Having specific and measurable goals in any business is the absolute key to success.
Whether you are an established company or a start-up, setting both long- and short-term goals gives your business a clear vision for you, your colleagues and your accountant. And these are seven good reasons why you should set and regularly review your business goals:
1. It gives the company something to aim for
There is nothing more frustrating than knowing what you want but not seeing the path to get there. Committing to a vision for your company motivates you and a workforce that might otherwise lack direction. Writing down the long-term objectives leads to establishing processes that can get you there.
2. It becomes a great communication tool for your team
Sharing your purpose with the people who work with you ensures success towards the development of your business. It will give your team an understanding of how their role affects the strategy as a whole. Communicating effectively to every member of your team gives them ownership over their achievements and makes them feel valued.
3. It gives balance to your life
Plans help you to work smarter, not longer. They enable you to prioritise jobs so you don’t get caught up in unstructured pursuits. They also empower you to establish a work-life balance – leaving work at work. This mindset will mostly see you setting goals in the rest of your life. Now you’re living smarter.
4. It improves decision making
Consulting your goals reminds you of what you set out to do. Routinely asking yourself whether something fits into your plan gives you the opportunity to easily decide whether you can let it go and move on.
5. It is a basis for measurement
Setting targets for you and your team can be enormously beneficial for steady progress and expansion of your business. It is a conduit for keeping track of progress, and the performance of your team in conjunction with the company’s vision. We don’t often know how well our businesses are doing unless we measure them.
6. It allows you the space to reflect on your vision
Business owners can get swamped in the day-to-day running of the company, and during that time your focus may narrow to just seeing the daily grind. Measuring progress is very important, but success also depends on focussing on the bigger picture. Pausing to reflect regularly allows you time to explore your aspirations and to refocus on the trajectory of your growth.
7. It is something you can share with your accountant
Your accountant is certainly someone you want to share your vision with, and having tangible business goals will help to inform them on how they can support you to achieve your vision. They have expert knowledge that you can tap into to help you accomplish the vision for your business.
Do you want help with goal-setting? Download our 24-hour action plan for getting where you want to go and creating the time to get there.