A Framework for Setting Business Goals
The purpose of creating goals is to connect what you're actually doing with what you want. People think or talk about goals like voodoo, while in reality, they’re quantitative. Visualize the vision, and plan a science experiment to create reality.
Setting Business Goals
Measuring success is not about as a pass/ fail or A thru F. Measuring success is about creating a scale that helps the company improve processes, increase revenue, grow, innovate, basically what businesses are "supposed" to do.
OKR's (aka. Objectives and Key Results) are a widely used method for forming quantitative goals.
One of the most rudimentary examples I can think of:
Objective: Maximize Sales Effort In Every Region. Key Result: Get 100 new customers in the next 3 months
It should go without saying, but doesn't, the specifics (data and formulation) of your objectives must match the priorities you have for your department or organization for the year. Top entrepreneurs attribute focus as the super secret weapon that gave them success.
Here's a simple process.
1. Decide what you want to do in the next 3 or 5 years.
2. Ask yourself the simple question of what people would describe your company as in three or five years to get yourself thinking in the right direction.
3. Write it down.
4. Pick 1-5 priorities that will get your business closest to the vision.
5. What results will lead us to accomplishing each of the priorities?
6. Organize the work across the different departments of the organization, no matter how large or small. (Launchpadds = Workspace Administration)
You may feel stuck and overwhelmed because what I dropped for you is a synthesized process for focus and business success.
You may be wondering about prioritization
It's easiest to follow the 70/20/10 rule - rules are more like guidelines.
70 - Core business, maintenance and generating revenue. Expansion by identifying the big assets or money makers, and doubling down on those efforts.
10 - New business models centered around innovation and industry ability.
20 - Bridge efforts between the two (Emerging Innovations and Past Success)
Here's the reality, this is a simple framework. I hope this will be of use to someone at some moment.
If this seems like too much for you, then I must urge you to re-center what you're putting your energy into this year because running a successful company in the future may not be what you're placed on this earth to do - alone.
Reach out anytime to discuss goals or strategy to achieve those goals. Email Missioncontrol@launchpadds.com
Bobby Brodney is a 30-something year old founder of Launchpadds and dude from California. I enjoy nature and bougie dinner parties alike. You'll find me at the gym or exercising my 90-pound Weimaraner named @princelouistheweimaraner on Instagram most of the time.
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