Have you ever heard the quote “Insanity is doing the same thing over and over again and expecting different results?” Albert Einstein made this quote famous, and for many people, it resonates often. As a business leader, you may have struggled with wanting to grow your company but not exactly knowing how to make that happen. When you are thinking about business growth, it is essential to set realistic, achievable, and measurable goals. Realistic goals help you picture enhanced revenue, company size, customer volume, and a manageable schedule that your business can achieve. Learn how to set growth goals that enhance real results and actionable procedures for you and your team.

Create Goals Using Real Numbers 

Consider your company’s historical data and estimate the growth you can reasonably expect in the upcoming year. Instead of using a percentage amount, determine an actual number you would like to add to your yearly revenue. Perhaps you want to add $10,000, $50,000, or more to your revenue this year. Once you have an amount in mind, consider the changes you need to make to reach that goal. You may need more staff, additional training, a robust marketing strategy, or a different sort of operational plan. When you have an actual amount of additional revenue in mind, you can easily see the whole picture of changes you need to make to reach your goal.

Develop Small Goals That Are Measurable

Now that you have a clear picture in your mind of where you want to go, create a plan for achieving your goals. Divide the goal into subcategories, such as marketing techniques and changes you can make to increase your customer connections, the current number of leads you have and changes you can implement to increase the lead count, staffing numbers and increases or changes you may need to accept new customers, and so on. Dividing the main goal into smaller categories allows you to study techniques that work to increase your revenue.

Examine Results Routinely

Evaluate changes in revenue weekly or bi-weekly to see accurate results of the changes you have made. Frequent examination of revenue goals helps you spot negative or positive issues quickly so that you can make adjustments as needed. Your growth goals will be noticeable if you measure them regularly, which will encourage you to continue with the operational changes that have occurred.

Re-examine and Adjust Goals As Needed

Routine goal-checking enables you to adjust actions when you are not meeting the revenue targets you set. Whether you have had changes in your staffing numbers, weather-related factors, marketing wins or losses, or new competition in the local industry, you can identify what has affected your current revenue and adjust your strategy accordingly. Setting realistic, attainable, measurable goals that are responsive to external factors and remain flexible throughout the season is a valuable task for growth goal setting. It is important to keep a close eye on your revenue numbers so you can flex your goals when needed.

Bottom Line

Most business leaders have growth goals in mind; however, having goals and creating a plan to achieve them are two different things. One large goal, such as increasing revenue for the year, is best achieved when it is broken down into small, attainable goals or activities. Consequently, the small goals need to be monitored to see whether they are working, and adjustments should be made if something is not. In the long term, a substantial goal is achieved when small wins occur along the way. Remember Einstein’s quote regarding expectations and the way a person does something or does not do something; changes must occur for different outcomes to be achievable. 

Frequently Asked Questions (FAQs)

What is required to set realistic goals that improve my company’s revenue?
It is valuable to set ambitious goals for your company, but to ensure they are realistic, you should set measurable goals based on historical data, define actionable steps towards growth, and be able to track growth metrics. 

What type of growth should I expect?
That depends on you and your team. Typically, you can expect modest growth as each year develops; however, if you want significant growth, you probably need to make changes involving business strategies, operational capacity, and marketing techniques. 

Should I review my goals routinely?
Yes. Measuring data helps you appreciate your growth rate and helps determine whether changes are needed to improve your revenue growth. Ideally, check your progress weekly and conduct a formal evaluation every 2-3 months or when a significant change occurs.