Achieving your business goal

Strategist MY — www.strategist.my

There have been many new startups in recent years, especially in the wake of the Covid-19 pandemic. Many Malaysians have begun their very first business journey. However, having ambition is not enough. To succeed, you need to have a strategy and have critical insights to achieve business success. Succeeding in business includes minimising operating costs, achieving operational sustainability and making a profit in the shortest possible time.

Many Malaysians dive into the business world with rose-coloured glasses, thinking that they will achieve quick success within a short time. However, to operate a successful business in the real world, you need a solid business plan with a clear Pitch Deck.

As previously discussed, I have come across some businesses that do not have a well thought out business pitch, asking for an MYR 2,000,000 investment. A recipe for disappointment.

There are several elements for a successful business.

Clear your mind to have a clear vision of the business you intend to start. Get a pen and paper (yes, go old school!) and write a list of what you have done and need to do.

Clear your desk of unwanted clutter and unwanted computer files to reduce distractions and provide you with an optimum environment to succeed.

Don’t rush into doing things. Take the time to understand what your strengths and weaknesses are. Visualise what you have achieved and can achieve with your capabilities. Also, think about potential stumbling blocks that may arise and how you may overcome them.

Once you have contemplated these thoughts, set a goal, devise a plan, and take action.

It may be more productive for your thought process if you change your environment, whether at work or at home, be inspired to think more strategically. Often, uninspiring environments produce uninspiring results.

You can either dream or strategies to achieve your goals. Set SMART goals with achievable targets and milestones. SMART goals must be Specific, Measurable, Achievable, Relevant, and time-Based.

Look at your SMART Goals and think it over. What is the reason for you to set that goal? The most common is to earn money, but what will you do with that extra money? Should you use it to go on a holiday or to invest that into your marketing effort for growth?

After you set your SMART goal:

  1. Make sure you know the when, where, and how to start.
  2. Make sure you plan every step; small steps lead to significant actions.
  3. Ensure that the first step is easy to take, so you start your first step on solid ground.

Despite having a wide choice of electronics to document everything, make sure you have a hard copy diary you can hold, see, and less likely distract you with social media.

Use the diary to manage your time, allocate time to work on your goal, and set a time in your diary to work on the next step. Make it a point to never put things off, especially when written.

A business coach or mentor will hold you accountable, steer you in the right direction, get results, and help you achieve your business and personal goals. More often than not, the experienced business coach and mentor will make sure you stay on track to achieving your SMART goals.

It’s essential to stick to the SMART goals as close as possible to keep moving your business forward. Always contemplate whether the next step can be better or improved to achieve the same goal or better results. Be realistic and make sure you have a clear and achievable goal.

Ensure you celebrate the success whenever you reach your milestone and are on the right track to achieve your goals. You’re on the right track!

Original article: https://www.strategist.my/#achiving_business_goals

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Elliott Wang

Elliott Wang is an experienced business consultant @ Strategist MY. He advises companies on accelerating their growth through consulting, coaching, & mentoring.