Setting Business Goals

At the beginning of the new year, we often set new years resolutions and goals for ourselves as individuals but have you set goals for your business? Where do you see your business going in 2013?

If we set goals for our business it makes it easier to achieve them, we know in which direction we are going and, because of this, choices and your work strategy will in a sense be preplanned because you know where you are going.

It is like building a house: you know what materials will be needed and that you will need a roof, doors and windows (and walls, of course!). You may not know what colour you will paint it or which design you will choose but you have a visual destination, a goal or an outcome that you hope to achieve. This will guide you in all the choices that you make.

Making goals for your business is an essential first step in the new year. If we want to be successful this year we need to start by making both personal and business goals. What are you business goals for 2013?

As with personal goals, business goals need to be realistic and measurable. They should be in line with your company’s mission statement.

There are four general areas which you can look at when it comes to business goals:

  1. Profit – Goals focused on improving profit.
  2. Growth – Goals focused on the growth of your company, for eg. in new employees.
  3. Customer Service – Goals aimed at improving customer satisfaction or customer retention.
  4. Social or Community –  Goals that focus on giving back to the community whether through time or money.

If we go back to the initial example of building a house…
Short-term goals can be seen as the different stages of building – design, planning, foundation, etc.
Long-term goals can be seen as the final product.

Both are necessary and important parts of goal setting!

Once you have set your goals, make them S.M.A.R.T. – Specific, measurable, attainable, realistic and time-based. You should review them often and you may have to make changes (even to your long-term goals) so remember to remain flexible and positive.

We wish you the very best for 2013!

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