Well-thought-out and achievable goals can boost your business and motivation like nothing else, and there are plenty of frameworks to help you along. The Women’s Organisation Business Advisor Paul Rittenberg shares why business goals are important for new business owners, including four examples of business goals you should be setting right away.
Why set business goals?
- Timing and contingency. Planning your short, medium and long term goals allows you to build in the necessary logistics and put systems in place to cope with growth. Always remember, the right thing at the wrong time is the wrong thing, so having goals is a great way to grow your business at a speed you and your business can handle.
- Funding applications. If you are looking at growing your business, you may require loan funding further down the line, so having business goals will enable you to build a growth strategy over a specific period, and you can then tailor any funding applications for that phase of growth you have planned for.
- Performance. Setting business goals is great to monitor how your business is doing. You can measure your aspirations against real world performance to see whether you have over achieved or need to improve certain elements of your business such as marketing, delivery times, staffing etc.
- To give you something to aim for. Having business goals will inspire you to keep going, even when you hit a bump in the road, as you can focus on your ‘vision’ for the future. You can’t have a vision without goals. As the old saying goes, ‘aim for the moon. If you miss, you will land among the stars.’
4 types of business goals to set now:
- SMART goals: If you haven’t heard of SMART goals, they will transform your process! The acronym stands for goals that are specific, measurable, achievable, relevant, and timely. Smart goals are useful because they provide structure and a clear aim.
- Long term goals: Long term goals are the ultimate motivation, and can be set early on in your journey. You can allow yourself to be a little more general with these. A long term goal might be to double your growth & profit within two years, or open a new branch. Take your long term goals and break them down into short term SMART goals which will make them achievable.
- Short term goals: This is where the SMART framework really kicks in. A short term goal may be to increase your profit by 20% by the end of a three month period. They are time bound and achievable, making up the stepping stones that lead to the big results. You should review your short term goals often.
- Personal growth goals: These are often overlooked in business planning, but as a small business owner they are crucial. After all, YOU are the core of your business. Do you want to work a certain amount of hours per week? Would you like to gain a specific qualification? Go beyond obvious business related areas and keep your top priorities in mind.
If you want to take your business to the next level or get it off the ground, our Setting Business Goals course will help you do this. If you are living in Liverpool City Region, you can book your fully- funded place on the course (there will be no cost to you).
For more information and to book: Setting Business Goals – Level 2 Accredited Tickets, Wed 26 Jul 2023 at 13:00 | Eventbrite
If you are living in the Liverpool City Region and looking to start or grow your business or want to upskill, get in contact with our wonderful engagement team, they can talk you through what support is available and how we can help.
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