Setting Realistic Goals: A Coach's Guide For New Entrepreneurs
- Akino Davis
- Jun 16, 2024
- 6 min read
This Newsletter edition is brought to you by SME Digital. Our Mission is to Develop and Empower the next generation of Caribbean Entrepreneurs to launch and grow successful businesses.
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Just try to picture yourself setting sail on a wide ocean without a plan or a destination; that is how it feels to begin a business without having any discernible objectives.
Starting on the path of entrepreneurship is an equally exhilarating and challenging experience. When it comes to effectively navigating this journey, aspiring and new businesses need to establish attainable and sustainable goals. On the other hand, many professionals transitioning from secure work to the unpredictability of the world of entrepreneurship struggle with this essential component.
In this article, we will discuss how to develop attainable and impactful goals with the assistance of a business coach. This will ensure that your journey as an entrepreneur is not merely a leap of faith, but a planned and strategic drive towards success.
The Problem.
A major obstacle new business owners confront is establishing attainable and impactful goals. It is possible to feel overwhelmed while transitioning from a structured job environment, where the goals are established by managers, to an entrepreneurial one, where you are responsible for creating your own goals.
New business owners frequently find themselves either setting goals that are excessively ambitious and therefore impossible to achieve or setting goals that are too general and lack the precision necessary to foster growth.
This lack of clarity and direction may result in dissatisfaction, waste of resources, and eventually, failure to achieve the objectives set. If clear and attainable goals are not set, entrepreneurs may have difficulty focusing, prioritizing their work, and accurately measuring their progress.
Existing Solutions and the Problems They Present
To establish their objectives, many newly established business owners resort to solutions that are widely utilized, such as goal-setting frameworks, productivity tools, and self-help books. Even though these resources have the potential to offer insightful information, they frequently fall short for several reasons:
Goal-Setting Frameworks: Although popular frameworks such as SMART goals (Specific, Measurable, Attainable, Relevant, and Time-bound) are widely utilized, new entrepreneurs have difficulty with realistic goal setting in the absence of receiving specialized assistance. They may establish technically SMART objectives, but these objectives will not be in sync with their entire vision and capabilities.
Productivity Tools: Some examples of productivity tools include task management applications and planners. While these tools can assist in organizing work, they do not offer strategic guidance to establish meaningful goals. Entrepreneurs eventually focus on activities that keep them occupied rather than those that result in major advancement.
Self-Help Books: These books provide comprehensive guidance on goal setting, but don’t provide customized feedback and accountability for successful goal achievement. As a result, aspiring and new entrepreneurs fail to adjust to difficulties and conditions.
The solutions available don’t provide complete individualized help and strategic insight essential for establishing attainable and sustainable goals. Here is where the knowledge and experience of a business coach can make a huge difference in the outcome.
Recommended Solutions and Approach As a Business Coach
My role as a Business Coach requires me to present a method of goal planning that is both structured and individualized. Here is how I assist new business owners in setting goals that are both attainable and significant:
Understanding Your Values and Vision
Make Your Vision More Clear:
Having a distinct idea of what it is that you want to accomplish is the first step in the process of defining attainable goals. This vision serves as a compass, assisting you in aligning your short-term objectives with long-term objectives. When you hire a business coach, they will assist you in articulating your vision and ensuring that it is both motivating and applicable.
Find Out What Your Values Are:
When it comes to developing relevant and motivating objectives, it is essential to have a solid understanding of your basic principles. Your decisions and actions are directed by your values, which serve as a compass. Your business coach will assist you in determining and ranking your values, ensuring that your objectives align with things that are important to you.
Setting SMARTER Goals:
Specific and Measurable: A successful aim is both specific and measurable. Establishing specific targets, such as "raise monthly sales by 20%," is preferable to creating more general goals, such as "expand my business." Your business coach will assist you in defining goals that are specific, and quantifiable, and provide you with a solid target to strive for.
Achievable and Relevant: Your goals should be difficult to achieve but not insurmountable. Frustration and a lack of drive might result from setting overly ambitious objectives. Your present capabilities and resources can be evaluated with the assistance of a business coach, who can also ensure that your goals are attainable. Additionally, your goals should be pertinent to your vision and principles, as this will help you maintain focus on genuinely important things.
Time-bound and Evaluated: Goals require a timeline, and a sense of immediacy to motivate people to take action. It is easier to prioritize activities and keep on track when you set deadlines. The assistance of a business coach allows you to establish realistic timetables, evaluate your progress regularly, and make adjustments as required to ensure that you remain in line with your goal.
Rewarded: To keep oneself motivated, it is important to celebrate accomplishments. Rewarding and acknowledging progress is an effective way to reinforce positive behaviors and maintain engagement. When you hire a business coach, they will assist you in conceiving a system that will reward you and your team for accomplishing certain goals.
Breaking Down Goals Into Actionable Steps
Developing Action Plans: It's easy to feel overwhelmed when you have big aspirations. Through the process of breaking them down into smaller, more doable steps, they become more attainable. A business coach can assist you in developing comprehensive action plans that outline the activities and benchmarks necessary to achieve your objectives.
Place Tasks in Priority: The same cannot be said for every task. Task prioritization guarantees you concentrate on high-impact actions responsible for significant progress. A business coach can assist you in determining and prioritizing tasks that are in line with your objectives and vision.
Monitor Development: When it comes to staying on track, it is crucial to monitor your progress regularly. There is accountability provided by a business coach, who assists you in reviewing your progress, celebrating your triumphs, and addressing any issues that you face. Consistent check-ins guarantee that you maintain your concentration and motivation.
Adjusting and Adapting Goals
Flexibility and Adaptability: The journey of an entrepreneur is dynamic, and as conditions change quickly, so do the circumstances. It is essential to be adaptable and willing to modify your objectives to be successful as an entrepreneur. Through the assistance of a business coach, you will be able to maintain your flexibility and adapt your goals and tactics required to remain in line with your vision.
Continuous Improvement: There is no such thing as a one-time goal-setting process. Continually evaluating and enhancing your goals ensures they remain applicable and influential. Through frequent evaluation of your progress, a business coach will assist you in adopting a mindset focused on continual growth.
Conclusion
The foundation of successful entrepreneurship is the establishment of realistic goal-setting for new entrepreneurs, that are attainable and significant. Existing solutions, such as frameworks for goal-setting, productivity tools, and self-help books, provide great insights; yet, they lack the customized advice and accountability necessary for effective goal achievement.
As a Business Coach and Author, I offer a structured and individualized method of setting goals. I assist new business owners in clarifying their vision, establishing more ambitious goals, developing strategies that can be implemented, and regularly monitoring and adjusting their objectives. With this all-encompassing strategy, you can rest assured that your objectives are attainable and align with your long-term vision and principles.
Consider that being an entrepreneur is a journey, and to effectively navigate this path, it is vital to set the appropriate goals. Your aspirations of being an entrepreneur become a reality if you have the assistance of a business coach through the process.
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See you in the next article.
Whenever you are ready to take your business to the next level, there are three (3) ways that I can help you:
Becoming An Entrepreneur: Beginners Guide Ebook: My latest book. An Essential Road Map to Entrepreneurship, packed with insights, strategies, real-life experiences, and advice to turn your business aspirations into reality.
The Business Launch Coaching Program: This comprehensive program, tailored for aspiring and new entrepreneurs, will equip you with the knowledge, skills, and strategies to transform your business idea into a successful venture. Through interactive workshops, expert guidance, and personalized coaching, you'll gain the tools and confidence to navigate the challenges and opportunities of entrepreneurship to:
Enhance your self-awareness and personal growth,
Master effective communication and interpersonal skills,
Set SMART goals and develop actionable plans,
Overcome challenges and build resilience,
Cultivate motivation, productivity, and career satisfaction and
Experience Transformational Growth.
Strategic Consulting Services: We dive deep into your business to identify your core strengths and areas for improvement. We craft customized Strategic Business Plans that align with your vision and market demands. By setting clear, actionable goals, we pave the way for your company’s success.
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