What's your New Year Plan? | Setting Effective Goals For Your Business in 2023

Say Yes to New Adventures

So, What’s your plan for New Year’s Party ??? 

Many of your friends & colleague must be asking you the same question.

But, I am going to ask a different question… What's Your Business Goals for 2023 ??

Are you ready to enter into 2023 with a crystal clear goal ?? I

f not, don’t worry... I will take you through a process setting your goal for 2023.

So it's not just about setting a SMART goal

1. Specific (simple, sensible, significant).

2. Measurable (meaningful, motivating).

3. Achievable (agreed, attainable).

4. Relevant (reasonable, realistic and resourced, results-based).

5 Time-bound (time-based, time-limited, time/cost limited, timely, time-sensitive).

So you already know this…if not then google it... there is tons of content available on setting a SMART goal.

While you set your goals for 2023 you should understand following points

Know Your Parameters

It's not just about revenue or turnover for which we set goals. There are multiple parameters we should focus on your business. Following are the few parameters you should consider before setting your goal.

1. Turnover

2. Revenue

3. Team Size

4. New Products / Services

5. Revenue Stream

6. Alliances 

7. Learning / R&D

8. Marketing Channels 

9. Channel Partners

10. New Locations 

11. Systems & Process & So on….

There are multiple parameters on which we can set goal. But you should only pick 5 parameters to set goals.

I strongly recommend focusing on max 5 parameters.

Note: try to keep goals in number rather than subjective statements.

Go Mad 

Now since you have shortlisted your parameters, let's get started with setting a goal for 2023. Gather your 2022’s data to analyse your current situation on your selected parameters. 

In This Section, we will set MAD(Minimum, Achievable & Dream ) goals… 

1. Minimum Goal Setting In this approach, you will use your existing data of 2022 & set Minimum achievable goal. It means, without using many efforts you can achieve this minimum goal.

2. Dream Goal SettingNow let's assume that you have all the resources in the world & you have one year to achieve something.What would be that you will be achieved on your parameters for your Company? Where would you like to see your Company if you have all resources? Now set your Dream goal for 2023.

3. Achievable Goal Setting This is a realistic approach. This will be more than minimum goal setting & less than Dream Goal.You should ask yourself, you decide & push yourself Ideally, you should consider this as your goal to hit in 2023.

Divide & Conquer

Great, Let's use this British Formula “Divide & Rule” Divide your yearly goals in quarters & then months & then weeks…

“Journey of a thousand miles begins with a single step” Start with week 1 so that eventually you will hit the target.

Build a Review system

Only setting goal is not enough, you need to build a system to review your progress at least once a week.You should be able to measure your goal using Lead Parameters & Lag Parameters.Lead Parameter: Actions to move ahead in particular goal Lag parameter: your actual progress scorecard 

Communicate 

Most of us set the goal & keep it to yourself only. I would recommend you to share your goal withYour partners, your team & well-wishers.You will need their help in achieving this goal.

Conclusion:

1. Set your top 5 parameters
2. Set Mad Goals
3. Divide you goals into short durations
4. Design a review system
5. Communicate with team

So.. that’s my take on setting an effective goal for your business in 2023. Please share this with all the business owners you know & get back to me for your feedback or doubts… Happy New Year in Advance.