Goal setting for online business in Nigeria: Set, Start and Crush Business Goals in 2023 & Beyond
Starting a business is simple. Technology has advanced to the level where you can think about a business idea by 8 am, create a fully functional website and Launch your business online by 8 pm.
However, research shows that 50% of small businesses fail in the first five years. While it is easy to start an online business, it also creates a defect or blind spot.
Most business owners launch a business without setting goals that will guide their activities to build a business in Nigeria.
No wonder businesses struggle with poor sales, customers pricing them less, high turnover, and burnout.
If you want to grow your online business in 2023 or start a business, goal setting is an important step. This article will guide you through Goal setting and answer all questions to help you create practical goals for your business in 2023 and beyond.
Let's dive in
What is goal setting for business owners in Nigeria?
Goal setting is identifying the current business position and mistakes and defining the level of growth you want to achieve.
Let's use soccer or football as an example.
Twenty-two players are chasing a ball around the field. At the end of both sides is a rectangular-shaped bar. They call it the Goalpost. Each side tries to drop the ball into the net and take a point. But before the match, they have to train; they also decide they want to win the game.
The process that precedes the match day, where every player identifies their weakness, studies the opponent, and identifies the result they want from the match, is goal setting.
It sets the stage for all other activities they engage in on and off the pitch to win or end with a tie.
Business is the same. Goal setting for business is simply creating a target and a plan to help you achieve that target towards a better business position.
Why is Goal setting Essential for Business owners in Nigeria?
While you may have started your business to make enough money to fund an idea, managing a business has different moving parts. Hence, you need to set goals.
Below are five (5) primary reasons why you must set goals for your business in Nigeria
- Create a baseline for a structured approach: When you have a goal, you clearly see what you want to achieve. Subsequently, you can structure all Business activities to align with the plan.
- Defines success metrics: Goal setting helps you identify when or if your business is growing without clearly defined goals. Business is often chaotic and needs a way to measure results.
- Support a fast decision-making process: Business growth is dependent on the decision you make. In most cases, you need to take hold of an opportunity fast. Without goals, you might invest in the wrong opportunities and miss the profitable ones. A clearly defined plan helps solve that problem.
- Builds focus and priority: When you set goals, like in the football example, everyone works towards taking the ball closer to the Goalpost. The same method applies to business. A clearly defined business goal helps keeps you focused on the right things, strategies and metrics.
- Support rapid business growth: A chaotic business only enjoys a little change. Today you have it all working fine, and tomorrow nothing works. Goal setting gives your business direction, helps you focus abs by extension, and supports rapid growth. You can achieve success in weeks with goals and struggle for years without a clearly defined Business goal.
What are the 5 Rs of goal-setting?
Goal setting might sound easy. It's just to write down some numbers or use the SMART framework. However, goal setting is an art that requires some elements. The 5 R's of goal setting defines five steps to set practical goals. They are
- Results: Defines the result you want from your business goals
- Reason: Defines why you want to pursue the goal.
- Resources: Defines what you need in the form of monetary and human capital to achieve said goals
- Reflections: Defines a careful assessment of past goals, the ultimate goal and the current goal to identify adjustments.
- Responsibility: This defines who is responsible for what. It also establishes the fact that the success of your goal is dependent on you.
What are the Seven (7) strategies for setting goals effectively?
Regarding goal setting, saying, "I want to generate 200 000 in profit monthly isn't enough. You need a carefully thought-out plan to help you start and stay on track. Some key strategies for effective goal-setting are
- Write Down Your Goals
- Break your business goals into smaller milestones
- Make a plan to achieve your business goals
- Share with an accountability partner or coach
- Commit to achieving your business goals
- Review Your Goals Each Week
- Reward yourself or your team when you reach a milestone
What are the goal-setting techniques?
Goals setting for business takes different forms depending on structure and function. Although SMART goals are a popular technique, there are other effective techniques to set practical goals.
- Long-term Business Goals
- Stretch Goals
- HARD Goals
- SMART Goals
- OKR Goals
- OGSM – Objectives, Goals, Strategies & Measures
- Short-term Business Goals
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- Learn about business goals to set for your business in 2023
- Find tools to help you track and manage your business goals
- Learn about eCommerce tools to manage your online store