Jaimie: Hello and welcome to Pitch Perfect, the go-to source for insights and advice to help your business. I'm Jamie Abbott, and in today's episode, we're diving into a topic that's crucial for any business's success. That's planning and mapping out your goals for 2024. Now, whether you are a solo entrepreneur or you're running a multinational company, the principles of effective goal setting can be a game changer for your business. So, grab a notebook, and let's get started.
So, let's start with the fundamental question: Why is a goal so important? You see, goals are not just aspirations. They are the guiding stars for your business's journey. They provide direction, motivation, and a clear measure of what success looks like. But it's not enough to have goals. They need to be well-defined and strategically thought out. And this is where I think many businesses stumble. You see, they set goals that are either too vague or unrealistic. I know I've done that before. So, the trick is to find that sweet spot, which is ambitious, yet achievable. So, you know, think about some famous businesses out there. I mean, look at Apple; their goal to make sure so many of us were having an iPhone was not just a dream. I think Steve Jobs, when he had that vision, it was a carefully crafted target that they pursued relentlessly. And look at Apple today, you know, their journey to achieving it provides valuable lessons on the power of strategic goal setting. You know, they were always one step ahead. Maybe not the best example, but you know what I'm getting at, right? So, it's about having that laser vision on your goal.
So, let's talk about understanding your business environment. Now, before you rush into setting your goals, take a step back. Look at the bigger picture. What does the landscape of your industry look like? Are there new technologies or market trends that could affect your business? Understanding these elements is key to setting goals that are not just relevant, but also productive. It's about anticipating changes and being prepared to pivot or perhaps adapt your strategies.
But let's do a quick exercise. Think about one major trend in your industry. How could this impact your business in 2024? Keep this in mind as we move on to setting your goals.
Now, let's talk about crafting SMART goals. So, you know what SMART goals are, right? That acronym, and I think you often see it. We see it a lot in goal setting. You'll also see it in job interviews; people encourage you, especially in public servant jobs, to follow the SMART principle, and it stands for Specific, Measurable, Achievable, Relevant, and Time-bound. And so, I think this framework helps transform maybe a vague idea into a concrete plan.
Let's break it down with an example. Say your goal is to increase sales. That's a start, but it's not SMART (S-M-A-R-T). So, let's apply this SMART framework: "I want to increase online sales by 15% by the end of Q2 2024, through targeted social media advertising and revamped email marketing strategies." So, this goal is very specific. We're talking about a 15% increase and we're talking about online sales. It's measurable because you can track the percentage increase. It's achievable because we've got targeted advertising and marketing. It's relevant because it aligns with your business's growth, and it's time-bound. So, you've said by the end of Q2 2024.
So, with your SMART goals set, it's time to think about strategy and tactics. These are two sides of the same coin. So, your strategy is your overarching plan. That's the 'what' of your goals. Tactics are the 'how'—the specific actions that you'll take to achieve the strategy. And I think a common mistake is to confuse the two or maybe I see a lot of people focus too much on one at the expense of the other.
Let's go back to our goal of increasing online sales. Your strategy could be to enhance your digital presence; the tactics, they are the specific steps like launching targeted ad campaigns, optimizing your website for user experience, and creating engaging content for your email subscribers.
So, another quick episode today. I love these short episodes, just straight, sharp to the point. But as we come to the end, I hope you're feeling inspired and ready to tackle your goal setting for 2024.
I recently ran a goal-setting session for three hours, actually, inside PR club. If you want in on that, it was actually a $497 day. If you want in on that, you can join PR club, and you'll get access to it. Go to PRclub.com.au, and you can join and have access to that three-hour workshop with all the templates and resources that came with it.