Decision-Making in Business: A Strategic Approach
As a business owner, particularly for sole traders or companies of one, you often find yourself wearing multiple / all the hats—marketer, visionary, doer, accountant, cleaner and so on. There’s always something to be done, and the task volume can often be overwhelming.
Having worked as a freelancer for two decades, I’ve had my fair share of challenges over the years – from just keeping afloat to juggling 8+ projects at once. It’s all too easy to become ensnared in a web of emails, daily admin and project tasks – head down and working hard – and come up from a spell to feel a lack of fulfilment from your work.
We’re all busy and focused on being profitable, but too often we don’t make time to take our foot off the gas and reflect on where it is we’re going. Many self-employed people I know, including a past version of myself, are working hard but doing so without clear long-term goals they hope to achieve from their work. Burn-out is real, and it can catch up to us quickly. To mitigate it’s effects, I’d like to share my way of trying to avoid it – having long-term goals and giving your work some purpose.
So what’s the big secret…? Goal setting and tracking.
The Power of Long-Term Vision
The first step in this process is to decide on long-term goals for your company or organisation. These should be aspirational, pushing you beyond your comfort zone. Why? Because having a grand vision not only gives your work direction but also instils a sense of purpose in your company. It’s about answering the big questions: Where do you want your business to be in 10 years? What impact do you want to make in your industry or community?
For example, your long-term goal might be to become the go-to agency for sustainable web development in your country, or to develop a software product that revolutionises remote team collaboration.
Breaking It Down: The Three-Year Plan
Once you have your long-term vision, it’s time to break it down into more manageable chunks. Start with three-year goals. Why three years? It’s a timeframe that allows for significant progress while being close enough to plan for realistically.
I’ve been told we often evolve as individuals every three years or so. Our interests shift, our skills develop, and our priorities change. That’s why it’s crucial to expect these goals to change and flux. Embrace this as part of the process – it’s not about rigidly sticking to a plan, but about having a direction and adapting as you grow.
From Years to Quarters: Creating Actionable Targets
Now, let’s get even more specific. Break down your first three-year goal into yearly targets, and then further into quarterly objectives. These smaller goals should add up to your larger ones, creating a clear path forward.
The beauty of this approach is its flexibility. Your quarterly targets can be varied and tailored to different aspects of your business:
- Financial: Set a turnover target
- Portfolio Building: Aim for a specific number of portfolio-worthy pieces
- Marketing: Plan a certain number of blog posts to create
- Networking: Set a goal for reaching out to dream clients or attending industry events
- Work-Life Balance: Schedule a set number of Fridays off each month
Tracking Progress: The Weekly Check-In
Here’s where the rubber meets the road. With your quarterly targets set, create a spreadsheet to track your progress week by week. I do mine every Friday morning – it’s become a ritual that helps me stay focused and accountable.
This weekly check-in serves multiple purposes:
- It keeps your goals at the forefront of your mind
- It allows you to celebrate small wins along the way
- It helps you identify areas where you might be falling behind, allowing for timely course corrections
The Benefits of Structured Goal-Setting
By implementing this system of long-term vision, broken down into increasingly specific and actionable goals, you’re doing more than just planning – you’re creating a roadmap for your business success. This approach:
- Provides clear direction, reducing decision fatigue in your day-to-day operations
- Helps maintain motivation by connecting daily tasks to larger, inspiring goals
- Allows for flexibility and growth, as you regularly review and adjust your targets
- Reduces the risk of burnout by ensuring you’re working towards something meaningful
Remember, the goal isn’t perfection. You won’t hit every target, and that’s okay. The real value lies in the process – in regularly thinking about where you want to go and how you’re going to get there. It’s about making conscious decisions about your business’s future, rather than simply reacting to whatever comes your way.
By taking the time to set and track your goals, you’re not just working in your business – you’re working on it. If found it’s the key to long-term success and a sense of fulfilment, I hope it helps someone else!