Reaching Goals Requires Solid, Prioritized Planning
Needs: “Needs” represent the most important fundamentals for your business’ continued survival. Paying the bills, obtaining product, maintaining a monthly profit – these all represent things that your business cannot live without. A “need” should always be your first priority, and the goals you set for yourself should not jeopardize meeting these needs.
For example, say you want to delegate some of your daily routines to other employees so you can free up your time to perform other tasks. Before you actually hire somebody for the job, you need to make absolutely sure that they are capable of performing up to par and meeting the obligations of the business! An incompetent and/or lazy hire can do a significant amount of damage to your bottom line, especially if they are in a management role. If hiring an extra person to fulfill a “want” puts meeting a “need” in danger, you might just have to shoulder long workweeks for a little bit longer.
Wants: This represents what you are aiming at attain – think of these as short-term motivators. This can refer to either a personal goal or a business-oriented goal. For example, you might want to boost your yearly sales by 25%, or take a vacation at the end of the quarter. “Wants” are a great way to chart your course in the short term, and they can be of great use in motivating both yourself and your team to greater heights. However, it’s important to remember that a want isn’t necessarily a priority for you, nor will it provide the kind of long-term vision that is required for you to attain true success.
Would Like Tos: This is the category that contains your long-term plan for the direction you want your business to go into. Unlike a “want”, a “would like to” involves an accomplishment that will have a much more significant impact on your business’ bottom line – think of expanding into a new market, or franchising your business for the first time. “Would like tos” will ultimately be your guiding force in the long run, and ideally your “wants” and “needs” will align with what it is that you hope to achieve. If your “needs” are merely being met, then you won’t be able to satisfy your “wants” or achieve your “would like tos.” Aim for more – instead of breaking even, reach for a 20% profit by the end of the year. Then, use those profits to expand your business, attracting more clients and perpetuating a virtuous cycle of self-propelled growth!
Each one of these three types of priorities have their own important role within your growth plan, and keeping them in harmony with each other is a crucial underpinning in successful businesses everywhere. If you understand how to balance these priorities when creating and executing your plans, you’ll be amazed at how much more smoothly everything runs.