2018 has come and gone but your business must continue into 2019. Your year may start with your business plan for the year. Part of the planning process must include business goals which describe exactly where you wish to be/what you want to accomplish by a certain time. Goals can be for any part of the company or the company as a whole, ie. employees, customers etc.
You should never shy away from setting business goals, there is no downside to the process. Setting business gives direction and can help measuring results:
- Measuring success – Everyone should be looking to improve, grow and generally improve their efficiency. Setting goals is the easiest way to track progress.
- Everyone is on the same page – Setting goals ensures that everyone is aware of the common goal of the business. When everyone knows what the business is trying to achieve, making decisions regarding the business.
- Knowledge – When you know and understand the goals it becomes easier for your whole team to make decisions.
- Reassess goals – Goals should be a target but not something set in stone, you should monitor goals on a regular basis. If you are not moving towards a goal there is always a good opportunity to change it which is very useful for new companies/new ventures. Don’t continue to chase unattainable goals, change them when needed.
There are some things you must be aware of when setting business goals
- Don’t set unrealistic goal – Goals are great as long as they are obtainable, we all want to be the next big business but those businesses don’t come around often and don’t happen overnight. When employees are tasked with unrealistic goals they will not try to reach it as they perceive it as unattainable. Remember, its a goal, not a dream.
- Don’t set ambiguous goals – Goals that cannot be measured are not actioned and are almost useless, if you can’t measure you won’t be able to see progress.
So what do you want more of in 2019? Better retention? Efficiency? Growth? Maybe you’re looking to sell or purchase another company. Goals are necessary for businesses to succeed but remember to keep your goals realistic and short term, achieve these and your long term aspirations will follow.