At the end of a year and the start of a new one, and at a time when the economic climate may well be causing a few sleepless nights, you might be thinking it is a good time to take a ‘big picture’ look at your business.

This phrase, ‘big picture’, seems to have become one of those business buzz phrases – what everyone in business really should do! Every business leader and entrepreneur worth their salt seems to spend much of their time doing the ‘big picture’ stuff.

But what does it really mean – the ‘big picture’? Well, in my view, it means having a foresight on the bird's eye view of your business, and how you would like to see it grow in the long run. It means doing some strategic work ON your business rather than tactical work IN it. Setting goals is a very important aspect of strategic work - any business owner or leader needs to know where their company is headed over the coming months and years. Business goal setting provides the basic blueprint for the company, helps give direction and focus, and is a fundamental of strategic work.

Here are some of the elements that you should evaluate before deciding on the goals you want to set – a simple S.W.O.T analysis

1. The STRENGTHS of your company. This forms the most powerful element of business goal setting - and doesn't everyone want to talk about the strengths of their business? Recognise your strengths and the potential of your company. Do not, at the same time, be over-confident. Set realistic goals taking the strengths into account. The strengths should firstly be powerful enough to overcome the company's weaknesses.

2. WEAKNESSES - considering your company's weaknesses is as important as considering its strengths, if not more. And this is important when setting business goals. Consider the weaknesses that may be hurdles in achieving these goals, and set realistic targets keeping these weaknesses in mind. Make sure you goals are not so far fetched that it causes harmful stress to everyone involved in achieving them. Remember that a chain is only as strong as its weakest link, so make sure those weak links are not stressed to breaking point.

3. Make the most of OPPORTUNITIES that come your way. Opportunity is that aspect of your business that you may not be totally in control of. Try and set your business goals and strategies keeping the current opportunities that you see as short term goals. Opportunities do not arise every day – so it is a crying shame to let one pass you by.

4. THREATS to your company. It is also very difficult to assess the threats to your company, because this is another aspect that you cannot control. Moreover, you may not have sufficient information to make a clear assessment of the threats. So when you make your business plan and set goals, leave some slack for threats that may suddenly crop up without the slightest warning.

Of course, setting goals is a pointless exercise without committing to some action and doing something different. So accompany your S.W.O.T. analysis with a set of clear objectives that are actionable and measurable. And if you have been down this road before – setting goals and objectives that have remained largely unrealised – then perhaps you should consider talking to a coach!

Contact your nearest Ology Business Coach now.

Written by Steve Lane, Ology Coach, Birmingham, UK

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