The benefits of defining your business goals
If you are not proactive and you don’t take ownership, it means that you effectively give up control of the direction of your business. You are then at the whim of the economy, the business environment and the decisions of others and end up having a business that can’t be ideal because the outcome is random and unplanned.
Instead of ending up with a “business by default”, it is about having a picture of the business that you want to create and then putting in place the steps and strategies to make this picture come to life. Defining your business goals will result in a business that suits your aims, your lifestyle, and your priorities and one that is much more likely to provide you with the outcomes that you value.
This is a “Business by Design”.
To achieve this, many of our clients go through a strategic planning process to put together a plan that aligns with their personal goals and values. It is about understanding their current situation, challenges and priorities, where they want to take the business and then creating a simple one-page plan with the steps to help them get there.
What are your business objectives
We will start with why you are in business to begin with. These are what are your goals, of course you could say profit, but it goes much deeper than that. For example, are your mains goals in your business to offer unrivalled customer service? If so you will need to look at how you operate and what you can do to improve that side of the business.
Here are some further examples when defining your business goals:
- Increase overall brand awareness, and
- Increase total income of the business by 5% in the next year, and
- Have a retention rate of 80% for customers.
Short Term Business Goals
These business goals are ones you can achieve in a quarter (3 months). These goals should be flexible and evaluated often and to pivot and changes when necessary. When making these goals, make sure they follow the following: Clear, Practical and Focused. Defining your business goals this way will give a clear picture on what do do day by day to achieve those goals.
Long Term Business Goals
As you would expect, these goals are at least a 3-10 year plan and goal. You will have to think where your business will be in that time, has the market changed? Where are you positioned in the market? These are usually seen as a mission statement, what is your business striving towards. In combination with short term, think of it as this. Long term business goals is the map, short term business goals is the walking directions to get to the goal.
Here at Financially Sorted we make sure your on the right track for your small business goals. If you need guidance, we are here to help. Book an appointment today. Follow us on social media to keep up to date with all new articles.