How to Set Targets That Actually Move Your Family Business Forward

9 June

Most family business owners set targets by looking at last year's numbers, picking a percentage increase, and getting on with it, and here's why that almost never works the way it should

In this episode, Mark and Caroline make the case for a completely different approach to target setting. One that starts with vision instead of figures, includes your whole team instead of just your sales department, and measures things that actually matter to the people inside your business.

They get into why financial targets alone are not enough, what Ford Motor Company's dramatic turnaround teaches us about culture and performance, and what a plumber, an accountant, and a receptionist all have in common when it comes to setting meaningful goals.

The way you think about targets is going to shift. And once it does, you'll never look at the end of financial year planning the same way again.

The businesses that hit their targets aren't the ones with the biggest numbers on the whiteboard. They're the ones who know why those numbers matter, who's working toward them, and what it actually feels like to get there.

That's what this episode gives you. And it's a much better place to start than a spreadsheet.

In today's podcast, Mark explores:

01:17 - Why starting with numbers is the wrong way to set targets (and what to start with instead)
02:29 - What happens to performance when you share your vision with your team
04:25 - Why every single person in your business needs a target, not just your sales team
06:20 - A story on why financial targets can't be the only thing you measure
07:29 - Simple metrics that tell you more about your business than your profit and loss ever will
10:14 - What really drives performance, retention, and growth all at once
12:39 - How the score takes care of itself when you focus on the right things first
13:23 - What to sit down and map out right now as you head into a new financial year

Quotes

“Every single member of your team plays a role. Take one piece out and the picture doesn't look the same, and it's not as valuable.” - Mark Creedon

“If you measure something that matters to the people inside your business, then you are going to have a stronger business. You're going to get higher staff retention. If your team is happy, they're going to be working harder at making your clients happy. And frankly, that's going to make you more money.” - Mark Creedon

“Don't worry about the score. The score will take care of itself. If you do the right things in the business and you start measuring these right things, and you're doing the right things and your team is performing, the results will come.” - Mark Creedon

“It's actually not about the percentage increase. It's actually about the outcome. The benefit of the outcome.” - Caroline Creedon

“Get back to the happiness scale. We forget to be happy at work.” - Caroline Creedon

The Mastermind for Business podcast is powered by Business Accelerator Mastermind, a coaching program that helps service business owners and professionals double their revenue whilst halving their time in the business. Each week, Mark Creedon, a Business Coach at Business Accelerator Mastermind, speaks with some of the best business minds in the world and shares simple, practical steps you can take to create the business you always wanted.

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About Mastermind Business Accelerator

Mastermind Business Accelerator is a hands-on practical program aimed at driving results fast. Spearheaded by Mark and Caroline Creedon and a range of highly qualified experts, the program will give you back the freedom you hoped for when you first started your business or professional practice. With his coaching program, Business Accelerator Mastermind, Mark helps business owners maximise their time, set and achieve goals, while remaining accountable.