When you are building your subscription business it can be easy to forget your business goals or just amalgamate them into a single aspiration to expand. While this may be an important end result for your business, it is not really a sustainable goal.
What Is A Sustainable Business Goal?
A sustainable business goal is something that can give you focus, direction and an end point. Usually, business leaders use the acronym SMART to create a series of business goals to develop their organisation further. Creating SMART goals is a brilliant way forward and will allow you to achieve the end result you want (a successful subscription business) while also giving you steps to do so.
What Are SMART Goals?
SMART specifically stands for Specific, Measurable, Attainable, Relevant and Timely. What you should do is write down your goal and check it against the elements of the acronym. For instance, ‘building a bigger business’ doesn’t match many of the SMART requirements. The goal has relevance and could be measurable – but it is not specific (there are no markers to determine the end position), attainable (there is no way to tell if you have achieved the result) or timely (there is no end point).
However, if you stated: ‘I want to add 50 new subscribers in April’ you are creating a SMART goal. The goal is both specific (new subscribers), measurable (50), attainable (gaining new subscribers is part of your business), relevant (subscription is your business model) and timely (it has to be done in April).
Therefore, when you are starting to talk about growing your business, think about measuring that goal against the SMART criteria.
How Do You Go About Prioritising Goals?
Once you have set up your main goal you need to start thinking about activities that will support it. For instance, how are you going to go about growing your business? Is your main marketing activity going to be blogging, social media, email marketing, direct mail, TV adverts, etc? Each one of these then becomes a goal in itself. You could go on to say: “I want to write and publish five new blog posts in April to attract website visitors”. This is again a SMART goal.
And, as you are being timely with your goal setting, you will be able to produce a schedule for your working week. This gives you and your team focus to complete tasks, which in turn will help you achieve a better subscription business.
How Do I Prioritise Tasks?
The major problem with goal setting is the importance of each task. There is no simple way to determine which task has to be done first, only that if a task is required to be completed before another can be started it should be done as soon as possible.
At the same time you should consider what tasks are going to have the greatest impact and complete these early on in the schedule. This is because a quick succession of high performing tasks will motivate you and your team to work harder and could improve the results from the other tasks that are expected to have poorer results.
Goal setting is an important part of running your subscription business. Set yourself SMART goals to define exactly what you want to achieve, and then prioritise these so you and your business team have focus. Then you can start to grow your business and expand.
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