I know that setting up a blockchain business is difficult, but keeping it running for long periods of time is even more stressful. But, did you know that the business will continue to generate revenue as long as all employees are on the same page?

So, how can we keep everyone moving in the same direction?

Well, it’s all about business goals.

When it comes to achieving success, business goals are one of the secrets that most companies would rather keep to themselves.

Not to worry, I’ve got this. This is culled from extensive research and analysis. Here is a 4-step strategy that you will need to successfully set business goals that work.

Step 1: Reflecting (Optional)

Before jumping into creating a new one, we have to look back through all those old goals that we have aimed for. However, if you are new to the industry as a blockchain startup, you can skip this part. 

So, take a look back at last year, even if it wasn’t exactly what you’d expected.

To ensure that your business continues to grow, you have to use the lessons you’ve learned. Ask yourself these questions:

• What was successful? What should be maintained in the future?
• What did not go as planned? What if you could go back in time and do things differently?

Jot it down so that when setting your next goal, it should not be your constraint.

Secondly, reflect on why you do what you do in the first place. Your “why” will often help you stay focused on your mission. 

It’s always a good idea to reevaluate why you’re taking the time to reflect. To what purpose did you begin this company? What are you trying to accomplish?

Step 2: Defining long-term objectives

Begin by defining your long-term objectives. I recommend that long-term goals have a timeline of three to five years.

Most of the time, the business goals are the reasons why you start the company, your “why” we mentioned before, says business coach Bill Baren.

Consider all of your business aspirations and put them on paper. Long-term objectives are typically transformed into vision and mission, so it is no matter how big or small they may seem. 

One of the great examples I mentioned here is from IAGON. IAGON is a blockchain firm, aiming to revolutionize the cloud industry by providing a fully secure and decentralized cloud storage and processing platform based on Blockchain and Tangle technologies. 

They set their goal as “to integrate information technologies across all smart devices and platforms, creating a seamless experience that serves the specific needs of its customers.”

You may generate many visions as well, don’t worry about it. Once you’ve compiled a comprehensive list of potential areas of focus, it’s time to zero in on your top three priorities. 

Most potential business goals usually fall into one of four general categories: service, social, profit, or growth.

 

• Service – Goals related to customer satisfaction or customer retention, such as increasing customer satisfaction.
• Social – Goals that focus on giving back to the community. 

For instance, HIVE’s business goal is to reduce its environmental effects and establish its blockchain brand that actually implements low-cost renewable energy.

• Profit – Targets established to increase profits by a certain percentage.
• Growth – Aims for the company’s expansion, such as increasing the number of members in the existing blockchain community.

Step 3: Setting short-term goals

Once you’ve established your long-term goals, you’ll need to devise a strategy for achieving them. 

Tying these short-term objectives to long-term ones is perhaps their most critical component. To guide your company in the right direction, those business goals we set earlier should serve as maps. However, your blockchain startup would need a GPS – short-term goals, which show you exactly how to get where you want to go.

One most popular method to improve performance is by making them more S.M.A.R.T:

S.M.A.R.T Elements	Specific example
Specific: Think of who will be involved, and what are tasks to do in order to accomplish,…  In contrast to the long-term, short-term objectives need to be concrete and high-detailed.	Grow the number of community members of Z blockchain company by optimizing targeted social media campaigns.
Measurable: Quantifying your goals makes it easy to measure progress and recognizable when you’ve finished. For instance, you can put a monetary or percentage value on the goal.	Grow the number of community members of Z blockchain company by 1,000 users, by optimizing targeted social media campaigns for 4 social media platforms: Facebook, Twitter, Discord, and Telegram
Achievable: At this point in the process, you should do a self-evaluation and get a grip on your current situation. Set challenging goals, but keep an eye on your available resources to ensure that you can actually meet those goals. It’s important to set attainable goals rather than lofty ones that you’ll eventually fall off of.	Grow the number of community members of Z blockchain company by 1,000 users, by optimizing targeted social media campaigns for 3 social media platforms: Facebook, Twitter, and Telegram.
Relevant: An effective way to continuously remind yourself and your team of the value of your business is to set business goals with your “why.”	Grow the number of community members of Z blockchain company by 1,000 users, by optimizing targeted social media campaigns for 3 social media platforms: Facebook, Twitter, and Telegram. Because mobile users tend to deliver tremendous free promotion via word-of-mouth.
Time: Give yourself a deadline to help you stay on track. You and your team must be on the same page in order to effectively measure success. What’s your time limit? When will the team begin developing and implementing the tasks they’ve identified? When will they be done?	Grow the number of community members of Z blockchain company by 1,000 users within 3 months. This can be accomplished by optimizing targeted social media campaigns for 3 social media platforms: Facebook, Twitter, and Telegram. Because mobile users tend to deliver tremendous free promotion via word-of-mouth.

 

Step 4: Create a plan of action

Business goals identify what the business aims to achieve, but they do not state how the organization plans to get them done. The business’s strategic plan typically lays out at a high level the actions that the organization intends to take to reach its goals.

Therefore, for each of your goals, you must devise a detailed plan of action. In this section, you’ll learn the nitty-gritty tactical details. A step-by-step plan to accomplish your goals should be simple if your objectives meet the five criteria listed above.

It’s best to break down each goal into three separate projects or phases if you’re not sure where to begin. From there, you can list the steps needed to complete each phase or project.

It’s much easier to stay on track and focused on the big picture when you’ve laid out your action plans and have a clear roadmap to follow to achieve your goals.

 

1 important note

Keep in mind that no matter how long you set your long-term goals to be, they are prone to sudden change. In spite of Lori Becker’s admiration for the five-year plan and her company’s success, she has had to reevaluate in light of the current economic climate and some significant shifts in her industry. According to her, she’s now looking “quarter to quarter” instead of “a few years down the road.” The only thing I’m aiming for is to earn more money than I did in 2013.”

Conclusion

Remember, each individual is unique and there is no “one size fits all.” This means that you can make any necessary alterations in order to establish business goals that are relevant to your blockchain organization. We’ve also got a blog post on the subject that’s worth a look: tips to successfully implement the action plan.