At the start of a new business, it can feel like a race against the clock just to keep up with daily tasks: making calls, ordering supplies, fulfilling orders, attending events. When every day has its own set of obstacles to overcome, it can seem futile to think about setting yearly, quarterly, or even monthly goals. However, goal setting is a vital step in ensuring the overall health of your new business. To help you get started, LexLaunch.com explains why you should begin to set goals your first day on the job, and how to know if your goals will keep your business on the right track.
It’s important to set goals for a variety of reasons:
- A healthy business should always be working on growth, profitability and efficiency. Setting goals for these areas provides a clear indication of whether your business is headed in the right direction or whether you need to make adjustments.
- Whether you work with employees or contractors, setting goals helps everyone involved know exactly what they are working towards. Clearly defined goals provide greater rationale for decision-making and eliminate uncertainty for all members of the team.
- This is a no-brainer, but it’s hard to achieve goals that haven’t been defined. Striving for a goal can boost confidence, encourage more development, and instill a sense of morale for the entire company.
It’s also important to know how to establish goals that will achieve the outcomes you desire for your company:
- Separate goals from wishes. For example, “I want my company to make money this year” is just a wish and too vague to be effective. Stating “Our company will show a 10% profit from 3rd quarter to 4th quarter” is a measurable and specific goal.
- Be S.M.A.R.T. You’ve probably heard this one before, but it’s worth repeating. “SMART” is an acronym to use when goal setting, and it stands for Specific, Measurable, Attainable, Realistic, and Time-sensitive. Making sure that your goals have these attributes will make them more helpful.
- Establish consistency in setting, reviewing, and revising goals. Working toward goals is an ongoing process—once one is achieved you begin again with another. If you have a large yearly goal, support it with smaller quarterly, monthly or even weekly goals to stay on track and to celebrate small wins.
Setting and working toward goals can make the difference between merely surviving and really thriving during the first years of your new business. The team at LexLaunch.com is committed to providing a strong foundation for small businesses. Have you spoken to a legal representative to decrease risks and protect your business? If not, make it a goal to call the experts at LexLaunch.com today at (816) 434-6610 or click here for more information.