In the 24th episode of the Exit Mindset, we join Rem Oculee, the Founder and CEO of Confidence Wealth Management, as he explains why setting goals is half the battle, and how to use two unlikely traits — patience and annoyance — to your advantage.
If you’ve been sitting at your desk pondering how you can possibly grow your company beyond where it currently is, there is still a chance you are missing out on some opportunities. Relaxing your entrepreneurial attitude until you are in the “When is this going to be over?” mindset is not the path to growth. Even if you have adopted the Exit Mindset already it is important to remember, nothing ever happens in one day. By the end of this article, you will have a better understanding of how to set goals and how to communicate them effectively to your team. It’s common for large businesses to follow a general template for growth even though most templates don’t take into consideration the reality of your business’ circumstances. At the end of the day the goal is to feel confident about your business, it’s accomplishments month to month and the potential for growth in the future.
Patience is Art
When it comes to the process of setting goals there is an easy way to determine whether you and your team have become complacent. If you are enthusiastic about your businesses and the opportunities for growth that surround your team there is a much higher likelihood of setting lofty goals and reaching for success. It’s true, sometimes goals do not turn out the way you want them to, they take a bit longer to materialize than you had originally expected or planned for. One of the biggest takeaways that you should have from this article is that you shouldn’t be expecting to accomplish all of your goals in one day or even in a single work week. Once you have begun to understand the Exit Mindset and have analyzed your product, infrastructure and conversations, it may be time to evolve your strategy.
One of the most commons tools that is utilized in the businesses world today is the tracking of KPI’s, otherwise known of Key Performance Indicators. By definition KPI’s are intended to indicate and measure the progress of a company’s goals in relation to a specific time frame. Unfortunately, while there are a lot of companies adopting the tactic of creating a master KPI to support corporate goals, not many executives know truly how to take advantage of the data they are seeing. If you’ve been tracking Key Performance Indicators such as revenue per month or territory growth you probably already know whether you are within striking distance of your current objectives. From the perspective that we are going to focus on today, being further away from your master KPI goals means that you are not setting goals that your team has become too comfortable with. If you are consistently striving for exponentially compounding success the worst thing that you can do is lull your team into a false sense of security of satisfaction with their performance. One tactic for motivating your team and consistently reminding them of the KPI’s that are most important to your company’s success is to set up a daily routine that involves an interactive spreadsheet or planning board. Daily conversations about why your team may not be achieving daily or weekly goals can help to uncover some problems that may not otherwise have been so obvious.
Annoyed by Underperformance
If you are finding yourself annoyed and uncomfortable with your company’s inability to succeed at a satisfactory rate you are in the right mindset. If your company’s KPI’s specify that $100,000 in revenue is ideal for the month but your team is struggling to meet 10 or 20% of that goal, there are critical questions that need to be asked. As a business owner it can be easy to place all of the pressure and blame o underperformance on yourself, however it’s usually beneficial to bring your team members into the conversation as we’ve discussed previously. Ask questions like; Why are we not achieving our goals? What weekly objectives can we set to drive and motivate sales? If the answer is that your infrastructure or product are not built to be scaled, it is time to make some changes and set your company up to grow. Oftentimes there are a few changes that can be made within a company that will turn the tides and lead to a much higher valuation than anyone involved could have ever imagined. If you are focusing on finding solutions to problems on a daily basis those solutions will compound exponentially until the entire company is running at maximum capacity.
Always remember, you are not operating in a vacuum. As a business owner you need to always consider the wellbeing of yourself, your company, the employees who work for you and the community that supports your success. If you run into problems do not be afraid to ask for advice from your employees or consult with fellow business owners who may have gone through the same struggles that you are experiencing. After reading this article you should understand the importance of not only tracking Key Performance Indictors but taking action based on your established goals and calculated KPI’s. If you are willing to make profound assessments of your business based on opportunities for growth and profit expectations, you may be on the path to a substantial evaluation! To learn more about the Exit Mindset and how your team can optimize performance be sure to visit www.exitmindset.com and stay tuned for more podcasts and articles just like this one.