not to be hidden from others, and should not be something that only you should know about. These goals should be posted up somewhere for all to see.

    Why? Because it’s far too easy to allow yourself to fall behind in your daily or weekly activities because “you don’t feel like doing it today.” Post your S.M.A.R.T. goals, your Q Goals, your M.E. Goals and your “I Will” Goals in plain sight! This way, in case you’re having “a day,” someone can help hold you accountable to a higher standard!

    And one more thing: You’ll be surprised at how many people will want to help you achieve your goals once they can see them up on the whiteboard in your office.

    [ad_2]

    John Kyle

    Source link

  • Habitica

    Habitica

    [ad_1]

    A habit-forming app that turns your habits and daily tasks into a game, with rewards and challenges to keep you motivated.

    Read more on Habitica

    [ad_2]

    Success Elite Team

    Source link

  • How to Push Your Limits and Achieve Greatness | Entrepreneur

    How to Push Your Limits and Achieve Greatness | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In his installation pieces, artist Michael Murphy translates renderings of flat, 2D images into three-dimensional spaces. The viewer who sees the image of an eye, for example, would totally disagree with the person viewing the same piece of art from any other perspective. In fact, leave the single spot where Murphy’s eye is visible, and the image suddenly explodes into a galaxy of floating wooden balls. Depending on which perspective you see it from or which position in the room you’re standing in, you could have an infinite number of ways to describe what one viewer so clearly saw as an eye.

    This is what we do every day with the world around us. Think of how many descriptions we use to try and define people — height, weight, hair color, DNA coding — but we could never possibly identify every single dimension of their being. There could always be another way to describe them. The closest we could ever come would always be at least one dimension less. This demonstrates the limit of our perspectives but also offers unlimited possibilities for us to continue our exploration and imagination. In the same way, we could never imagine every possible approach to problem-solving, goal-setting and our own self-betterment. Everything in life is limitless — perspectives, solutions and room for improvement — but we define the quality of our lives by how much we push those limits.

    Related: 6 Ways to Push Your Limits and Accomplish Things You Never Thought Possible

    There are no limits

    When I attempt to solve a problem, I approach it with three principles in mind. The first is an understanding of the incompleteness of all perspectives. If viewers of Murphy’s eye were to reconstruct what they saw depending on where they stood, and we were to combine those limited perspectives into one, even if that limit included everyone on this planet, we would still be able to find another perspective and a different view. This is related to the diverging nature of brainstorming.

    The second principle allows each perspective to have any opportunity to be heard and reviewed. Each perspective is equally valid depending on the situation in which it was generated, meaning we can respect all opinions without bias. That is, however, until we confront a problem that needs to be solved, which presents the third principle — a break in that symmetry of perspectives. This is related to the converging nature of problem-solving. When facing the problem of naming his work, for example, Murphy could have brainstormed limitless solutions, but his goal was to narrow the viewer’s focus onto the same concern as his: government tracking and its watchful reach into people’s personal lives. Naming his work “Perceptual Shift” brings them closer to seeing his perspective — that many may not see the watchful eye unless they shift their perspective.

    Just like the infinite number of perspectives to view his art, there were an infinite number of solutions he could have devised to name his art. But he had to narrow down his own divergent perspectives to the best possible one at that time. Even still, there could be a better name to serve his purpose more effectively if he examined the problem from one more dimension; yet another limitless pool of opportunity.

    Related: 7 Essentials for Overcoming Mental Barriers to Exceptional Success

    Pushing our limits to reach new heights

    In the same way that solutions to problems are limitless, there is a limitless amount of data available to help us improve. It would be impossible to brainstorm an exhaustive list of all the room for improvement because there can always be one more idea. The two-dimensional ways we can approach our three-dimensional world are endless to the Nth degree: There is always an N+1 to be found.

    Of course, we all know there are physical limits to what the human body can do. Those who break those physical limits set world records until someone else comes along to push them even further. This is what separates elite athletes from average sports players — they push their limits to be the best in the world at what they do by practicing their skills every day.

    I try to encourage my son to take this same perspective as a hockey goalie every time he lets in a goal. I tell him to reflect on each one — the angle, direction, speed and player’s movements. Even though he could never possibly come up with an exhaustive list of all dimensions for improvement, by brainstorming as many as he can conceive, he can identify infinitely more ways to protect the goal better. With hindsight, we can always learn from our mistakes and identify what works and what doesn’t to find a better solution. Leaders can apply this to their own problem-solving and encourage the same mindset in the members of their team.

    Related: 4 Steps to Breaking Free from Time Constraints and Living the Life You Want

    It’s all part of the game

    Of course, I also remind my son not to dwell on those goals he lets in. It’s a natural part of the game. Sometimes, letting in goals could be a simple matter of bad luck, just as allowing no goals involves a certain amount of positive luck. Tapping into our limitless room for improvement is our small effort to control how we reduce that unlucky probability. The best goalies become the best and let in fewer goals because they use every allowed goal as a learning opportunity to prevent the next one.

    In the same way, failure is a vital part of achieving success when we use those experiences to better ourselves and fine-tune our skills. The best way of doing something today might not be the best way of doing it tomorrow. Stay open to the limitlessness of improvement. Let nothing be “too outrageous” or determine “it won’t work” before allowing it to exist as an option. Brainstorm as many ideas as possible and narrow them down to the best solution, knowing there could always be a better way and always aiming to find it.

    Each time we go back to square one and brainstorm another list of solutions to find this extra dimension, we come up with answers we haven’t tried before to accomplish our goals better. Understanding the limitlessness of problem-solving as an opportunity for improvement is how we grow. The framework of these principles is universal and applicable to any scenario, from becoming a better hockey player to leading a business for better performance and everything else in between.

    [ad_2]

    Simin Cai, Ph.D.

    Source link

  • The Secret to Achieving Your Resolutions

    The Secret to Achieving Your Resolutions

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    During this time of year, a popular topic is always setting New Year’s resolutions. You’ll find tons of articles on how to set goals, how to stay on track and even how to get back on track if you lose focus. These are all important considerations. But sometimes we need to go deeper to be effective. Sometimes we need to know not just what we want to do and how we should do it, but why.

    It’s easy to say that you want to live a healthier lifestyle. That’s the “what.” And it is easy to resolve that you want to accomplish this by eating healthier, exercising more and attending to more self-care. That’s the general “how-to.” And you can break down each of these steps into detail in pursuit of your goal. But the third critical step in the equation for long-term success is often to ask and answer why this is a goal.

    Related: 10 New Year’s Resolutions Entrepreneurs Should Make Every Year

    Answer the “why”

    Answering the “why” gives purpose and meaning to not only the goal itself, but to all of the effort you will be putting in to achieve it. It’s the motivation and inspiration behind every healthy meal, every trip to the gym, every book you read and anything else you take the time to do to live a healthier lifestyle. And it is often what we fail to articulate when setting New Year’s resolutions.

    There are lots of reasons why one might want to lead a healthier lifestyle — more energy, to look and feel better, to be able to participate in long-dormant activities, to model healthier behavior for our loved ones, to live longer. The list is seemingly endless, and no one reason is more important than the other. It is about what is important to the individual. But knowing the reason why and clearly articulating it to yourself is vitally important. It serves as a constant reminder and motivator. It allows you to effectively share it with others. And it serves to help remove or avoid distractions that get in your way.

    Making more money is a common resolution. People want to be better compensated for the work they do; they want to feel more appreciated; they want better financial security. Again, all good reasons to want to achieve this goal. But dig deeper — what is truly at the heart of why you want to make more money? What is the next layer? Do you want to be able to start saving and investing toward retirement? Do you want to reduce stress? Do you want to start saving for a college fund or a house? Why exactly is more money important to you? What is at the heart of your goal?

    Related: 3 Science-Backed Ways to Break Bad Habits

    How to maximize your results

    Resolutions should not be an isolated endeavor. In fact, studies show that sharing your goals with others and engaging others in the ongoing pursuit of your goals yields a much higher likelihood of success. So, there are five critical questions we should ask to maximize the results we want to achieve:

    Question 1: Why is this resolution truly important to me? Go deep, and be honest with yourself.

    Question 2: How do I make this happen? This should be the specific steps you need to implement. This often comes down to forming positive habits and/or replacing bad habits. It is about discipline and accountability. You need to identify these things in a clear and precise manner before moving on to question 3.

    Question 3: Who should be on your team? There is no special award for doing things on your own, and asking for help or partnering with others does not diminish your success. At its core, life is about the relationships we build along our journey, and embracing a team for your goals is just another opportunity to forge new bonds. Your team member(s) should be people who are supportive, honest and can directly contribute to the steps you have spelled out in question 2.

    Question 4: When am I honestly ready to start? Pursuing goals is not a linear process without its share of challenges along the way. But momentum is a real thing, and you do not want to start knowing it is not an ideal time to do so. It is vital to ensure you are in the right mindset to begin. That is why the first three questions are so important. But, simultaneously, do not look for excuses or reasons to put off your start. There is no such thing as a perfect time. It is when you decide you are ready and committed.

    Question 5: What comes next? There is a natural feeling of accomplishment when you reach a goal, often followed by a bit of a letdown because you have been focused on one thing for so long that it now begs the question of what comes next. This is why resolutions or goals should be seen as lifestyle changes rather than start-to-finish tasks. You can tell yourself, “I want to lose 10 pounds.” You can identify why and who is on your team and how you are going to accomplish it. But in reality, the loss of the weight should be a result of a change in a lifestyle choice that survives the benchmark of the weight loss.

    The healthier eating, exercising, etc. that got you to that goal is now a new lifestyle for you. The same concept can be applied if you want to save $100,000 for a house. When you implement a strategy of saving and investing to achieve this goal and bring in the right people to help, there is no reason to stop once you have reached the initial goal. It is a newly formed lifestyle choice you have developed.

    Ultimately, the real secret to resolutions is that the process you go through to achieve the goal becomes a permanent part of your lifestyle.

    Related: Why Most New Year’s Resolutions Fail and What You Should Do Instead

    [ad_2]

    John Peitzman

    Source link

  • Become A Pro At Setting Attainable Business Goals With These Tips

    Become A Pro At Setting Attainable Business Goals With These Tips

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Business leaders are constantly setting lofty, impressive-looking goals for themselves and their companies. But what good are those goals if they’ve been thrown out the window within a couple of weeks? It’s time for business leaders to take charge and set intentions that can actually be achieved — not just high-minded ambitions that will fade away soon after.

    Instead of settling for vague directions, they should strive to make their objectives actionable and attainable with the right activities. Now more than ever, it’s essential for businesses to have tangible outcomes rather than empty promises.

    Related: The 5 Golden Rules of Goal-Setting

    Let your managers manage

    Sitting in the C-suite brings its perks, but it also removes you from many of the day-to-day operations your company executes. Your team leaders, however, are in the trenches. While executives set the direction, they should require their team leaders to set the milestones. These critical front-line players have an intimate understanding of how their team performs and what attainable milestones are.

    Without practical goals, employees risk simply shutting down or meandering aimlessly through flavor-of-the-month objectives. With realistic milestones, teams are fueled by purpose. Encouraging your team leaders to set these milestones ensures they are realistic and translates to buy-in.

    It bears repeating that your team managers require some direction. A clear, unbiased look at the last year can help set them on the right path. Executives should look at what was successful in that past year, determine why it worked, and figure out how to carry those same successes into the next year. Provide your front-line managers clear guidance on company goals and next steps, then step away. If you become a micromanager, you will squeeze your company to death.

    Related: 8 Reasons You Should Give Your Employees More Control

    Hold regular Azimuth Checks

    Once you’ve established realistic milestones for the year, it’s time to hold your team accountable for meeting them. One way leaders can do this is with quarterly reviews. And look, I get it. These meetings seem like a time suck. In practice, if it’s not ten minutes or less, I’m trying not to zone out on you. But at the end of the day, these quick check-ins can ensure that you and your team are on the same page and that everyone is clear on their expectations. Quarterly reviews vastly improve transparency as well as give leadership a chance to reinforce a united front.

    Regular meetings provide a great opportunity for communication down to the lowest level and create a more personalized feel than the typical canned newsletter. Most people send those newsletters straight to their trash folder anyway. Your employees want to know what’s going on in the organization and where they’re headed, and they want to hear it straight from the top.

    However, C-suite leaders can’t be the only ones presenting these ideas and goals. During these presentations, the entire leadership team needs to bring their A-game; the rest of the company needs to feel their excitement. We don’t have time to be company cheerleaders at every given second. More importantly, most people who work for your company barely see the CEO, so the front-line managers need to take that vision and share it with the rest of the team.

    Regular company-wide check-ins assure employees that their jobs are secure, that they’re working for a company with an actual vision and supporting goals, and that their leadership is motivated to succeed. On the ground level, I tell my team leaders that I want every single presenter to come to that room with three things they’re going to do this year to improve themselves as a manager, which helps them set personal goals that hopefully align with the company goals.

    Related: The Real Secret to Entrepreneurial Success (That’s Not What You Think)

    Implement accountability to track progress

    Organizations move by the minute, so you must monitor progress and hold your people accountable. Establishing key performance indicators (KPIs) is a must, and it can be good practice to make progress open knowledge throughout the organization. My company displays everyone’s KPIs on centralized screens in our offices. This may cause many leaders to recoil in horror, but this transparency provides several key benefits.

    First, it helps your team look out for teammates. I don’t believe you should automatically eliminate your bottom 10% — you should motivate them instead. Displaying everyone’s progress on KPIs lets your subordinate leaders notice if someone is suddenly underperforming so they can spring into action and figure out the issue.

    One of our employees started missing KPIs, and our open tracking allowed her managers to notice. After some investigating, we found that her mother had been diagnosed with a terminal illness, and she had tried to leave it at home to avoid burdening the rest of her team. You can’t leave things like that at home, though, and instead of jumping to conclusions and terminating her, we were able to help her get through this trying time by letting her work remotely so she could care for her mom. With this accommodation in place, her KPIs skyrocketed back in no time.

    The other benefit of KPI tracking is that it fosters healthy competition in your team. One of my companies had a banner year last year, and the top performers were able to double their salaries through bonuses. Peer pressure isn’t necessarily a bad thing. By encouraging some competition among your team, you can help them reach milestones you wouldn’t have thought possible. Your team may very well be capable of reaching new heights, but if you’re not holding them accountable, they almost certainly won’t.

    Related: Fostering This Trait Is One of the Hardest Things for Leaders to Get Right

    Your team deserves success

    A key responsibility of a good CEO is to develop the next generation of CEOs. I want my employees to be CEOs someday, and I want them to be millionaires. But to do that, we need accountability measures. You will always have individuals trying to set the bar as low as possible; you have to hold them accountable.

    The most important thing to remember is that you need to be self-aware when setting these goals and milestones. As a CEO, I have a BHAG. But that doesn’t mean your employees have to have the same. Be fair, be realistic, but encourage them to push the envelope whenever possible. Treating your employees like future leaders can help them develop the maturity and sense to carry out your company’s vision. Your team deserves success, and you owe it to them. Crafting realistic and attainable goals is only one small way to do that.

    [ad_2]

    Shannon Scott

    Source link

  • 5 Goal-Setting Frameworks to Help You Live Your Dream

    5 Goal-Setting Frameworks to Help You Live Your Dream

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Are you an entrepreneur wanting to make your mark on the world but finding that it’s just not happening? Maybe you’ve come up with big ideas and taken action only for them to fizzle out, leaving you feeling demotivated and questioning if all of the work is even worth it.


    Klaus Vedfelt | Getty Images

    Don’t give up on living your dream life! We have 5 goal-setting frameworks that can help turn the tide. Take control over your goals, break them down into smaller chunks and use these techniques to see results fast. Read on if you’re ready to start making progress toward achieving success.

    Need a mentor to help you on your journey? Use Intro to connect with the perfect advisor.

    Stay focused, go after your dreams and keep moving toward your goals. — LL Cool J.

    1. SMART goals

    A framework suggesting setting goals that are Specific, Measurable, Attainable, Relevant, and Time-bound.

    • Specific – Write out clear, concise goals. What will be accomplished?
    • Measurable – The ability to track results quantitatively. What data will measure the goal?
    • Achievable – Make sure they are challenging but attainable. Is it doable? Do you have the skills/resources?
    • Relevant – Needs to be important and aligned with your priorities. Why is the result important?
    • Time-bound – Must have a target finished date. What is the time frame?

    2. OKRs (Objectives and Key Results)

    The founders of Zillow and Reddit are famous for their use of OKRs.

    Objectives are the “what.” They are very qualitative and describe the path forward, the place you want to be. When you are unlocking your inner Einstein during a journal session, gut-check your objectives with these prompts:

    • Are they meaningful?
    • Are they audacious?
    • Are they inspiring?

    Key Results are the “how.” Now, these are quantitative. They provide the roadmap for accomplishing your Objectives. Pressure test these key results by asking yourself:

    • Are they specific and time-bound?
    • Are they aggressive, yet realistic?
    • Are they measurable and verifiable?

    Input-related KRs are really all the rage. Jeff Bezos is famous for clearly defining the inputs at Amazon. Writer James Clear’s Atomic Habits is obsessed with inputs. The father of OKRs and former Intel CEO, Andy Grove, popularized OKRs with well-defined outputs.

    3. HARD goals

    If you’re trying to reach a goal, then it’s time to go HARD.

    HARD stands for Heartfelt, Animated, Required, and Difficult. It’s not just a catchy acronym; it’s a powerful way to set yourself up for success. HARD goals are the key to reaching your highest potential. Let’s break it down and look at each component of HARD goals:

    • Heartfelt – meaningful and important to you.
    • Animated – vivid in your mind. You can visualize.
    • Required – necessary for you to achieve your long-term vision and mission.
    • Difficult – stretch beyond your comfort zone.

    Related: Use the service to find the perfect mentor to help you achieve your goals

    4. The Wheel of Life

    When it comes to goal setting, the Wheel of Life framework can help us get out of our rut by creating a holistic plan that looks at all aspects of life. It’s a great way to jumpstart our motivation and get us headed in the direction we want. With this in mind, let’s take a look at the Wheel of Life and how it can help us create an effective goal-setting plan.

    The Wheel of Life is basically a framework that can be used to assess the different areas of our lives. We assess how satisfied we are in each area and use this assessment to identify areas that need improvement. This helps us identify which goals should be our priority.

    The most common subdivisions include:

    1. Health: Exercise, sleep, energy, and diet
    2. Environment: Think about relatives, colleagues, etc. Do they cause stress?
    3. Career: Are you satisfied?
    4. Relationships: Do you spend enough time with your family, partner, kids, and friends?
    5. Personal growth: Are you reading? Are you learning?
    6. Money: Are you good with your financial status?
    7. FUN: Do you have hobbies? What do you want to do?

    5. The Four Disciplines of Execution

    Welcome to the world of execution! The Four Disciplines of Execution (4DX) is a simple yet powerful system for helping teams stay focused and achieve results. 4DX is based on four key disciplines:

    1. Focus on the wildly important
    2. Act on lead and lag measures
    3. Keep a compelling scoreboard to track progress
    4. Create a cadence of accountability

    These four disciplines will help you and your team stay focused on the things that matter most and execute those initiatives with discipline.

    2023 is your year.

    The above frameworks are a surefire way to stay focused and achieve amazing results. If you need help along the way, don’t be bashful and book world-class experts and get 1-on-1 advice over a video call.

    Go get it!

    [ad_2]

    Brad Klune

    Source link

  • 3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

    3 Easy New Year’s Resolutions Every Business Owner Should Make in 2023

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    New year’s resolutions are a bit of a joke these days. Let’s be honest. To the point that breaking them seems par for the course. Only 9-12% of the 41% of Americans who make resolutions in the first place follow through with them.

    As business owners, we face this every year too. We set goals for our team, or we have growth forecasts to hit. Right from the jump, we commit ourselves to deliver a long list of lofty promises.

    And do we come through?

    It would be very glib of me to accuse you of writing checks your…um…”bottom” can’t cash. But statistically, that’s precisely what you’re doing. In the warm, cozy confines of the Christmas holidays and new year celebrations, you concoct all of these wonderful new milestones for you and your business.

    Then reality hits. The day-to-day operational issues, supplier delays and client requests. They all conspire to slow your progress to a crawl. Before you know it, you’re preparing for Christmas again, having hardly achieved any of it!

    Related: 10 New Year’s Resolutions Entrepreneurs Should Make Every Year

    The problem is that you tried to change too much!

    We all look for magic bullet solutions, but your mind is just not set up to cope with massive and sudden changes. As much as 97% of your decision-making is done subconsciously. That means that no matter how strong your intellectual resolve is — unless you can internalize your intentions and communicate them favorably to your subconscious — you’re unlikely to see them to fruition.

    You might think that working on your subconscious is a personal indulgence you don’t have time for, but trust me: you have to. Like it or not, your business is an extension of you. It exists because you created it and gave it purpose.

    If you are locked in a personal battle between your consciously held desires and your subconscious emotional programming, your business will rapidly lose direction and focus.

    So with that said, here are three easy new years resolutions that every business owner should make in 2023.

    1. Make ‘check-ins’ a part of your everyday routine

    What do I mean by this?

    I’m talking about taking five or ten minutes twice daily to take yourself off to a quiet space and check in with yourself.

    We can often become derailed as we go through our day. We unknowingly carry the baggage of the various issues we encounter into our subsequent decisions on unrelated matters.

    By checking in regularly, you’ll be able to hear and let go of your frustrations. Your ‘stuck states’ will be freed, enabling you to address your needs with a level head. Thus improving your ability to lead and your team’s ability to deliver.

    Related: This is Why Entrepreneurs Seriously Need to Take a Break

    2. Take regular ‘VIP Days’

    I do this at least once or twice a month, but it’s crucial in getting that 97% of your brain onboard.

    A VIP day involves you indulging in your favorite things to do. This could be shopping, a spa treatment, going to your favorite restaurant for lunch…anything.

    A big part of why you face so much internal resistance to change is because you are hardwired (thanks to millions of years of inherited, genetic wisdom) to resist it. The change represents the unknown, and the unknown is unsafe!

    Bearing in mind that this simple reasoning pre-dates language, reasoning and certainly globalization. It simply doesn’t have the awareness that your conscious mind does. What taking a VIP day will do for you is show your subconscious that you are a person who has taken chances and they have given your more security. Not less.

    A significant point of resistance to growth for so many of us is that we simply do not see ourselves as successful. By enforcing the taking of regular VIP days, you’re actively stepping into becoming that new person holistically. And your subconscious will notice.

    Related: Would You Rather Change or Let Your Business Die?

    3. Set micro-goals for your business

    It’s easy to drag everyone into a meeting on their first day at work of the new year and proclaim that “this year we’re going to aim to double growth in sales!” before dusting your hands off and returning to your office.

    Setting top-level goals is your responsibility, sure. But you won’t get there in one leap!

    Going back to what I just said about your subconscious programming. Looking at a high-level goal like that, with no conceivable way to break it down, is simply going to result in overwhelm for you and your team. You need to think about the lower-level steps along the way to achieving that end result and then walk those through with your team.

    Related: Do You Have a Love/Hate Relationship With Goals?

    Of course: delegate operational responsibility for them, but recognize your responsibility to understand what they are in the first place! When everyone can see the path clearly, understand precisely how to execute their part in it and feel confident in their ability to do so: you’ll be unstoppable.

    Limiting these to three and keeping them simple is to avoid overcommitting yourself and risking a shutdown. The reason for giving your three personal resolutions (rather than ones for your business directly) is to better resource you in terms of your mental resilience so that you can handle whatever comes your way.

    Make no mistake: the challenges of 2022 are likely to continue well into 2023. The best way to hedge against them is by better equipping yourself with the internal resources to guide your team decisively.

    [ad_2]

    Daniel Mangena

    Source link

  • How Retailers Can Ensure They’re Setup for Success This Holiday Season

    How Retailers Can Ensure They’re Setup for Success This Holiday Season

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Over the last couple of years, Christmas in July has taken on a new meaning for retailers — what once was an opportunity to offer a summer sale has now transformed into a critical time to prepare for the upcoming holiday shopping season.

    But the past few holiday shopping seasons have proven to be anything but ordinary. The past two years, the pandemic caused supply chain delays resulting in backlogs and undelivered gifts, a challenge for retailers and a lesson learned for consumers. As a result, this year, consumers began their holiday shopping earlier to avoid supply chain bottlenecks and to combat high inflation — with 25% of consumers starting as early as August or September. Additionally, the pandemic accelerated the online shopping trend, with new data suggesting that 24.5% of this year’s total retail holiday sales will come from online orders.

    With all of this in mind, some (myself included) may argue that July may be too late for retailers to start their holiday season planning, especially given that the holiday season can account for up to 30% of retailers’ annual sales.

    Related: July Is Just Early Enough to Start Planning for Holiday Selling

    So, how can retailers adapt their strategies to focus on holiday season planning throughout the entire year (as opposed to just the second half) to cover all their bases, increase revenue and prepare for the unexpected?

    Prioritize cash flow planning

    Consumers are currently facing the highest inflation rates in nearly 40 years and a halt in government stimulus payments, which in turn impacts how they approach their holiday shopping (e.g., how much they’re planning to spend, through what channels, etc.).

    As a result, small business retailers are entering a challenging and unpredictable time. To mitigate this uncertainty, they must look internally and assess their cash flow well in advance of the holiday season in order to be best prepared for what’s ahead.

    The most effective way retailers can approach this is by creating different cash flow scenarios early in the year that map out the business’ best-case scenario, worst-case scenario and most likely scenario for how the holiday season will pan out. Accounting for these three scenarios can help retailers create a plan of action for how they’ll tackle any challenges and how they’ll activate each scenario. Proper planning gives business owners the confidence needed to forge forward by removing ambiguity and unexpected situations (e.g., not having enough cash on hand, supply chain delays) come the most critical time of year.

    Whether you’re a big box retailer or a local mom-and-pop shop, it’s important to have a full understanding of your cash flow positioning year-round in order to make key business decisions and plan for various scenarios. For small businesses, leaning into technology such as Xero, a cloud-based accounting software platform, allows small business owners to keep track of their cash flow across the customer journey. Keeping track of this data in real-time can help retailers see their full cash position at any point in the year, which can help contribute to their holiday planning strategies.

    An important question all retailers should be asking themselves early in the planning process is: How will my product/service make out if the economy dips into a recession and budgets get tighter? Where does my product/service sit on the hierarchy of needs? If you’re a retailer selling non-essential items (e.g., jewelry, home decor) your planning strategy may look different than if you’re selling essential items like groceries. Having an understanding of your product and consumer purchase patterns will allow you to assess strategies such as how to price your product, how to manage the supply chain, how to effectively market the product/service and beyond.

    As retailers start their holiday planning earlier in the year, what factors should they consider during the planning process?

    Return policies

    According to the National Retail Federation, $218 billion worth of online purchases were returned in 2021 — more than double the year before. The uptick in returns is likely due to retailers offering more lenient return policies during the pandemic as they sought out creative solutions to address in-store closures/restrictions.

    Two years later, retailers (especially small businesses) are now facing higher costs for labor and shipping due to persistent inflation, requiring them to look inward for alternative ways to reduce costs (which for a lot of retailers is shaping up to include changes to generous return policies).

    My advice: Retailers should continue to offer lenient return policies around the holidays, including keeping the return window at least 30 days (in-person and online) and allowing for online-only purchases to be returned in stores. Keeping the window shorter (but still allowing for returns) can help alleviate the impact returns have on the beginning of the year’s cash flow.

    Supply chain

    Worldwide supply chain constraints have had a lasting impact on retail operations. If we’ve learned one thing from these challenges, it’s the importance of planning.

    Having an adequate supply chain strategy in place will reduce the risk of overspending on unnecessary items and the risk of running out of supply for highly sought items. Ordering inventory early in the year can ensure you have adequate stock for top-selling items when the holiday season rolls around. Not having a bestselling product available often means the product will get substituted by the best alternative.

    My advice: Consumer data is your best friend. Properly tracking and utilizing this data can help you have a better understanding of your consumers and their purchase patterns, and which products will likely be in high demand during the holidays (for inventory planning purposes).

    Related: Think It’s Too Early to Strategize for Holiday Ecommerce Sales? Think Again.

    Labor market

    A tight labor market and rising labor costs continue to cause challenges during the holiday hiring season. Failing to meet hiring goals can eventually lead to a loss in sales due to not having enough staff to help ensure shipments, inventory and in-person sales are accounted for.

    My advice: Retailers should consider revamping recruiting strategies, raising wages, offering flexible schedules and extending benefits in order to attract new or seasonal hires. For retailers who are rethinking their reliance on seasonal workers, consider more appealing offerings for regular staff to take on extra hours.

    Consumer behavior

    The current economic climate has impacted the way consumers approach brand loyalty, with many looking to shop for the best deal, even if it’s not through their preferred retailer. As economic uncertainty persists, consumers are experiencing behavioral shifts.

    My advice: Retailers should focus on loyalty strategies to reward customers for shopping at their stores (e.g., offering exclusive deals to loyalty members or offering a point system for each dollar spent rewarding customers down the line with credit or a gift). Retailers can also draw in new customers by offering bonus rewards for signing up for the loyalty program that encourage them to return to the store. Creating a connected omnichannel experience where the physical and online stores sync is also a big draw for consumers.

    Adequate planning and forecasting throughout the year is the foolproof way to ensure your business is best positioned for the most wonderful time of year. By preparing for the upcoming holiday season year-round as opposed to just in the second half of the year, retailers can directly apply lessons learned from the previous year, effectively plan for various scenarios based on different external factors (i.e., inflation) and get a head start on competitors.

    [ad_2]

    Ben Richmond

    Source link

  • Habits: Ways to Set Good Ones and Ditch Your Bad Habits

    Habits: Ways to Set Good Ones and Ditch Your Bad Habits

    [ad_1]

    Habits are like being on autopilot, and they’re the key to reaching your goals. 

    Habits are not resolutions: Those are the commitments to change you make on January 1, your birthday, or when you’ve had some sort of wake-up call. Habits aren’t behaviors, either.

    Instead, habits are impulses that drive you to do certain things with little to no conscious thought. They’re a learning mechanism that connects what you’ve done in the past with the context in which you’ve done it.

    Take typing, for example. Your fingers move across the keyboard smoothly, creating words and sentences. Do you think about every stroke like you did when you first learned to type? Of course not. Do you even know where the letters are? 

    “If I ask you to list the keys on the second row, you probably can’t,” says Wendy Wood, PhD, provost professor of psychology and business at the  University of Southern  California and author of Good Habits, Bad Habits: The Science of Making Positive Changes That Stick. “It’s not muscle memory. It’s habit.”

    Your habits drive what you do more than you may realize. Wood estimates that 43% of our behavior is done out of habit. “We’re repeating what we’ve done in the past and not thinking about it,” she says. “You can act on habit without understanding what you’re doing.” 

    If you don’t understand what you’re doing, can you change it? Absolutely. Whether you want to start a new habit or drop a bad one, what matters most is the way you approach it. And if you think you just need a lot more willpower, you’re mistaken.

    Why Willpower Doesn’t Work

    Most people give willpower more credit than it deserves. 

    It would be wonderful if you were built to resist the temptations that keep you from creating or dropping a habit. But it just doesn’t work that way. 

    You do things a certain way because you’ve always done them a certain way – and it’s worked for you. Habits keep us from having to think through everything, all the time. That’s also what makes them very hard to break. 

    Habit memories are deeply ingrained, incredibly persistent, and “last long after you’ve forgotten why you started something in the first place,” Wood says. “Habits aren’t something we can intuit and understand. It’s not like changing our beliefs or having feelings about something. Motivation and willpower wanes, but habits persist. Most of us don’t have the willpower long enough to change a habit.” 

    Notice What You’re Up To

    What are your go-to behaviors that you almost don’t realize you’re doing?

    For instance, do you:

    • Reach for sugar when you’re under stress? 
    • Turn to Wordle when you’ve got an idle moment? 
    • Burrow into a certain spot on the couch to binge-watch something at the end of a rough day?

    This is mindfulness in your everyday life. You have to see your habits before you can change them.  

    Get Out of Your Own Way

    We all know what we need to do, whether it’s to exercise, eat healthier food, be better at our jobs, stop smoking or overspending, or cut back on alcohol. Why don’t we do it? 

    There can be multiple reasons: We’ve tried before and it didn’t work. We didn’t have good advice. Our lives or communities aren’t set up to support that goal, and the resources we need are inconvenient or inaccessible.

    But sometimes, it’s because the goal takes us too far outside of our comfort zone. 

    Being uncomfortable is, well, uncomfortable. So we look for a way to escape that sensation. That leaves us open to distraction. 

    Let’s say you made a plan this morning to go running this afternoon. But now that it’s time to head out, you feel less motivated. 

    Instead, you: 

    • Check phone notifications
    • Send a text
    • Scroll social media – or doomscroll the news
    • Refresh email repeatedly
    • Start a conversation with a neighbor or delivery person 
    • Fold some laundry
    • Turn on the TV

    How can you stop this cycle and stay focused on the habit you want to create or break?

    Make the Right Action More Convenient

    Wood recommends making things easy. For example, if you want to eat better, buy a bunch of pre-chopped, prepared healthy foods. Set yourself up for success by making it easier to do the thing you want to do. 

    Harness the Discomfort

    Before he wrote Indistractable: How to Control Your Attention and Choose Your Life, Nir Eyal studied how products change our behaviors and helped build health and ed-tech apps to get people hooked on healthy behaviors. 

    Ironically, he found himself getting increasingly distracted by technology. 

    One day, while doing some daddy-daughter bonding activities in a book, his phone buzzed with an email just as they came to the question, “If you could have any superpower, what would it be?” 

    “I couldn’t tell you what my daughter said because in that moment, I checked my phone and she left the room to play with a toy,” Eyal says. “I thought the problem was tech, but distraction has always been with us. Plato complained about it centuries before the internet. If I could have any superpower, I just want to do the things I know I want to do … without getting distracted.” 

    Eyal finds that people tend to retreat into distraction when they’re uncomfortable. He decided to lean into it instead. 

    “When I was writing a book, I used to say, ‘Why can’t I get into a writing habit? If I was a real writer, I wouldn’t have to work this hard.’ Now I say, ‘This is what it feels like to get better at something.’”

    Use your discomfort as a motivation to propel yourself into action, Eyal says.

    Make a Plan

    Your entire day can be devoured by distractions if you don’t plan out exactly what you’re going to do and exactly when you’re going to do it. Eyal calls this process timeboxing. 

    Granted, your plans aren’t always going to happen to the letter. Stuff comes up that legitimately bumps other things off your schedule. But you can avoid unnecessary diversions if you have a plan.

    If something is a distraction that you consciously want to continue, like scrolling social media, schedule a time for it. Don’t give it free reign. 

    There are many habit trackers and journals devoted to habits. Eyal offers a free schedule maker on his website.

    Stick to Your Schedule

    There’s an overwhelming amount of information out there about habits. Which app, book, or system should you buy? 

    “Start with how you want to spend your time: Time for reading. Time for exercise. Time for sleep. Should you build in family time or just give them the scraps of time you have leftover in a day?” Eyal says. “Once you know the difference between … what you plan in advance, and everything else (distraction), the habits will come naturally.”

    [ad_2]

    Source link

  • Happy New Year’s Eve? Many Business Owners Dread It — Here’s Why.

    Happy New Year’s Eve? Many Business Owners Dread It — Here’s Why.

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    For most people, New Year’s Eve is a big night of celebration, a chance to end the holiday season with a bang, a time to reflect on the year before and to make resolutions about the year ahead. But unfortunately, for some of my clients, New Year’s Eve is not a celebratory occasion. Some would even regard it as the worst night of the year. But, why?

    “Because every year I’m reminded that New Year’s Eve is the end of the year,” one client recently told me. “Which means having to start again at the beginning.”

    Despite all the reports of an economic slowdown, the fact is that most of my clients had a pretty good 2022. But none of them will say that it came easy and this year was particularly hard, what with higher inflation, rising interest rates and continuing economic challenges. But they battled and hustled and worked hard to make the year a success. So what’s their reward at the end of the year?

    They get to do it all over again. Yay! All of our prior accomplishments were short-lived. They’re already in the past. They’ve been wiped clean. January 1st sets everything back to the beginning. And for many business owners, the future is uncertain and unsettling. That’s why they hate New Year’s Eve.

    But it doesn’t have to be this way. If you’re like many of my clients and dread the beginning of a new year I’ve got a way for you to ease your concerns: forecast. Ask yourself this question on December 31st: Do you know what your cash will be on March 31, a mere 90 days from now? If you can reasonably predict your future cash, then won’t feel a little less uncertain about the future?

    Related: 7 Must-Dos Before the End of the Year

    Of course, you will. That’s because when you know the future you can make a plan. and when you have a future plan you can feel better about the present. And you can do all of this with a simple, basic cash forecast. It’s not as hard as you think. All it takes is these four simple steps:

    Step 1: Determine your overhead for the next 90 days

    This should be easy: You know what your payroll will be. You know your lease, debt and rent payments. You know what your utility, internet and other operating costs should be. I’m not asking you to forecast this for all of the year. Just the next 90 days. Write this down.

    Step 2: Agree on a reasonable estimated margin — or two

    This doesn’t have to be exact. Forecasting is an art, not a science. By now I’m pretty sure you know how much gross profit you make on a typical sale which is the sale price less the direct cost of materials and labor to make or deliver it. If you have a lot of products take an average. If you have just a few product lines and it’s easy to calculate, then use two margins and split it amongst your sales accordingly. Again, this is just an estimate. Maybe it’s about 20%. Or 30%. Whatever it is, pick a reasonable number.

    Related: 3 Stress-Reducing E-commerce Tips to Prepare You for the Holiday Rush

    Step 3: Now the “hard” part: Forecast your cash sales

    I put quotes around “hard” because every client I have thinks this is difficult. But it’s not, really. You’re just thinking of 90 days, not the whole year. I’m sure you have a listing of open quotes and open orders (which haven’t been converted to sales). You’ve got receivables that will convert to cash during that period. You probably have some sort of pipeline report from your customer relationship management system. You can talk to your sale team to better understand what deals are cooking. And, assuming you were in business before the pandemic, you’ve got historical sales from similar periods. Put all that together and I bet you’ll come up with a reasonable estimate of sales over the coming three months.

    So now, take those sales. Apply the estimated margin against them and then deduct your overhead. Congratulations: You’ve now forecasted your operating cash. But you’re not completely finished. There’s one final step.

    Step 4: Consider any extraordinary items

    Do you have any big debt payments coming up? Large purchases? A pending large sale? Estimated tax payments? Bonuses? Is there anything else significant you think of that’s out of the ordinary? Figure that in too.

    And there you have it, your final cash profit for the next 90 days.

    Take your cash on New Year’s eve, apply the final number to it (hopefully it’s positive) and you’ll know your cash 90 days from now. Not so tough. What’s tough is doing it the first couple of times. Once you get the process down, and you’re doing it every month, something big will happen: you will feel better. Why? Because you’ll know the future. And that’s what my best clients do. They don’t like surprises. They’re always looking ahead. They do their best to know what’s coming later so they can make their plans now. They take the time each month to forecast their cash because they don’t like to run their businesses in the dark.

    Forecasting is easier than you think. And it’s a critical management tool to help you run your business. Done consistently you will find yourself making much smarter decisions. But best of all, you’ll find yourself enjoying New Year’s Eve much, much more in the future. So Happy New Year.

    [ad_2]

    Gene Marks

    Source link

  • 5 Things Every Entrepreneur Should Do This Holiday Season

    5 Things Every Entrepreneur Should Do This Holiday Season

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    With the holiday season upon us and the end of another year quickly approaching, it can cause frenetic feelings about wrapping up final projects. On the other hand, it may offer a chance to reflect on how far we’ve come since January.

    Most of us fall somewhere in between, and it can be easy to lose focus as December 31 approaches. However, this holiday season, carve out time to tackle a few to-dos that will set you up nicely for the year ahead, give you space to think about what you’ve already achieved and prepare you for 2023.

    Related: 5 Things Entrepreneurs Should Focus on During the Holidays

    1. Write three goals you want to accomplish

    Whether you have ongoing monthly or quarterly goals, it’s wise to set three larger goals you want to accomplish in the new year. Consider if you want to switch direction come January or build upon what you’ve already created. Start big. Then, create a strategy with individual milestones to get you where you want to be.

    In business, most goals are attached to revenue but consider alternative perspectives as you plan for the future. What kind of client or service growth do you want to achieve? Do you want to attract a different type of audience? Do you want to add a new skill or certification to your repertoire? Perhaps a goal is to speak at an event or become an influencer in your industry. Whatever you want to achieve, attach your motivating “why” to each goal and map out tangible steps to make it easier to envision.

    Related: This Simple Brain Hack Will Help You Achieve All Your Goals

    2. Declutter your schedule

    Adding new goals and plans to 2023 means you must make room by decluttering your current schedule. The end of the year is an excellent time to review your ongoing meetings and commitments and evaluate where they can be trimmed or deleted altogether. Every entrepreneur knows time is a precious commodity, so to avoid getting burned out, make sure your calendar is full of things that help your growth.

    Simple changes may be to change a weekly meeting to twice a month or shorten regularly scheduled hour meetings to half the time. Take a look at all the organizations — both online and in-person — which may be taking up time with little to no return on investment. Also, consider areas that limit your productivity. Social media is always a common distraction. Although, for many, it’s necessary to maintain a presence online. To keep it a helpful tool (rather than a place for mindless scrolling), schedule specific times when you’ll post and check your channels. Then, step away from social media for the rest of the day.

    Related: 10 Ways to Declutter Without Going Minimalist

    3. Review your budget

    As with decluttering your schedule, take a look at your budget and consider areas that can be eliminated. Are there programs or tools you’re no longer using? Have you put off canceling the free trial on apps or subscriptions that can be better invested elsewhere or budgeted in another way?

    Additionally, auto-pay makes it easy to forget where we spend our money. Take stock of all business auto-payments and see if any can be deactivated. Also, consider other business expenses like online courses, educational or networking events and client meetings. Where do you receive the most value? Weigh each individually to determine if all the resources you’re currently using are still as helpful as they once were. If not, get rid of them and know they’ll always be there should you need them again.

    Related: 5 Ways to Build a Business Budget for Maximum Success

    4. Make a list of all the things you’re thankful for

    Gratitude is the free, quiet booster to success. Plus, it’s easy to obtain. While waiting for your morning coffee to brew or before you dive into answering emails, jot down three things you’re thankful for. Take extra time to reflect and expand your list during the holiday season. Creating a daily gratitude habit isn’t just something to make you feel warm and fuzzy; it can help you focus, increase efficiency and create an abundance mindset.

    Numerous studies illustrate the positive effects of gratitude on the brain. It changes the brain’s makeup and can help us feel more engaged and appreciative, leading to greater productivity, optimism and overall better mental health. Consider the benefits of what starting your day with gratitude could do for your outlook, especially compared to the frenzy we often find ourselves in first thing in the morning.

    Related: Cultivating Gratitude and Happiness Will Boost Your Business

    5. Take time for yourself

    There’s been a cultural shift over the past years from the hustle mentality to a state of self-care. However, for entrepreneurs, sometimes it’s not so easy to slow down. Many times there is no one to delegate work to, which means there’s a difficult balance to sustain a steady workload. Nevertheless, it’s always necessary to take time for yourself. It can seem overwhelming for some, so you’ll have to be intentional in how you want to use the time. Put it on the calendar. Make it a priority.

    Good physical and mental health are two things that are easy to take for granted until they start to fail us. When taking time for yourself, these areas should be at the top of the list. Plan it out, whether it’s a workout at the gym, a walk around the block or a few minutes for stretching and meditation.

    Putting it last on the list means it’s not likely to happen, and burnout could be around the corner. Add time for play and enjoyment into your weekly schedule as well. Essentially, time for yourself, planning or relaxing, must be part of your daily list of to-dos, and what better time to start than the holidays?

    [ad_2]

    Kelly Hyman

    Source link

  • ‘Don’t Break the Chain’ — One Entrepreneur’s Method for Achieving Any Goal

    ‘Don’t Break the Chain’ — One Entrepreneur’s Method for Achieving Any Goal

    [ad_1]

    Here’s a simple technique for making lasting change.

    [ad_2]

    Aytekin Tank

    Source link