Business Leadership Series: Crush Your Business Goals by Setting the Right Ones
Setting and reaching business goals is important. Directing where your company is headed improves your odds of business growth. Whether you aim for a greater market share, increase in percentage of sales from new products or services, or another objective, turning your goals into reality is a challenging process. You need to break down your objectives into small steps and measure your progress to stay on track. You also need the right team in place to carry out those steps and enhance your odds of reaching success.
Preparing to Set Business Goals
Before you begin setting business goals, complete a SWOT analysis. The strategic planning model will help identify your company’s strengths, weaknesses, opportunities and threats. To start, compare performance across various areas of your business with those of your competitors’ businesses to determine where you are strong and what your weaknesses are. Next, determine where you see your industry headed and what is trending in your field. Then, ask employees what they feel the business has gotten right and what it can improve on. Use the information to determine who will participate in setting business goals. Based on the size of your organization, this may include mid-level managers, senior leadership, and/or the board of directors.
Setting Business Goals
Ensure that each business goal is tied to your mission and vision. Focus on where you are headed long term. Make your goals as specific as possible to increase understanding and implementation. For instance, “increase our customer corporate accounts by 10 per quarter.” Keep your goals realistic and achievable within a three- to five-year period. Break down large goals into multiple steps with target dates for each component to make them more manageable. Keep your goals measurable so you can track them and know when you are successful. Determine which steps to take to reach each goal and who will be responsible for those steps. Clarify which resources will be needed to attain each goal and that funds are available.
After Setting Business Goals
After setting your business goals, regularly meet to review your progress. Make sure everyone is staying on task and making adjustments as needed. Communicate progress within your organization. Show why you chose those goals and how each contributor’s work impacts your progress and the success of the company. Create good data for related measures to determine when milestones are reached and success is realized. Always reward your team for reaching small and large goals, so they stay motivated and work hard to continue.
Get the Right Team in Place to Attain Business Goals
Get the right accounting and finance teammates in place to achieve your business goals. Reach out to Marco & Associates, Chicago’s leading accounting and finance staffing agency.