The Importance of Setting Goals for Your Business
Whether expressed explicitly or not, most small business owners and managers have goals for the business they would like to achieve. It’s important to clearly state the goals that you have so that you possess a precise view of the short-term and long-term aims of the business, and can ensure that you are working towards them rather than just looking after the day-to-day needs of the business. Setting goals can also help with the process of determining what needs to be done to improve the business.
Should always be:
• time bound – goals should be set with a timeframe for achievement in mind.
• formulated to achieve the company’s vision and mission
• easily understood, clear and concise, but can also be broad in scope
• realistic and achievable, given the company’s resources
• measurable, so they can be tracked and judged whether they have been achieved
• make a considerable difference to the company upon achievement.
Goals can be financial, reputational, cultural, customer focussed or even community based. As a business owner you should view goals as opportunities for the company, not a burden that is out of reach or a fanciful suggestion. They can also provide a framework for developing key performance indicators (KPIs) at a company, business unit or individual level.
The most important aspect of developing goals is gaining commitment to achieve them from everyone involved in the company. Therefore, good communication during the developing process is needed, and once confirmed they should be shared widely and openly discussed.
As a business owner some good business goals to consider are:
• Staying on top of your bookkeeping.
• Increase customer satisfaction.
• Increase company revenue.
• Increase productivity.
• Reduce staff turnover.
One of the best methods for outlining your business goals is to develop a business plan, as setting them within the framework of further operational, financial and marketing information about the business helps you to set clear and achievable goals. Having the goals clearly outlined is important, as it helps you to stay accountable to them. It’s essential to revisit your goals regularly, to ensure that you are still tracking in the right direction.
A possible avenue for making sure you develop goals and then work towards them is to find a business coach or mentor, someone who can answer questions and also gently ensure that you are meeting short-term and long-term goals.
Here at The Quinn Group our experienced team of lawyers and accountants can assist you with your business needs, whether this is creating and implementing a business plan or through business coaching or mentoring from Michael Quinn. For more information submit an online enquiry or call us on 1300 QUINNS to find out more.