Home > Starting Up > Set Performance Goals for Your Business

Set Performance Goals for Your Business

By: Rachel Newcombe - Updated: 16 Oct 2012 | comments*Discuss
 
Set Performance Goals For Your Business

To help keep you motivated, and to help keep your business growing, it’s a good idea to set yourself a series of performance goals.

Having goals and targets set in place works well through many areas of life and business is no exception. They play a practical role in many ways, helping you and your staff be clear about what you’re aiming for, acting as a motivational aid to keep you going, even through any rough times, and ensuring you enjoy your achievement when you come face to face with the goalposts.

Setting performance goals is something you should think about from the very start. In the first instance, your goals may be simple things, like when you aim to have you business up and running by, or when you’d like to start employing staff, but as you progress they can become more complex and entwined with sales figures and profits you’d like to have earned. In fact, in the long-run many performance goals tend to be linked in with the financial aspects of the business.

Setting Goals

In order to begin setting goals for your crafts business, you have to be very clear about what you want to achieve. Say for example that you’ve just started trading within the last month. You should already have produced a business plan which should include your forecast for the year. In some respects your performance goals could overlap with this, but your goals can also include things that weren’t in the business plan.

It’s helpful to sit down and spend some time thinking about all the things you want to achieve – there may be many things! – and make a list of all the key elements. So, for a new business, your performance goals may include aspects such as:

  • When you aim to be able to start employing staff.
  • How many products you’d like to sell per week or per month.
  • How much you’d like to earn by the end of your fourth month of trading.
  • How much you’d like to have earned by the end of the sixth month of trading.
  • How many customers per week you’d like to have coming through your door.
  • How many people you’d like to book into your craft classes.
  • How much you’d like to make at a certain craft consumer show.

When you’ve gone through your aims and are clear about what your goals are, it’s a good idea to write your definitive plan. You can then either stick it up on a wall or notice board in your office or workshop, so you and your staff can visibly see your performance goals, or keep it safe in a drawer and look it when you can.

There will inevitably be times when business goes through rough patches, you don’t get so many customers and products don’t sell. Don’t be disheartened when this occurs, as it’s a fact of life. Your goals may seem a long way off when you’re going through tricky times, but don’t lose sight of what your aims are.

It’s a great feeling when you do finally reach – and exceed – your goals. Don’t forget to celebrate each milestone, especially involving any staff. And when you’ve achieved one set of performance goals, you can build on it by setting more and reaching for the goalposts once again.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
Why not be the first to leave a comment for discussion, ask for advice or share your story...

If you'd like to ask a question one of our experts (workload permitting) or a helpful reader hopefully can help you... We also love comments and interesting stories

Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Topics
Further Reading...
Our Most Popular...
Add to my Yahoo!
Add to Google
Stumble this
Add to Twitter
Add To Facebook
RSS feed
You should seek independent professional advice before acting upon any information on the StartACraftBusiness website. Please read our Disclaimer.