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Setting goals for your business is crucial for your success. It’s also vital that these goals are reviewed on a regular basis to ensure you’re on track to meeting the deadline. Don’t put too much pressure on yourself as the goalpost can be moved if unexpected things crop up which impact your deadline.
When setting goals for your business ensure that they are measurable and relevant. Here’s a few steps you can take;
Define your vision and mission
Understanding what you want to achieve and why, plays an important part in your goal setting process. This will help you to decide what you want the future of your business to look like whilst remembering your values and what your business is actually about.
Identify strengths and weaknesses
In order to set challenging, yet realistic goals you need to identify areas of your business which have been successful and the ones which require a little more work. This will give you an insight into what works well and what needs improvement.
Ensure your goals are measurable
You need to know how you will identify that your goal has been met. Being able to monitor your performance is key. Seeing your progression will motivate you and help you to determine how far away you are from meeting your goal.
Use the SMART method
A good method to use when goal setting is the SMART method:
S – Specific – be descriptive about your goal, what it will look like and feel like, define exactly what you want to achieve
M – Measurable – keep track of your progress
A – Achievable – Your goal must be realistic yet challenging
R – Relevant – be part of your business strategy
T – Time bound – You must set a date when you want to achieve your goal and be specific about it. Set an actual date rather than saying in 5 years time I want to….
Prioritise
Put your goals in priority order. Which goal is the most important to you personally and what’s important for the success of the business?
When setting your goals in the new year be sure to speak to your accountant so that they can give you advice about your financial goals. We support our clients throughout their business journey which includes defining and setting goals. You’ll find that talking to someone who understands your goals will make you much more motivated and with a bit of advice and support you may just get there quicker!
Make sure you celebrate your achievements no matter how small they are. They all add up to your end goal.
Good luck with your goals for 2024!
