Setting Business Goals

It’s that time of year when most of us are somewhat introspective and compare our visions of our life and reality to our dreams. I don’t know about you, but I’m always a little disappointed with my progress and I want this year to be different!

I’ve been inspired by reading a series of books and visiting online gurus. Through this process, I’ve created a list of questions that have helped me navigate this process for my business.

The first question is always the hardest…

What do you want out of your business?

You can think about this in categories such as growth, product/services, or a certain profit level. Think about why you started your business and if you are achieving your company’s mission. Are you fulfilling your business purpose? If not, why? Sometimes our challenges can give spur us on to our goal making process.

What is my current process in my goal area?

For instance, if your goal is increased growth, have you identified your most profitable product or service? Can it be replicated with another new product or service? Consider your sales for the last year. Do you see a trend? Do you have a systemic approach for this goal area? Has it been communicated to your team? Is it broken or need improvement?

What would it take to achieve my goal?

I am a note taker and to do list maker, so I enjoy writing. I’ve found that writing responses to this question, help me formulate my idea and create a process for achieving my goals. Keep in mind that you don’t have to actually do everything that you write down. Its just a way to get your creative juices flowing.

Do you have the right people in place to help you achieve your goal?

Who do you need to help you achieve this specific goal? Is it someone on your team? Do you need to revamp your current organizational structure? Would outsourcing a specific activity help you reach your desired effect? Is your team properly trained to help you reach this goal?

What additional resources might you need to achieve your goal?

Beyond your team and other professionals, what other resources would help you in reach your goal? Specific training? New procedures and processes? New software? Help getting organized? Consider resources outside of your business to answer this question.

How long will it take for me to reach this goal?

What steps can I take to work towards my goal each day? Week? Month? What is the timeframe I should set to keep me and my team on track? How will I know when I’ve accomplished my goal? Am I committed to reaching this goal and willing to do whatever it takes?

How will you maintain your focus?

Building and running a business time consuming, energy draining, unpredictable, challenging, and the best thing you ever did…With all of the things that need your attention and focus, how will you be able to reach your goal? You will need strong mental reserves, fortitude, and dedication to the process. What areas can you let others take the lead in so that you can focus on this goal?

Are you accountable to anyone?

Do you have a business mentor? Have I shared my goal with my team? Can I involve other key team members for input? What happens if you don’t reach this goal? How will it negatively affect your business?

What will you do once you have achieved this goal?

Congratulations! Now what? Business is ever changing and with that comes the opportunity to evaluate your current business, position, and organizational affect and decide what to do next. Is there another area within your business to you want to change, improve, or fortify? If so, you know what to do!

I’m interested in learning about your business. What challenges are you currently facing? Is there a theme for your business goals this year? Drop me a line at wendy@okieaccounting.com and let me know!

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