EPISODE 042 | APPLE PODCASTS | SPOTIFY

A very warm welcome, today we are looking at the power and significance of having clear business goals, and why it’s such a big deal for you and your business. Imagine you're driving somewhere new without SatNav nor are there any road signs for you to follow. You might head roughly in the right direction and with perseverance, eventually stumble upon where you need to get to, but you'll likely take plenty of wrong turns and waste a huge amount of time in the process. Running a business without clear goals is very much like that. It's a bit tongue-in-cheek, but it’s a straightforward example.

CLEAR GOALS

Clear goals genuinely guide you through the ups and downs that always happen when you are managing and growing a business. They give you something to aim for, a target to keep your eyes on. Without them, it's so easy to get lost in the day-to-day busyness, losing sight of the bigger picture.

Clear goals also keep you motivated and, if you have a team, keep your team focused and motivated too. When everyone knows what they're working towards, it's easier to stay focused and put in the effort needed to reach those goals. Understanding what you are working towards and why you are doing it makes all the hard work worthwhile.

And let's not forget alignment. When your goals are crystal clear, it's much easier to make decisions that move your business in the right direction. Every choice you make, from hiring new employees to launching a new product, should align with your goals. It's a little like having a filter that helps you sift through all the noise and distractions, keeping you on track.

UNDERSTANDING “SMART” GOALS

Now that we've established why clear goals are so important, let's talk about how to make sure your goals are completely clear, so you know exactly what you’re working towards and so you can achieve them effectively.

There is a classic approach, one that is well known, which I’ll share with you. I also have though an extended approach, which I’ll also share, as I feel the additional steps I focus on make a whole world of difference. They add a massive element of practicality and effectiveness, particularly if you are running a creative business, with all the challenges that come with that.

Let’s first look at the classic approach, and this is where SMART goals come in. SMART is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Let's break it down:

SPECIFIC

Your goals need to be super clear and specific. A specific goal is clear and unambiguous. It answers the questions: Who is involved? What do I want to accomplish? Where will this take place? When will this happen? Why is this important?

When you are setting your goals, use detailed and descriptive language to outline your goals. Avoid vague terms and ensure that everyone involved understands exactly what is being aimed for.

Instead of setting a goal to "increase sales," you might instead say "increase monthly sales of our specific product line by 20% within the next six months." When your goals are specific, it's easier to know exactly what you're working towards, and it gives you a clear target to aim for.

MEASURABLE

A measurable goal allows you to track your progress and know when you’ve achieved it. It answers the questions: How much? How many? How will I know when it is accomplished? This could be in monetary value, units sold, or website analytics, including visitors from specific sources—whatever makes sense for your business and, importantly, for your goal. For example, if your goal is to "increase website traffic," make it measurable by specifying "increase website traffic by 25% through targeted social media campaigns over the next three months."

When you can measure your progress, you'll know if you're on track to reach your goals, and if you are not quite on track, you can make adjustments as needed.

We place targets and measurements on everything we do, from newsletter subscribers to the number of students who sign up and join our online courses. We have a very clear outlook from the start of each month and year, and we work towards those measurable goals. If we simply hoped for a little more than before, we wouldn’t know whether we were achieving our goals. It wouldn’t drive us forward and encourage us to come up with new strategies if we were falling behind.

ACHIEVABLE

I always feel that your goals should be challenging but also realistic and they can of course steadily increase in size and ambition. There's no point setting goals that are totally out of reach. Aim high, but keep it possible. When your goals are achievable, it gives you something to strive for without feeling overwhelmed or discouraged.

An achievable goal is realistic and attainable within your available resources and constraints. It answers the question: How can I accomplish this goal? Is this goal realistic given the current circumstances? The best strategy to help you make this work is to assess your current capabilities and resources. Set goals that challenge you but are still within reach. For example, instead of aiming to "become the market leader in your niche," set an achievable goal like "increase market share by 5% over the next year by enhancing customer service and expanding our product line."

RELEVANT

Your goals should align with your overall business objectives. Don't waste time chasing goals that don't actually move your business forward. Instead, focus on goals that are relevant to your long-term vision and will help you reach your ultimate goals. A relevant goal aligns with your broader business objectives and values. It answers the questions: Does this goal make sense for my business? Is it the right time?

I talk more about this in a slightly more effective way within the additional four steps that I add onto the SMART acronym.

TIME-BOUND

Set a deadline. Without a timeline, goals can easily linger in the background, particularly after the initial excitement and motivation have begun to dwindle. A time-bound goal has a clear deadline, creating a sense of urgency. It answers the question: When will this goal be achieved? Give yourself a deadline to work towards—it'll help keep you focused and accountable. When your goals are time-bound, it creates a sense of urgency and helps you stay motivated to take action.

So, that’s SMART goals.

PURPOSE

This is about deeply understanding the outcome of achieving your goal. What is the purpose behind your goal? It’s so important that you don’t just focus on the goal itself but rather take it a step further and understand how the goal will impact your life.

When you take time to understand the purpose of your goal, it’s hugely helpful when you hit obstacles, because we all know that will happen. It’s very unusual to be working towards something and not come up against some kind of obstacle that means you have to alter something, change direction, and try a different approach. When this happens, it can derail us, and it's at this point most people give up. They simply believe it’s not meant for them or it might feel too hard. But, if you have aligned your goal with a deep purpose, one that really matters, this will give you the motivation to keep going.

I can share many examples of when this step has been hugely effective and has helped me to keep going. One includes the earlier days when one of my goals was to be featured in British Vogue. At the time, it was tricky to find and reach the right contacts and then be considered, particularly as a new brand without previous media exposure. This was before social media, so press coverage meant a significant amount. But I knew the huge impact this would have on my brand, so every time I received a no or hit a wall, I focused on the purpose behind the goal. It was more than just simply being featured; I spent time really understanding the exact impact it would have on my brand and why it was so important. For me, it was about being visible and working with a very specific target audience, one that a feature in Vogue would help enable. So, my focus and purpose were very specific.

And just recently, I have been creating a new website. While there are fun aspects to the project, there are also a lot of mundane and frustrating aspects. However, I know the impact it will have once it is finished, specifically how much the content will really help our audience and, in turn, our brand presence. So when I’m working on that umpteenth page or looking exhaustively for a specific code to change the position of a heading and would rather work on something a little more exciting and more instantly rewarding, I focus back on the purpose, and this helps me to keep going.

STEPS

This is about learning how to effectively break down the steps to finally achieve your goal. By focusing on the individual steps, it feels far less overwhelming and instead achievable, as you have a smaller focus rather than the huge mountain in front of you. Small, steady steps will always be highly effective. And this absolutely helps you to work towards some of your more ambitious goals.

Going back to our new website, this is exactly what I’ve done. I don’t focus on the website in its entirety; instead, I focus on components of creating it. It is a massive undertaking as one project, but when sections and pages are broken down, it becomes significantly more achievable. It is still the same goal I’m working towards, but the potential overwhelm has been removed.

consistency

It’s essential that you create a rhythm. Whether you only have a few hours each week or you can devote significant blocks of time each day, you need to work with an element of routine. As much as I love variety and new projects, a focus on consistency and rhythm is essential.

We are creatures of habit. In the same way as when you start an exercise routine, for it to be effective and stick, you need to be consistent, with a focus on small, individual steps and the purpose behind your goal, which neatly brings the first three additional steps together.

GROWTH

Usually, if you are working towards something new, there will be aspects that you don’t know yet. Many of these aspects you won’t be able to predict when you start out. As long as you go into your goals being fully open and absolutely prepared to learn and find the solutions, you will achieve your goal. So a focus on growth through learning and figuring out new problems is so important.

There is always a solution, and it might not be the initial straight path you envisioned. Always, always be the person that chooses to figure it out; don’t let not knowing something stop you. Many of us have an inner voice that tells us we can’t do things that we haven’t done before, but those who succeed with their businesses always have a very clear growth mindset: you believe that you can and that you will find a way. Be this person, be positive, believe in yourself.

Also, when you learn something new, it encourages your brain to expand and create new neural pathways, a phenomenon known as neuroplasticity. This means that every new skill or piece of knowledge you acquire not only enhances your abilities but also strengthens your brain's capacity to adapt and grow. This continuous learning process is vital for personal and business growth, as it equips you to overcome challenges and innovate effectively.

It’s so important that we enjoy each of the steps, it’s not just about the end goal, it really is about how you get there too. This all encompassing focus, really helps you to enjoy your role. You can see why working effectively is so important.

As we come to the end of this episode, I would love you to start applying SMART goal-setting techniques to your own business. Take the time to reflect on your goals and refine them with the strategies we've discussed. Set aside some time this week to define at least one SMART goal for your business, and as you do this, add in your purpose, break the steps down, make a plan for consistency, and be absolutely open to learning and growing along the way.

This small investment of time can have a significant impact on your long-term success and how much you love what you do.

So, take the time to reflect on your goals, refine them with the strategies we've discussed, and stay committed.

Thank you for joining me, with huge love,
Philippa x