There are times in life in which you want it all. You want to succeed, to be happy, maybe you just want a lot of cash. Far too often, we try to be the best at it all, stretch ourselves thin, and burn out. This is why it's important to set goals. Goals help to prioritize your time, gain sight on what's truly important, and ignore distractions.
If you hope to have a successful business, you must set company goals, motivate yourself and your team, and ignore the distractions that will dash your priorities.
In this week's Talking with Taploci, I discuss what it means to set 3-year goals, 1-year goals, and quarterly goals.
We start by defining our 3-year goals. Your 3-year goals will help you keep sight on the long-term future. Start by setting Targets which are financial metrics, such as revenue, gross profit margins, accounts -- whatever it is you find important to your business. Whatever Targets you set for your 3-year goal will be used for your 1-year and quarterly goals as well.
Next you list your 3-year capabilities, meaning what in the next three to five years needs to be accomplished to meet your Targets. You will also define your Profit/X which represents your primary source of economic drive. For VoIP Innovations, we use Profit per DID.
For your 1-year goals, you will be using the same Targets you defined for your 3-year goals. What's unique to 1-year goals are Annual Priorities. These are simply goals you want to accomplish within one year. For example, you may want to make a goal to sign more switch partners. Choose a goal and build up to it with each quarter.
Just with the 3-year and 1-year goals, you will still be using the same Targets. To set your quarterly goals, you must define your Big Rocks and your Critical Numbers. Big Rocks are your immediate priorities. In a previous blog post, we defined Big Rocks as a list of actions that will be accomplished to meet quarterly goals. So if your 1-year goal is to sign more switch partners, assign tasks to your team to make that a possibility.
Finally, you need to define your Critical Numbers. Your Critical Numbers drive your business and represent mile markers to your Profit/X. Since our Profit/X is Profit per DID, our Critical Numbers involve DID costs and DID revenue.
On the next Talking with Tapolci, we will discuss the strategic planning session, celebration, and reward system for reaching your goals.
For more information about goals and strategic planning check out our latest eBook, "How to Build an Industry Dominating Strategy"!