Whether you’re the head honcho, girlboss, man in charge or “SheEO”, no matter how much success your business had in 2018, the only way to grow it is to set goals. Not convinced? Here are four reasons from the business experts at FocalPoint on why setting goals for your business every year is so important, so you can keep growing your business.
They Enable You to Clearly See Success
Although setting long-term goals is also important, short-term goals give you the clearest measurement of your business’s success. Unlike long-term goals which get you to look at your business from a three or five-year perspective, goals that you set every year gives you a macro view of your business. This enables you to look at your business in a business vertical and economic perspective, helping you and your business to stay competitive.
It Helps Create a Cohesive Team
When you set goals every year, you give you and your team the opportunity to understand what your goal is and what they need to do to help you achieve it. When your team understands what your vision is, they’re more likely to understand your decision-making process when it comes to things such as hiring, firing, incentives and sales programs; this can eliminate a lot of confusion down the road.
Goals Give You Knowledge, Knowledge is Power, Bosses Love Power
Having clearly defined goals every year provides you with the clarity to see how your tactical goals and strategic goals are working together. Let’s say you have a budget that looks at your revenue versus your expenses; knowing your goals for the year will help you determine how a major purchase or new client will affect your bottom line—and this knowledge is empowering!
Reassessing Goals Mid-Year is Equally Important
Setting goals at the beginning of the year—and continually comparing your business’s success to them—gives you the ability to change them throughout the year if (or when) necessary. Did you set your growth revenue goal at 15% from last year, but realize mid-year that your second quarter’s financial projections aren’t tracking as you hoped? Thanks to the goals you set earlier in the year, you’ll have the power to adjust your expense and revenue targets to how your business is actually trending. Had you not set these goals, this knowledge wouldn’t have been as obvious and taking action is trickier.
Commanding attention in a boardroom or pitching ideas to investors may not intimidate you, but if setting goals for your business does, a FocalPoint coach can help! From assessing your team to training you to be the best boss you can be, a FocalPoint coach can help you achieve the success you want for you and your business. Contact us today!