Setting goals for your business helps identify opportunities for success. Achieving success without having a plan in place first is much harder. With 2021 right around the corner, it is time to embrace change and develop a goal-setting strategy for you and your business. A good first step for your business to achieve is to begin setting clear and realistic goals.
Get Started Setting Goals
The process of setting goals begins with determining what you want to accomplish in a time period. Business goals or Key Performance Indicators (KPIs) should be objectives tied to the vision for your business.
It may sound cliché, but writing down your goals on pen and paper makes it more likely for you to achieve them. According to an article by Inc., you are 42% more likely to achieve your goals if you write them down.
In case you feel stuck about where to get started, these are some easy goals you can set for your small business:
◦ Reduce business expenses
◦ Increase your website traffic with SEO
◦ Hire your next employee
◦ Improve your social media presence
◦ Introduce a new product or service
To help you set the most effective types of goals, we strongly recommend using the SMART goal-setting method. You can find several step-by-step blog posts on how to set SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goals by doing a quick Google search.
Don’t Lose Track of Your Progress
Keeping track of progress allows you to monitor whether you’re on the right track or need to make adjustments. With many different ways to track your progress towards your goals, let’s discuss some of the methods you can use to start tracking your progress:
◦ Planning and organizing. Develop a plan on how you will accomplish your goals. It can be as simple as setting dates to check back on your progress or listing out the steps you need to take.
◦ Set objectives. This can be especially important if you have employees. Fully understanding expectations increases the likelihood of embracing tracking goals.
◦ Create milestones. Think of this as breaking your larger goals into smaller pieces. This will help you assess how far you’ve come and figure out the next steps in achieving your larger goals.
◦ Celebrate the small wins. Doing so will help you avoid getting burned out. We live in such a fast-paced world; we always begin focusing on the next big thing. Taking the time to celebrate small achievements helps you appreciate the process towards the right path. In addition, this helps build more confidence.
Build Good Habits
Accomplishing your goals is a direct relation to the habits you form. Building good habits helps you reach your goals more effectively and efficiently. For example, you can begin by improving your time management or setting a work routine. Think of these habits as incremental steps to reaching your goals.
Taking the time to look at your organization from a broader perspective will give you greater confidence to reach the next level in your business. Keep in mind you will need to rethink and refocus your business goals as you make progress and your situation changes.
How FINSYNC Can Help
FINSYNC allows you to run your business on One Platform. You can send and receive payments, process payroll, automate accounting, and manage cash flow. To learn more about how we can help your business start, scale, and succeed, contact us today.