Why should you set business goals? Here’s 5 Top Reasons
As we move closer towards the second half of 2023, many business owners look to set new personal and business goals for the upcoming period. Here are 5 top reasons why you should be setting and reviewing your business goals, at least every 3 months.
1. Motivate and focus
One of the most fundamental parts of a business plan is being able to look forward and realise what is actually possible for your business.
No matter the size of your business, always aim big. Work on creating the time and space to do what’s needed to inject motivation into your daily work life! This will also help your team members to achieve their individual goals within the business. How? by helping them realise what they are reaching for.
2. Set priorities
Do you often get side-tracked by ‘Shiny Things’? Objects or tasks that don’t help yourself or your business to grow? With detailed business goals in place, you can prioritise the tasks that push you towards your goals. They also allow you to delegate down where appropriate, or use a default diary to limit the time spent on them.
3. Easier decision-making
Similarily to helping you set your priorities, having a business plan will also help you make decisions. You could be unsure whether to invest more time and money in a particular area of your business? Question if you need to hire that new recruit? Develop a new marketing strategy? Knowing your overall business goals for the next year and beyond will help you in making those decisions. Just remember that your business plans are never static. What may be taken out of the running now may find itself being utilised later down the line.
4. Measure success
When you have clarity on your direction, with specific key performance indicators in place, you will have a much clearer measure of your success. With a business plan, you will know how far you have to go from this point until the end of the year. You will be able to determine if you are on track 6 months in. Without it, you won’t know if you are truly achieving what you set out to!
5. Baseline for reviews
Reviews of your business and team members should take place on a regular basis. Having goals in place will allow you to accurately track progress between each review. Why do this? To determine if things are going well or if something needs to change. Without goals or reviews in place, you can’t measure progress, or if that progress is in the right direction.
Business Plan and Goal Setting
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