It’s easy to come up with a grand, ambitious goal, like developing and marketing a new drug for the pharmaceutical industry or positioning yourself as a leading architect known throughout the world. Making it a reality, though, is a whole different ballgame. To attain your goal, you will likely have to work very long hours for quite a few years. But even hard work does not always yield fruit. Start-ups often go bust after three to five years of continued efforts, while many dedicated business professionals and up spending long hour in the office without having anything to show for it in the end.

Below are tips that will help you identify the right tools to reach your business goals:

Define your goals.
Have you heard the term Big Hairy Audacious Goals, or BHGAs? To put it simply, a Big, Hairy, Audacious Goal or BHAG – a term coined by Jim Collins and Jerry Porras in their book, Built to Last: Successful Habits of Visionary Companies – is a long-term, 10 to 25-year goal, guided by your company’s core values and purpose.

Goals are an important part of effective team building, yet not just the mere setting of them. The most efficient teams typically have goals that are clear, elevating, and realistic. It is integral that the team’s goals motivate them to accomplish their goals, yet lay within the boundaries of reason. Setting unrealistic or unobtainable goals is a pitfall that typically leads to frustration among the members.

In order to accomplish the established goals, team members need to feel a sense of unity toward their purpose. One of the most effective ways teams do this is through a motto or a slogan. The various cheers of sports and other athletic teams are a perfect example of this.

Scan your environment.
Every organisation has an internal and external environment. In order for the organisation to be successful, it is important that it scans its environment regularly to assess its developments and understand factors that can contribute to its success.

The purpose of the scan is the identification of opportunities and threats affecting the business for making strategic business decisions. As a part of the environmental scanning process, the organisation collects information regarding its environment and analyses it to forecast the impact of changes in the environment. This eventually helps the management team to make informed decisions.

Set clear goals.
Goal setting is an important part of starting and owning a business. Without business goals, you may find you are floundering in your business with no direction. Your business goals can keep you focused on where you want to be while helping you create a plan for getting there.

With your vision in place, next set clear goals and work steadily toward achieving these goals. Your business objectives should be specific, achievable, relevant and measurable. Set short-term and long-term goals. Be sure to keep track of your progress.

Set targets and key performance indicators (KPIs).
Setting key performance indicators and targets for your business are an important way of measuring your performance. Giving everyone in your business an idea of the targets they need to aim for to help the business be successful.

Having a performance measurement system should give you reliable information to allow you to set targets for implementing your growth strategies. You should update your business plan with your new strategy and make sure you introduce the developments you have noted.

Use strategic reviews to keep your business moving forward.
If you want to improve performance in your organisation, it all starts with strategy. Strategic objectives are vital to the success of your organisation’s future. But, unfortunately, many organisations hold strategy review meetings and then fail to execute. If you want to ensure the success and productivity of these meetings, you need leadership buy-in.

Creating a successful business requires a winning strategy that enables you to set the right goals and actually reach them – but that’s easier said than done. To pick the right strategy, you’ll need to do some careful thinking and analysis first, after which you’ll have to monitor your progress carefully.