As we enter 2021 and gear up for a new year, many of us are making personal resolutions and reflecting on what we want to achieve in the coming year. Whether you’re setting personal resolutions for 2021 or not, there’s no time like the present to turn your focus to your business and what goals you should focus on moving forward.
By setting S.M.A.R.T goals and using the actionable insights provided by PestPac, you can reflect on your own metrics and see how they stack up against industry benchmarks. That data is the perfect springboard to fuel goals for 2021 and ensure that your efforts will help your business to operate more efficiently and drive greater profitability.
Learning to Set S.M.A.R.T. Goals
The S.M.A.R.T. method of goal setting is built around five key tenets which, when put into action together, allow you to set realistic goals for your business and start taking steps toward making those goals a reality. Each element of the S.M.A.R.T. approach is designed to help guide your focus and actions toward the goals that are most important for your business.
The more specific your goal is, the more tangible it becomes. When your goals are vague or too general, it can be difficult to define what constitutes success or measure your progress toward that goal.
As an example, just about any business owner will tell you that they’re aiming to make more money. While this goal is valid, it’s also very vague and, in turn, difficult to work toward. Instead, try to make your goals as specific as possible. Replace “make more money” with “increase revenue by X%,” and your goal is instantly much more concrete.
With a specific goal set, you can hone in on the best way to measure your progress. Reporting within PestPac makes it easy for you to stay on top of metrics as time passes, allowing you to monitor your progress and pivot your strategy as needed throughout the year. In the example of increasing revenue by a specific amount, PestPac’s reporting and business analytics tools allow you to easily compare your numbers year over year to see if you’re on task and, if you’re not, to take action and get back on track.
When setting goals, it can be tempting to shoot for the stars. If your goals are too lofty though, you’re likely to fall short and become discouraged along the way. For your business, setting goals that are attainable helps you to progress at a sustainable rate and can even boost morale when the members of your team know that they’re helping achieve that goal.
To ensure your goals are attainable, take the time to explore past data in PestPac and gauge what you can realistically attain. If your numbers last year were identical to the year before, a small increase might be an attainable goal that still has a major impact on your business. If your numbers jumped by a significant percentage, then setting a goal that is just a few points more can be an attainable increase that builds on the momentum you already have.
You make business decisions that are geared toward your large scale business plans, and the same should be true when setting goals. If your goal is to increase revenue by a certain percentage, take the time to ask yourself why that goal is important and what it can do for your business overall. Do you want to increase revenue to hire new technicians, buy new equipment, or launch a second location? Or are you hoping to bring your revenue to a certain threshold to attract potential buyers for your business? Taking time to think of how your goals impact your business on a broader scale is crucial to ensuring your putting effort into what’s most important instead of spinning your wheels on initiatives that might not play into your big picture plans.
Just like your goals need to be measurable for you to properly gauge progress and success, you need to have a time frame in mind when planning your goals and monitoring progress. Is your goal one that you’re looking to achieve by the end of the year, or by a particular date? Having a date in mind for reaching your goal helps you to stay on task and gives you a benchmark to gauge your progress against.
Using PestPac, you can gain deeper insights into your business and lay a plan out for milestones to achieve along the route to reaching your goal. If you know from the data in PestPac that your revenue during the first-quarter tends to be lower than the rest of the year, then you know not to panic if you’re not 25% of the way to your annual goal by the end of March. Similarly, you can use those insights to plan ahead and determine when your efforts can be most effective.
Before you can start setting goals and laying out deadlines, you’ll need to review your current metrics in detail to establish a baseline, see how you stack up against industry benchmarks, identify trends, and form the appropriate strategy for achieving your business goals in the coming year. With PestPac’s reporting capabilities, you can find all of the information you’ll need to set yourself up for success.
Ready for a deep dive into auditing your metrics and processes in PestPac and how to go about setting your own S.M.A.R.T. goals? Learn more in our follow-up article!