Setting business goals

Goals are used for to help your business grow and achieve its objectives. Figuring out your business goals is very important and will create a road map for your business’ daily activities. Unfortunately, it is a fact that many small business owners do not create nor set business goals. Your business should also revisit its goals to see if they are being accomplished. Establish your goals in your business plan prior to opening your business if possible. Brake down your main goals into yearly goals. You can then apply them as monthly goals and daily goals into the company’s activity and consistently review them. There are two types if goals, long term goals and short term goals.

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The first step is to write them down on paper; create a written list of all you envision for your business in the short term and long term. Write your goals on paper, they will have a more powerful effect. From this list you can create a plan on how to execute these goals. This list will become the road map and skeleton to your business’ daily activities. For example, if your goal is to increase sales, write down the exact amount money you want to reach for the year, then break it down into months and days. Once you have that you can built around it the activities you need to create in order to achieve that number.

There are two types of goals, your long term goals are the 3-5 years range ones and your short term goals are weeks to a year.

Your short term goals should tie in with your long term goals. Your goals need to be specific, measurable, actionable, realistic, and have a time frame; knows as “smart goals“. Divide your goals into categories, for example: service, social, profits, growth, etc.

You may feel like you have no time to go through the goal setting process, but in the long run it will actually save you time. Your business goals setting will give you a planned out, written plan for your daily activities already planned out around your goals. Writing business goals down forces you to think and look at your business and will be very rewarding. Make sure to have your goals where you can see them, revisit them regularly and get your employees on board. You will encounter set backs and have to readjust, but it’s okay just keep going.

In our business we re-evaluate our goals monthly or whenever we feel stuck just to make sure we are on track. Start applying these tips to your business today!

Written by Capucine Rismay