Goal Setting for Small Businesses | Angelina Phebus | Skillshare

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Goal Setting for Small Businesses

teacher avatar Angelina Phebus

Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Watch this class and thousands more

Get unlimited access to every class
Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

6 Lessons (29m)
    • 1. Introduction

      0:48
    • 2. Define your purpose

      5:37
    • 3. Set your vision

      4:40
    • 4. Get S.M.A.R.T.

      9:07
    • 5. Hold Yourself Accountable

      7:22
    • 6. Revisiting your Goals and Final Thoughts

      1:40
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About This Class

Turning a business idea into a reality is exciting, but, as any entrepreneur will tell you, there's a lot that goes into it. Goal Setting for Small Businesses is an opportunity for current entrepreneurs and future small business owners to frame their thinking so that they can stay organized and true to their purpose. 

In this class, you'll use your big dreams (the things that got you excited to start a business in the first place) to come up with actionable goals.  

To be more specific, over the course of this class, you will:

  • Define your business mission/ purpose and your non-negotiables
  • Set a vision 
  • Turn dreams into S.M.A.R.T. goals
  • Learn ways to hold yourself accountable for your work
  • Plot your goals and benchmarks onto your calendar 

This goal setting framework has worked for me, and I am so excited to have the chance to share it with you. You don't need any experience in business or goal setting for this class. Are you ready to dream big and bring those dreams to life?

Meet Your Teacher

Hello, Skillshare Friends!

Thanks for taking the time to get to know me. I've been an elementary school teacher, a yoga instructor, and an archaeologist, and I've been lucky enough to travel across the world. Becoming a military spouse completely changed the way that I work. I went from leading a life where I called all the shots and could plan months in advance to one in which change was the only guarantee.

Despite the unpredictability, I decided that I should commit my life to my first love: writing. Today, I am a freelance writer and entrepreneur. I mostly write about productivity for work, but I also dedicate my free time to my interest in fiction.

Productivity is what brought me to Skillshare. Since I move almost every year, I have had to learn how to maintai... See full profile

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Transcripts

1. Introduction: Hello, everyone. I'm Angelina FIBA's welcome to gold setting for small businesses. As a freelance writer and an entrepreneur, I definitely struggled with turning my big dreams into actionable steps. So I'm gonna teach you the method that I used to accomplish that for myself. And hopefully it will help you reach the goals that you want so that you can be successful as well. The class project consists of a framework which I've called your roadmap on. And you're gonna use this and the questions within it to guide your thinking so that you can take this nebulous business idea and make it really concrete. All you need is a calendar, a dream and a drive, and you'll be all set for this class. I'm looking forward to working with you and let's get started. 2. Define your purpose: Hello, everyone. Angelina Phoebus here. We're gonna be talking about goal setting for small businesses. So let's get into it before we get going with defining our purpose, we need to think about exactly where we're going with this. So here our objectives will, of course, define our purposes. It relates to our business, will set a vision, will learn how to turn our big dreams into smart goals, will develop a system of accountability for meeting our goals and benchmarks. We will learn how to revisit our goals at regular intervals and reassess them to make sure that they're working for us. And we will complete a roadmap that is gonna act as a living document as you move through your entrepreneurial journey materials for this class, you don't need lots of fancy stuff. The most important thing you have to have is a dream, and the drive to succeed up calendar or planner is also really important for the later lessons. This can be an electronic calendar, and it doesn't have to be a specific brand. It just has to be something that you used to keep track of time. If you aren't keeping track of time, this will be a great opportunity to get started. And then, of course, you need the goal setting for small businesses roadmap, which is a pdf that you can download from the your project section of my class. If you don't feel like downloading it, you don't think there's enough room. Um, you don't have a printer or something like that. You can record your answers on your own sheet of paper or electronic document. I'm not so concerned with you putting the answers on the actual road map, but just that you have the thought process in place. So some people like the structure, and they'll like having that document do what works for you, because this is your opportunity to set the goals for yourself. Today we're gonna be thinking about what it's gonna take to hit your target, because you can't. You can't set out on a journey if you don't have the destination in mind. I mean you can, but you're kind of meander all over the place, and that's not really what we want, right, so we needed to find our purpose. There are two questions that I want you to ask yourself, and you'll have an opportunity to write down some of your thoughts about this at the end of the class. So the 1st 1 is, Why do you want to go into business in the first place? This answer is gonna look different for different people. For some people, they have a hobby that they want to turn into a lucrative job. There are some people that are tired of the 9 to 5, and they want to be their own bus. There are people who just want a side gig. They want to earn some extra money for taking a vacation. So those are all businesses, but they all have a different outcome, and the definition of their success is gonna be different, depending on what they want. So you've got to find out what you want, and then you have to think about what your non negotiables are. When you start a business, you're gonna be pulled in a lot of different directions. There are so many different kinds of paperwork you have to learn how to do marketing. In addition to just doing the thing that you want to do. There's all this other stuff. So you have Teoh develop a sort of true north for yourself, an internal compass before you even get bogged down in all that stuff. So, uh, non negotiables can look a lot of different ways. I know. For me, one of the most important things about my business I'm a freelance writer is that I will not write something that compromises my ethics and my morals. I just can't do it. It means that sometimes I don't take on certain types of jobs, but that's what I have to do to sleep at night. So one of my non negotiables has to do with ethics. Other ones include things like It's non negotiable that I will spend time with my family, right? You could get into business and work 24 7 and still feel like there isn't enough time. So you have to define the things that you need right up front and then work everything else and around it. So it's time to think about that. You're gonna define your business. Think about your business, idea what it is you're doing and the purpose behind why you're doing it and what your non negotiables are. And then I would love to hear about it. Please go to the project section, click on start a project and you can use the space to tell your classmates and me what you want to dio. Um, you can type out a response. You can take a picture of your roadmap page. Whatever you want. I would just love to see what you're getting into, and this is a chance to get really excited about your business. If you want some feedback from your classmates or for me, make your response public so we can see what you're what you're up to these days. And then, if you haven't done so already, download the goal setting for small businesses. Road map. If you go to page three, it's got What's your business idea At the top, that is the page that we're gonna be working on your gonna talk about, what exactly you're doing and why you're doing it. And you've got a little space there to discuss your non negotiables 3. Set your vision: Hello, everyone. Angelina famous here, and we're gonna be talking about goal setting for small businesses. Today. We're gonna focus on setting a vision for your business. So our main objectives with this class are we're gonna think about what success looks like for you and how you're what aligns with your why, in other words, how does what you're doing within your business align with why you want to do it? This is a really important step because it's easy to get lost in the weeds between the pressures of coming up with, you know, a business idea and getting all your paperwork done and doing your taxes. Sometimes you might feel like you're not even working on the thing you wanted to work with . To begin with. Those were the weeds, my friends, and we don't want to get lost in them. The other thing is that the goal setting methodology that we're gonna use smart goals, Um, which will talk about in the next class? Those air hyper focused And they could be hyper focused to a fault. If you don't have a broader vision in mind because you can get so worried about checking off these little boxes that you forget why you're doing what you're doing in the first place. So the the idea here is to keep that from happening so that you will feel like your business and everything you're doing aligns with your ultimate purpose. Success, like I said before, looks and sounds different for all of us. So this little collage just shows you some of the things that that people might use to define their success. Maybe it's being able to use your brain and do something creative. Maybe it means you can buy a house, spend time with your family, hang out with your cat or dog. Uh, you know, go on a vacation, earn enough money that you don't have to supplement your income somewhere else. These air, all things that might go into your vision, things that you might want to see for yourself. So we're gonna really home in on this idea of how successful look for you. You've already told us what you want your business to be, what your mission is and the things that you just will not compromise on in the first lesson. So how's your business gonna look when you carry it out. And how are you going to define success? So, for example, you might say something like, I know my business is successful when it's scalable or when it generates a profit, or it gives me the quality of life I want. Um, it's gonna be different for all of us. So take some time, think about what that means. And it's your turn. Uh, so this is a time when you want to get out that little road map. If you got it, you're gonna set a broad vision for your business and your life. Take at least 10 minutes. And I mean, at least if you want to take 30 minutes or an hour, that's great, too. And I want you to think about how you want your life and work to look. Life and work when you're an entrepreneur are inextricably linked. How are you gonna balance these different things so that you can have the life that you want? I want you to write, draw or artistically represent your vision in the US at your vision section of the goal setting for small businesses. Road map eso that is on page four. The page looks like this and you can make a mind map in there. You can just jot down bullet points. It's whatever feels most comfortable to you. And if you need more space than that, take more space. This is the fun part where you get to dream really big, like as big as you want. Uh, and after you feel like you've got a handle on what you want to see from your business in your life, share it with us, take a picture of it, type it out, upload it to your class project and make it public, so we can all see what you want to do. If you don't want to share your vision, that's fine, too. But this is a great chance for feedback and just to have fun with it coming up next, we're gonna be talking about smart goals. Were going to get smart 4. Get S.M.A.R.T.: Hello, everyone. Angelina fevers here back for another installment of gold setting for small businesses. And today we're gonna be talking about getting smart. So getting smart or setting smart goals is all about converting your dreams into actionable goals. Last time you thought about your overarching vision for your business and your life, So now we're gonna take that greater vision, we're gonna turn it into something that we can actually dig into. So what in the world is a smart goal? Um, smart goals have been around since 1981. All right, Smart is an acronym. Stands for specific, measurable, attainable, relevant and time bound, uh, end. It helps you break down gigantic projects into things that you can actually do. This is a methodology that's been used by big companies like G E with a lot of success. So I'm confident that it will work for small business purposes. It's worked for me. So that's why I'm passing it on to you So smart girls about taking the something big and breaking it into something that you can check off your list. Um, but like I said before, the important thing about setting a smart goal is also keeping your big vision in mind so that you don't become too narrow in your focus. The first thing you have to do when you're setting a smart goal is to get specific. Most of our dreams needs some definition. Uh, they're usually things that are too big to pry in the sky. Um, and that's not a bad thing. But that just means that they're almost beyond our comprehension. Um, so we need to get specific about exactly what we hope to accomplish. If you want to follow along on the road map, this would be Page five talking about getting specific. So, for example, my big dream for my whole life was that I wanted to be a writer. Um, now there are lots of different kinds of writers in the world, so being a writer could look a lot of different ways. I could be an academic. I could write fiction books. I could be a copywriter. I could write the jingles for commercials. I could write movie scripts, right? What kind of writer do I want to be? So I decided that I need to get more specific with that goal, and I set that up I by defining it, I said, I want to run a website that shows people the kinds of things I can write. And I want to use that to become a freelancer because I thought freelancing would be a great way for me to to embody my larger vision, which was to break away from the 9 to 5. So that is what it means. To get specific, you'll have to choose one of your big dreams or goals, preferably one related to your business, and you're gonna need to break it down and really talk about what exactly you mean when you talk about that dream, the next thing you have to do is make it measurable. You should be able to quantify some aspects of your success. They're gonna be things that you can't quantify, like the satisfaction you feel from your job, and that's fine. But there should also be things that you can measure so you can measure lots of different things with business. Money is a big one, you know. Are you turning the profit? Do you want to turn time is another one? Are you spending a reasonable amount of time to do the things that you want to do for your business. You can quantify it in different ways to. So for me, because of the writer, I could quantify my success. I could make some my goals measurable, like my goal of starting a successful website. By coming the number of visitors that I have or by naming the number of repeat clients that I want to have. I'm so so those air, Some of the things I thought about I could also say I will know that I have reached my goal when I'm writing 10,000 words per week consistently for you. If you're making a prod like, ah product, it might be, Oh, I'm producing X number of products per week or I'm moving X number of units So there's lots of ways to think about it. But bottom line, your goal needs to be measurable. So what measure are you gonna take to quantify that success? The next thing you have to think about is, uh, is your goal attainable? So do you have all the skills and resource is that you need to achieve your goals, and if not, what is it gonna take to get you from this place where you have a deficit to this place where you know that you can actually accomplish the goal. So that might mean that you need to get a new set of skills. It might mean that you need to get a loan from your bank. It could mean any number of things. So for me to go back to that writing example, I needed to start a website for my business. But I didn't know the first thing about starting a website. I had never run anything like that before. So in order for my goal to be attainable, I had to figure out what steps I was gonna need. I had to decide if I was gonna ticket class, teach myself or outsource it to Web master. Um and you know what? You there's no right or wrong answer to this. What you choose to do really depends on your comfort level. The amount of resource is you have things like that that's attainable. And then you have toe really? Go back to your vision and ask yourself, Is it relevant? Everything that you're doing within your business needs toe link back to the big picture. And if it doesn't go back to the big picture, it probably doesn't fit. Um, so it's easy to go off on a tangent. I know When I started writing, I was doing all this research. I was getting lost in the quagmires of the Internet, trying to figure out how to be a blogger and all this stuff, Um, and really it got to the point where was just sucking up way too much time. So for every action that you take, make sure it's a lining back to your mission, your mission, your vision and your big goals. Um, so, for example, I'm taking a skill share class so that I can learn how to design a website on my own. That's important for my freelance writing career, right? That's just a hypothetical situation. Um, but you know, there it's really like I said earlier, it's easy to get caught in the weeds. We don't want to do that. We want to stay focused, have that laser like focus. As we move forward in business, everything needs to link back to your vision, and this is a big one. Is it time bound? So Napoleon Hill says a goal is a dream with a deadline, right? Cause I've been saying I want to be a writer for years, but I wasn't actually doing anything about it until I started giving myself deadline. Um, so giving yourself a deadline making your goals time bound will help you tremendously with your productivity. Uh, it can look a lot of different ways. You can say in the 1st 6 months I want to accomplish X within my business or I want to dio this particular task weekly. I want Teoh establish five marketing activities every week. By the first quarter, I want to be able to say these things about my business. I make it time bound because if you don't, it will just stretch on forever. And that's fine for things like hobbies. But when we're talking about business, time is money. So if you don't have them lines like as a writer, I have deadlines, old time. But if you don't have deadlines, set some deadlines for yourself. You'll do so much more. So now it's your turn. Choose your most important business goal or your most important life goal, and you're gonna break it into smaller pieces using the smart framework in the goal setting road map. So on pages five through eight of the road map, I have spaces for you to think about what it's gonna take to make your goals smart. So I spent some time making them specific, measurable, attainable, relevant time Mound. Um, you can add notes to your project or take a picture of your progress and share it with us. I'd love to see what you've come up with or if you have any questions, feel free toe, pop them into the discussion section, and I'll do my best to answer them for you. 5. Hold Yourself Accountable: Angelina Phoebus here with the next installment of gold setting for small businesses. Today we're gonna be talking about accountability. So you've done all kinds of work thinking about your vision for your life, studying smart goals. You put a lot of time into this. Um, but if you don't hold yourself accountable, then chances are your goals are going to be just things written on pieces of paper. Success in business is a journey it's brought with trials and tribulations and holding yourself accountable by putting some systems in place. It's just gonna make your productivity that much better. It's going to give you something to reach for, because when you are operating your own business, a lot of your motivation has to come from within. Um, but that doesn't mean you can't have some external things helping you out along the way as well. So those are your accountability buddies, so other humans make great accountability buddies your skill share. Classmates could hold you accountable if you so choose. You connect with someone else who is also taking this class, who may be, uh, would be interested in holding you accountable to the goals that you've set family and friends can be great ways to keep you accountable if you just keep telling them. Oh, I'm doing this. And then they keep asking you about it. It will kind of force you to produce or Teoh admit that maybe that wasn't the goal you wanted to do to begin with. All right, so it's gonna keep you honest. Um, and you could also post about your goals on social media there, any number of things you could do to make your smart goals really stick. Um, so those air head of external and they should be really helpful. But sometimes I find that there's this shame factor that comes in when we use other humans as our accountability source. I know I'm really guilty of this, so I like to have some other reward systems in place that don't involve other human beings and just involved me working from my authentic truth. Um, so another thing that might be helpful is to have a reward system, and you've really got to think about what drives you hear. If cookies make you happy, then maybe you give yourself a cookie. Um, a sticker chart. People laugh, but having a sticker chart or way to track your progress, or even, like on your on your phone, their APS for tracking productivity that could help you out. Um, anything that's going to help you visualize that you have made it to the next step, any kind of tracker. That's gonna be good. Um, with reward system, that has to be something you want, not somebody else's idea of what you want. So, uh, really, it's what brings you joy. And it doesn't have to be expensive. It doesn't have to be. I will. If I accomplished my smart balls, I'm going to go on a vacation, right? It could just be I'm gonna take myself out to coffee if I accomplished X number of goals this week, right? Set a system up for yourself. Um, but probably my favorite accountability body of all time is time. And the reason is because it's emotion neutral, and it's constant. And it's that one thing that we're all bound by. So, uh, put some accountability systems in a place, but time is gonna be the one we really focus on. Time is your best accountability, buddy. Um, it's gonna be there no matter what. it's going to keep marching on no matter what, no matter how you feel, no matter how good or bad the day Waas time is is continuing. So you're kind of need to think about your goals in different increments of time. Uh, chances are you probably did a little bit of this when you were establishing your smart bowls because the tea and smart goals stands for time bound. So you want to think about what you need to do every day to be successful and every week. What are your daily and weekly outputs That must happen for your business to keep being a business? Um, and that's gonna really revolve around creating a creative process that works for you and a flow for your business. Then you want to think about monthly output. What do you need to accomplish at the end of each month in order to feel like your goals are being met? Quarterly benchmarks are amazing, and they could be a whole class in and of themselves. So if you check in with yourself every quarter, what goals need to be accomplished by that quarter in order to push your business to the next level. And lastly, you want to think about yearly benchmarks. So what do you want to accomplish? 365 days from now? What needs to be true for your goals to be fully met within the next year? So it's your turn to think about this. You'll need to revisit those smart goals. And, like a said, you've already made the goals time bound. So now it's time to bust out that calendar that I recommended you have could be a plainer, uh, whatever works for you, and you're going to use it to make your time bound goals really concrete. So if you said in the next month I need to get a business license and take a class on this particular skill, then I want you mark it in your calendar 30 days from now. One month from now, I want you to mark that you are gonna complete those things by that time. Uh, and that is gonna be your deadline after you have set your deadline. And maybe it's one deadline. Maybe it's a Siri's of deadlines leading up to ah, bigger goal. Uh, then I want you to tell us the deadline of your first major goal in the project section. Um, so if we go back to my website example, um, if I said I want to have a website up and running in one month, then I need to write complete website today, exactly one month from today. So that is all you have to do for this one. It shouldn't take you too long because you probably already did most the heavy lifting last time. And, uh, if you need some guidance on this, you can refer back to your roadmap. Page nine has the information about holding yourself accountable. So once you've set up your system of accountability, you are done. Um, your next step is gonna be to revisit your goals. So next time we talk about revisiting your goals and making sure that you're still getting what you want out of the things that you want to do 6. Revisiting your Goals and Final Thoughts: Hello, entrepreneurs. So our goal setting for small businesses class has come to an end. This is it. But the work is just beginning. Please tell me how you're doing. With your goal setting, you can leave some feedback. Leave a comment poster project so we can all see what you're up to. I would love, love, love to know how things were going for you. Just a quick note. As you're going through this process and you're hitting deadlines and maybe missing some deadlines, you may have to revisit your goals and that's totally okay. Rome wasn't built in a day. Nobody's perfect. So you're gonna win some and you're gonna lose some. But if you ever feel like something's amiss, just revisit the goals. Revisit the methodology that I have laid out for you and maybe you'll find a way to make the goal more attainable. This is not a process that you can learn overnight. This is something that has taken me some practice. So you may have to practice a little bit too. It's okay. Don't get discouraged. If you ever find that you're caught in the weeds and you can't remember why you started this business to begin with A look back at your vision document. Look back at your mission and I hope that it will help you realign what you're doing with your purpose with that being said poster project. Thank you so much for sticking with me. And I wish you all the best and all the success in the world have Ah, great, great rest of your day by