It's not just about aiming high and setting amazing turnover goals; it's about creating a plan that aligns with your overall startup strategy, and is key to driving success. Let’s take a look at five clear steps for setting actionable targets that will help with accelerating your startup.

Step 1: Get clear about your objectives

Start by defining clear strategic objectives. Consider what you want to achieve, both in the short and long term. These objectives should be specific and measurable, in terms of what success looks like and a timeframe, rather than purely aspirational. For example, rather than jotting down ‘to improve customer retention,’ set a concrete target like boosting retention rates by 15% over the next quarter.

Step 2: Break down objectives into smaller tasks

Next, break down these clear objectives into smaller, manageable tasks. Identify key activities that are needed in order to reach your goals, like refining the customer journey or enhancing your skills through training. Breaking goals into smaller steps helps you stay organised and prevents you from becoming overwhelmed. Tackle one task at a time, setting realistic deadlines for yourself (you’re not going to suddenly double your turnover in a week!).

Step 3: Identify your resources

It’s not enough to just have objectives, we need to start aligning your targets with the resources you currently have. This is a critical step, as it’s not just about setting ambitious goals, but also about ensuring that you have the necessary resources in your startup to actually achieve them. This involves careful budgeting, forecasting, and allocating funds to support your goals, you may not be able to do everything you want to achieve at once. Assess your business's financial health through your accountant to ensure there's room in the budget for initiatives like marketing or technology upgrades that may help achieve your objectives. With the right resources, your targets become not just aspirational, but achievable!

Step 4: Track progress

Implement simple tracking systems to see how you're progressing with your startup goals. Understanding your key performance metrics means you are focussing on the right things for your business, and are able to identify areas for improvement before they become an issue; It’s never too early to start tracking so you can measure progress over time. Periodically review what's working and what needs adjustment every quarter, using your metrics to make informed decisions. Use basic performance metrics to evaluate your progress. This isn't a 'set it and forget it' approach – consistent monitoring allows for timely adjustments, ensuring that you stay on track towards your goals.

Step 5: Adjust if needed

Finally, be ready to adapt and adjust your plan if needed. Market conditions constantly change, so revisit your targets and tweak them based on performance data, customer need, experience, and market conditions. Flexibility and adaptability are key to ensuring sustainable growth for your startups and will equip you with the resilience to adapt when needed to maintain a healthy business.

By following these steps, you can set and achieve targets effectively, guiding your business towards steady growth – even if you're doing it alone.