Deciding to startup is itself a great commitment – Once you decide to startup, it means you’re ready to come out of your comfort zone face the unlimited challenges life has to offer you. You make some of the most important decisions of your life when you plan your startup, set a goal and start working. The first and foremost thing you do when you startup is PLAN. And this includes everything from the vision of the company to the number of co-founders you’re willing to keep. Setting goals and objectives for your startup is the crucial part of startup as it determines the future of your company.
People often mistake goals and objectives to be the same, but when you start planning you’ll find they’re quite different. For example: You’re opening a department store, and you’re determined to make it “The best department store in the state.” That is a goal. It has no definite parameters nor have you figured out a way to get there yet. But you know that’s where you wanna be if you keep going. So, goals are just a dream that you see for your startup.
Objectives , on the other hand, are specific. If you say, “I’ll increase my sales by 10% by the end of next month.” Now, that, is an objective. They’re more discrete and clear. You know what you’re going to do in a fixed time. You can take it this way, objectives are the strategies you make to reach your ultimate goal. And once you reach there, you set another one.
While you set goals for your company, you might want to follow the phrases like ‘Dream Big!‘ because there’s no time bound criteria for you to achieve it. Keep your goal as high as possible but at the same time remember to keep it real. If your goal seems impossible just by the sound of it, you won’t be as motivated to achieve it.
Setting objectives can be a little harder in comparison to the goals. Objectives are not just the dreams you see for your startup but they’re like the path you create for your company to walk on. And whatever happens to your company depends on your company objectives. So, it is very important that you set these right and ‘SMART‘. And it doesn’t take a management expert to set effective, ‘SMART’ objectives or plan its implementation strategy.
S – Specific:
Your objectives should be specific. “I want to expand my business” This is way too vague. This doesn’t even clear out WHAT you want to do or HOW you plan on doing it. “I want to open two branches of my store by the end of this quarter.” Now, this is a specific one. Set objectives in such a way that, it is clear to everyone what it is they’re going to do.
M – Measurable:
“I want to increase my sales.” This objective sounds specific but the thing is everyone likes to increase sales, that’s obvious. But how much do you want to increase it? Remember to make your objective measurable. “I want to increase my sales by 10%.” This gives your company a better vision on how much should they be working.
A – Attainable:
As mentioned earlier, while you’re trying to set an amazing objective, be sure to stay on the ground. Don’t set impossible goals or objectives. If you set an objective that you have no hope of achieving, this will only degrade your energy and confidence.
R – Relevant:
Keep your objectives aligned with each other. Your objectives are supposed to help you focus on what you’re doing, not driving your concentration to different places. Your objectives should relate with each other.
T – Time Bound:
Most importantly, set your own criteria. Deadline is one of the greatest motivators. If you do not have a time bound criteria, your focus drifts away and none of your objectives will be actually be implemented.
Also Read: Startup Struggles