As a business owner, it is important to remember that goals are necessary to provide structure within your business. Setting goals will lead to the success and longevity of your business. The easiest way to begin goal setting is to determine what metrics are important for you and your business. Metrics are essential, for they give you specific measurements and a framework for making your goals achievable. Here are three ways to set goals that will actually motivate you to grow your business.
1) Select short-term and long-term goals
Short-term goals should be achievable between three and six months. These should encourage focus in the pursuit of the overall goal of your business. By setting short-term goals, it will keep you encouraged to strive for excellence, because goals will be achieved fast and on a more regular basis than your long-term goals.
Long-term goals should be set between three and five years out. Creating long-term goals keeps individuals within your business driven to succeed, and it assists in giving everyone a clear picture of the overall direction the business is heading. To keep motivation high within your business, create short-term goals that can quickly help achieve your long-term goals.
2) Choose the right metrics
GE Capital states:
“The right combination of metrics, studied as a group, can show not only where the company is successful but also highlight specific areas of weakness.”
As a photography business, choose specific numerical metrics that are in line with your overall vision for your business. To do this, gather metrics from your previous year of business to help determine your growth and goals for this year. Consider the number of weddings you want to shoot, your booking fee, and total income you would like. By determining where you want your business to be, you are setting up good systems that will help your business grow. Carefully selecting the right metrics promotes efficiency within your business, leading to free time for you to work on additional projects.
3) Create realistic goals
Finally, ensure that all of the goals for your business are realistic. Realistic goals help in clarifying business decisions at all stages of your business, whether you are just starting out or are a seasoned pro. There is a balance in creating successful goals and metrics – they should be attainable within the timeframe you established, though they should not be so easy that your business is not growing to its full potential. By setting metric based goals that are achievable, you will be motivated to strive for efficient ways to accomplish the goals, which in turn, will positively affect your business.
By creating specific goals with metrics to support it, you are creating strong systems that will motivate you to grow your business. To learn more about goals based on metrics, download our guide, How to Grow Your Wedding Photography Business.