Like most things in life, the first step in embarking on any growth initiative is to define your growth goals. These growth goals must be deeply rooted in your “win” as a business. In other words, setting growth goals require that you first establish your definition of success as a business. To do this, consider how well you are able to provide answers to the following questions:
As a business, what is the one thing that you must achieve to be successful?
If your business were to reach its end, what would it have achieved? Can you describe what that looks like?
How do we know when we have arrived at “the goal”?
In more cases than expected, many business owners have vague answers at best to the questions above. Every sport has the definition of “the win” otherwise it cannot be considered a sport. So why shouldn’t every business have a win?
Once you clarify your win, you should then develop two to four growth goals around that win. A few questions to consider would be:
What levers are responsible for achieving our win?
What parameters do we use in measuring our achievement of the win? Are they measurable?
What experience makes our customers feel like they have received value?
For example, a hotel with a win of the number of nights fully booked may develop growth goals around increasing the number of inquiries from 65 a day to 150 a day, knowing that a certain percentage of them will convert into actual bookings. This is just one lever as there are several more that are responsible for growth.
I always start with helping clients articulate a goal. It helps everyone and aligns the team in one direction whether we achieve the goal or not.