2015 is coming to a close, and 2016 is on the horizon. We want to help you make sure your company is properly set up to achieve maximum success in 2016. Here are four things you can do – this month – to set your company up for achieving your 2016 objectives.
1. Define your purpose and create a catalyzing statement! If you already are a business owner, then you should know your purpose, but what is a catalyzing statement? The short answer is that a catalyzing statement is a powerful statement that catalyzes action in your employees, clients, and prospects. For a more defined purpose of a catalyzing statement with examples, please check out Rick Sapio’s Tedx talk, “Purpose 2.0,” by clicking here. Once you know your purpose, and you have a clear catalyzing statement, you can begin to easily create your annual 2016 goals.
2. Properly compensate your employees! Before you can create your goals, you will need to make sure your employees are compensated for achieving goals. Employees rarely have a motivation problem. However, they often have a compensation problem. We believe that in order to keep your employees motivated, inspired, and engaged to do the job you’ve hired them to do, they must be paid 5 ways.
1. Base pay weekly or monthly, so that employees can be sure that there is steady money coming in.
2. Company-wide bonus, which is identical for each employee, i.e. “If all 5 company quarterly objectives are met, then, at the end of the quarter, all employees will receive $500; and we will all go to dinner to celebrate at the nicest restaurant in town with our significant other.”
3. Individual bonus, i.e. if you achieve all 5 of your quarterly objectives, individually, that align with the company’s 5 objectives, then you will receive $5,000.
4. Benefits package: Health, dental, vacation time and sick days, etc.
5. A long-term bonus, i.e. stock options, or a savings plan that you get after X number of years, or a cruise on your 10-year anniversary.
3. Create 5 annual SMART goals for 2016. A SMART goal is a goal that is specific, measurable, attainable, and tangible. Imagine that today is December 31, 2016. Think about what would have had to happen in order for you to have the most successful year of your life. What do you want to complete in 2016? More revenue, new products, administration changes? Meet with your stakeholders, employees, and other decision makers in your business, and decide what will need to happen in order to radically grow the business. Create your top 5 annual objectives from this list.
4. Keep the momentum going! You’ve defined your purpose, you are properly paying your employees, and you have your top 5 annual goals determined…what’s next? Create 5 company quarterly goals that will help the company reach the annual goals. Then have each employee in your business create their individual top 5 quarterly goals; in order to help the company reach its quarterly goals. From there, everyone will have monthly, weekly and daily goals to help push the company forward to reach the annual goals.
For more information on this type of goal setting, including a free goal setting work-sheet, please email Ashleigh Mooney at info@businessFinishingSchool.com
If you are interested in learning more about how to structure your business for success, check out Business Finishing School’s LIVE Business Mastery Bootcamp event. Each COD member will receive $300 off a normal ticket price of $497 by using promo code BFS300 when registering to attend. Click here for more information about this exclusive event.
Rick Sapio has been involved in more than 100 companies, as either a founder, investor, owner, or operator, over the past 30 years. Rick has realized that by using a principle-centered business approach, one can radically increase the success of virtually any business. For the past 22 years, he has been CEO of a financial services/healthcare holding company. Go to www.BusinessFinishingSchool.com to learn more about his 12 Foundational Principles of Business.