Setting goals for your coaching business is a great way to measure success and gauge your growth. Afterall, as a coach, you help clients reach their goals. It only makes sense that you would have a few goals of your own.
Business goals will help you maintain momentum and focus on tasks that move the needle. Don’t leave the future of your business up to chance. Invest in your future with intentional goals.
What are Business Goals
Business goals are targets you plan to achieve in a set time frame. Your business goals should support your business plan (read more here about how to create a business plan). Your business goals serve as a compass as you set your agenda and tackle pressing tasks.
Benefits of Goal Setting
There are loads of benefits to goal setting. Above all, goal setting is a great way to invest in your growth as a coach and business owner. Goals can help you set intentional targets for the number of clients you want to take on, the methods you’ll use to market your business, the quality of the service you provide for your clients, and just about every other aspect of your business.
Setting goals will help you achieve more direction and focus, increased productivity, and higher levels of motivation as you grow your business. Take the guesswork out of growing your business with a solid goal strategy.
Start the process of goal setting by thinking about the short-term and long-term. You don’t want to get caught up in keeping your business afloat day to day. You want to build a business that will be around a year, five years, fifteen years from now.
Take a moment to visualize the state of your business one year, five years, and fifteen years from now.
Make your vision a reality by setting goals for both the short and long term.
Short term goals are usually action items that need to be accomplished in the near future. These are the goals you will set to accomplish the vision you cast for your business one year from now.
Consider setting short-term goals on a regular basis. Once a month, set aside some time on your calendar to map out short-term goals for the next 30 days. Before you know it, the goals you set during your monthly goal setting sessions will become building blocks for long-term goals.
The short-term goals you set will help you achieve long-term goals. Long-term goals help you bring your vision for the next five to fifteen years into reality.
Recall the visions you cast for five and fifteen years down the road. You can envision the end result but you need to identify the steps that will actually get you there. Do a little reverse engineering.
What step will you take right before accomplishing the goal? What about the step before that?…and the step before that. Work this reverse engineering process until you find yourself in the present day. Then, ask yourself: What goals do I need to set today to start working toward the envisioned end result?
Your long-term goals might take months or even years to complete. That’s a good thing! Your short-term goals are consistent steps you take in the present to move toward your long-term goals. Your long-term goals are big leaps you take to move toward a desired vision of the future.
With a clear vision of what’s in store for you in both the short and long term, start defining your goals more specifically.
Define Your Goals
You’ve got great vision! With your vision in mind, define some goals you’ll need to achieve to make your vision a reality. You likely need to start bringing on clients, expanding your presence on social media, and start spreading the word about your amazing services!
Not sure where to start with goals for your business? Below are a few suggestions for goals that will benefit your business:
- Revenue – How much money will you need to make to keep your business running? Tally up your expenses and your ideal income.
- Products/Services – Based on your revenue goals, how many products/services will you need to sell. Crunch the numbers and craft a goal for product/services sales.
- Conversions – You put a lot of time and effort into marketing your business. Set a goal for marketing conversions that resulted in paying customers.
Feel free to set goals for your business that aren’t included in the list above. This is your business and you know what it’s going to take to be successful.
Once you have a few goals in mind, it’s time to implement a strategy!
S.M.A.R.T. is an acronym that was developed by George Doran, Arthur Miller and James Cunningham. The acronym originated in a scholarly article written by George Doran, Arthur Miller and James Cunningham and rapidly became one of the most popular goal setting methods around.
Each letter of the S.M.A.R.T. acronym breaks down important components of an effective goal strategy. S.M.A.R.T Goals are:
- Specific: Clearly defined, straightforward
- Measurable: Units that measure your progress toward your end goal
- Achievable: Attainable given your capacity and commitment
- Relevant: In this case, aligns with your growth as a coach and business owner
- Timely: Bound to a start and end date, clear timeline
Keep reading to take a closer look at each letter of the acronym.
You want your goals to be as specific as possible. The more specific your goal is, the more likely you are to achieve it.
For example, booking more Discovery calls is a general goal. Booking 3 Discovery calls a month for the next 6 months through social media and email marketing is a specific goal.
Remember, the more specific your goal is, the easier it will be to achieve. Wondering how you will know if you’re on track to achieve your goal? Move on to the next letter in the S.M.A.R.T. acronym, M.
Making your goal measurable is a great way to keep yourself on track. Identify a unit of measurement that you can use to gauge your progress.
Using the example above, you would measure your progress in Discovery calls booked from social media and email marketing.
Pause to identify the units of measurement you will use in your goals.
You’ve got a specific, measurable goal. The A in S.M.A.R.T. exists to gauge the likelihood of accomplishing your goal.
Reflect for a moment on the goals you have in mind. Ask yourself: Is this goal really a possibility for me?
You’re almost there! The R in S.M.A.R.T. is a great way to ensure you’ve set goals that are relevant. In this case, your goals should be relevant to your growth as a coach and business owner.
Consider how relevant your goals are to your coaching business. If you find that your goals are slightly off the mark, go back to the drawing board and refine your goals.
Last but not least, be sure to make your goals time-bound. In short, this means setting a start and end date for your goals.
A clear timeline will help you schedule time to work on your goal and avoid procrastination.
4 P’s of Effective Goal Setting
Now that you have a few goals in mind and a solid strategy to make them happen, make sure your goals are effective. Use the 4 P’s outline below to test the effectiveness of your goals:
Positive– Keep things positive by focusing on what you want to achieve, rather than what you want to avoid.
Personal– Goals need to be about you and your dreams and desires. Avoid setting goals that are about other people.
Possible– It’s easy to get caught up in the excitement of setting a new goal. Make sure your goals are actually possible. When you set goals that are not possible, you set yourself up for disappointment.
Prioritized– Rank your goals in order of importance. Prioritize your goals based on how important they are to you and your business.
You did it! You set effective goals for your business but don’t stop there. Be sure to pencil in some time to re-evaluate your goals.
When To Re-evaluate Goals
One common mistake many goal setters make is failing to check-in. Setting goals isn’t an activity you do once and hope you achieve them. Part of setting goals that work for you is re-evaluating or checking-in.
The time frame in which you re-evaluate your goals is largely up to you. At a minimum, yearly is recommended. Some people like to evaluate their goals quarterly, while others even take a look monthly. Find a rhythm that works best for you, something you can maintain, and schedule it on your calendar.
During your goal check-ins, be honest about how things are going. Pivot as needed and don’t be afraid to take a goal back to the drawing board.
You did it!
Congratulations on investing in your growth with goals! Your business will thank you later.
Don’t stop here. Invest in the growth of your business with an opportunity created for coaches like you. The Coach School will help you achieve your coaching business goals by equipping you with the knowledge, support, and resources you need to level up your business!
Learn more about The Coach School here.