A study from Harvard Business School found that people who have set goals are ten times more likely to succeed than those without them. This is also true for businesses.
Running a successful business requires setting and achieving goals. But accomplishing business goals is not always easy, especially when you're trying to do it as a team.
There are a lot of different factors to consider, and things can quickly get overwhelming. For example, team members will have different motivations and perspectives. It might be challenging to agree on what you need to do and when.
But don't worry, we're here to help. Here are six tips for setting and achieving business goals as a team.
1. Define what you want to achieve
Before you even have a meeting with your team, you should determine the business goals and objectives you want to achieve as the business manager or owner. Start by evaluating your business and determining areas that need improvement.
You should outline the goals you want to achieve within a given time frame. Start by listing the short-term business goals you want to accomplish in the next 3-6 months. Then, list the long-term business goals you want to achieve in the next 1-2 years.
Ensure that you choose goals that are valuable to your organization. To determine whether you’ve set the right goals, ask yourself how they will benefit your business.
You can then introduce these goals to your team and explain how they will contribute to the organization's success. Being transparent will help everyone understand why these goals are essential and will get everyone on board.
2. Prioritize team goals over individual goals
When working on business goals as a team, it's important to prioritize goals that will benefit the team over goals that will only benefit individual members.
If everyone focuses on their own goals, the team will likely not achieve its goals. This can lead to conflict and frustration among team members.
To avoid conflicts, make sure that team goals align with the organization's goals. This way, everyone will be working towards the same objectives, and everyone will benefit from achieving the goals.
Try to select goals that everyone can agree on. If there are some goals that team members are not comfortable with, see if there are ways to compromise.
3. Encourage team members to set individual goals
Even though team goals should be a priority, it's also important to encourage team members to set their own goals. These goals should align with the team objectives, but they can be more specific to each individual.
For example, suppose the team's goal is to increase sales by 10% in the next quarter. An individual goal could be to increase sales by 5% in the first month of the quarter.
Individual goals will help team members stay focused and motivated. They can also help team members feel like they're making a valuable contribution to the team's success.
4. Create a plan of action
After you've defined your goals and communicated them to your team, it's time to create an action plan. The plan will ensure that everyone knows what they need to do and when.
Start by breaking down the goals into smaller tasks. Then, assign these tasks to team members and establish deadlines. Deadlines will encourage accountability and help ensure that the team achieves the goals in a timely manner.
It's essential to create a realistic plan of action. If you try to do too much at once, things will likely get overwhelming, and nothing will get done. So, take your time and be thoughtful about what people need to do.
Make sure to leave some room for flexibility. Things change, and you might need to adjust your plan as you go.
5. Monitor progress
Once you've created a plan of action, determine how you’ll monitor your team's progress. Monitoring will ensure that everyone is on track and that your business achieves its goals.
There are several ways you can do this. For instance, you can hold regular meetings to check in on progress. You can also create a system where team members report their progress regularly.
Tracking progress will also help you know which projects are moving faster than expected. You can use this information to re-allocate resources to the slower-moving areas.
Tracking the progress towards your business goals will also motivate your team. As they see the progress they are making, they'll be more likely to stay on track and continue working towards their goals. You should also encourage the team members to celebrate milestones along the way.
6. Support your team
Achieving goals is not always easy. There will be times when team members need support.
As a leader, it's your responsibility to provide this support. This might include offering advice, mentorship, or financial resources. It could also mean being there for team members when they need someone to talk to.
You should also create an environment where team members feel comfortable asking for help. The environment will enable them to get the support they need.
A comfortable environment will also encourage the team to give feedback, which can help achieve goals. Leaving room for feedback will ensure that team members feel like you’re listening to their voices. This will create a more cohesive team and a better chance of achieving goals for a business.
Setting and achieving business goals as a team made easy
Achieving business goals is a team effort. Follow the above tips when setting goals for your business to ensure you don't keep putting them off. The tips will also ensure that your team is motivated to achieve the goals.
If you would like to track your team’s progress towards the set goals, consider using performance management software from Mesh. This people management software will make it easy for you to set transparent goals and share feedback with your team. It’ll also help you have insightful coaching conversations with your team to inspire them to attain team objectives.
Contact us today to get started with Mesh.