It’s January, and if you’re like me, you’ve been inundated with everyone’s take on planning your business. However, business planning looks different for everyone. There is no one-size-fits-all solution for planning.
A Few Words on Business Plans
Business plans and business planning are two different things. A business plan is the bird’s eye view of what and how you will do your business that you may share with investors or the public. Business planning is how you intend to get to the pieces in your business plan, and it’s usually an internal document.
There’s nothing wrong with planning in a way that looks different from your plan. We all process things differently, and your leadership style should be reflected in the results.
Types of Goal Setting for Business Planning
These are a few types of goals you may set in your business, though it’s by no means a comprehensive list. We never use all the different goal types; many of them fit into different frameworks like S.M.A.R.T. goals.
Weekly
These goals are relatively immediate, and you may use them to measure company changes. These goals are easy to set on the fly or on a schedule so that you see incremental improvement in the area measured.
Monthly
Monthly goals may be based on data from previous years or not, but you want to ensure they are realistic if you’re in a seasonal business. These goals can help ensure you’re on track for the bigger plan.
Quarterly
Quarterly goals are often financial in nature simply because that’s how the market expects data from publicly traded entities. However, these goals can be anything you want if they support your vision.
Annually
Annual goals tend to be the big ones that everyone asks about. However, they’re really hard to hit without shorter-term goals to measure progress toward them for most small businesses. Most of these may seem a little lofty at the beginning of the year, but that’s a good sign.
Transitions
You may also find yourself setting transition goals. For solopreneurs and small businesses, transitions are essential when you make changes to continue to thrive. An example of a transition would be moving sales platforms.
Straight Numbers
Straight number goals are not tied to a specific timeline and can range from financial to customer count to project amounts. Instead, you focus on hitting them quickly so you can hit the next one.
Short- and Long-Term Goals
Short- and long-term goals are not as strict on timeline, but they are great for exploring your vision for your business. These options for business planning can operate on any scale, from months to years.
Stretch Goals
Stretch goals go beyond the typical goals you set for your business. They are an extension of other goals you may set for yourself, and you may find having them is motivational for your company.
Employee Goals
If you have employees, you may also set goals for them. It could be anything from a measured engagement rate to a certain amount of employees achieving certification. If you have these goals, let your employees know.
Choosing the Right Methodology While Business Planning
With goals, how you get there is often as important as the goal itself. This is one of the things you must learn about yourself as a solopreneur or small business owner. As you grow, you’ll standardize it out.
The first step is figuring out your goals. What do you want from your business? The answer should be personal and go beyond the typical salary amount answer. Once you know what you want, you can break down what you need to get there.
Then, you must discover the best business planning option for you. Is it setting big goals for each month and a list of tasks? Is it time blocking to achieve weekly goals? Do you work better on short deadlines or long ones? Does writing things on a calendar work for you?
Few folks naturally plan like the big businesses. Therefore, it’s best to take some time and try a few methods for business planning along the way before you commit to a specific option.
Building in Flexibility While Business Planning
One of the interesting things about being a small business owner is figuring out how much flexibility you need. If you’re working solo, the answer could be quite a lot. Meanwhile, a small store may require less flexibility since you have a team to cover.
One option is to set levels of goals, which is a variation of stretch goals. With this one, you start with a minimum figure and build tiers from surviving to thriving, so you know exactly how much you must do.
Another option is to focus more on short-term and seasonal planning. This choice requires a level of alignment with your business but can be an excellent option for health-related flexibility or children.
Flexibility is key for so many business owners. Whether it’s figuring out what’s necessary for you or building a fantastic team that covers for each other, it’s crucial to figure out how you’re going to get the flexibility you need.
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