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Small Business Goal Setting 

 Importance of Small Business  Goal Setting

A lot of small business owners do not bother to supervise the aspect of goal setting or entrust appropriate advisers with the task of small business goal setting. This makes us wonder whether small businesses are appropriately highlighting the aims and objectives of their company. Businesses usually take a backseat when it comes to establishing goals. 

 Business owners can select their goals on the basis of organization related tasks and productivity, making their office space eco friendly, improving the work environment, optimizing their bottom lines and focusing on marketing and development issues.

 Track your Progress through Small Business Goal Setting

Establishing goals for small businesses is a way of charting the progress of your business. The goals help you out with the required focus, motivation and direction that is necessary to achieve success in your business. The basic element of your goal setting strategy should be identifying the core activities of your business and assessing them on the basis of your present performance and achievement. Some of the core issues to focus on would be:   

  • Professional progress
  • Retention of clients
  • Profits
  • Repeat sales
  • Productivity
  • Sales and marketing staff

The establishment of specific goals is imperative for your small business as it allows you to understand whether you are heading in the right direction. Small business goal setting helps chart your progress and offers fresh challenges for you to build on performance. The goals should also be concrete, precise and attainable. They should be particular, focused and realistic since your aim is to earn more money.  

  • Set measurable goals: The goals should be framed in a way so as to measure the rate of your progress. You may for instance, want to measure your quarterly or monthly revenues against the figures you had attained last year.

 The goals should be timely: Giving yourself a reasonable time frame is something that contributes in  measuring your goals in a big way. Break the time down to short term and smaller increments. On a  realistic note, you might not focus on achieving that certain percentage of rise in the initial part of the year,  although you can always work towards it. Divide the goal into quarterly and monthly increments and build  your momentum. This makes the goal attainable.

 Achievement of a Goal Builds Anticipation

It is good to include around 3 separate goals with which you can provide incentives if the business produces beyond average growth in the relevant field. Attaining the next goal would signify that the business did well and the third success would impel you to understand that your business did superb. To encourage peak performance from your team, you should give them an incentive once the goals are achieved. The strategies which are involved in goal setting increase your profitability, helping you look forward towards the end of the year and understand how your business did against the goals that have been set for the year. 

Do not measure the profitability of your business with a single bank account, but think about what you want to achieve. The enormity of the goal is irrelevant as long as it leads to considerable positive changes in your business. Through sensible small business goal setting, you can increase the chances of business success.  

It can be easy to make resolutions, but it is tough to fulfill them. Hence, most entrepreneurs end up making the same resolutions each year, without attaining them ever. Don’t fall in that category, but equip yourself with a smart plan of action. Once the appropriate goals have been set, you can guarantee your satisfaction with the way your business performs.

 Goal Setting Articles:


Goal Setting Tips

Goal Setting Templates

Barrriers to Goal Setting

Smart Goal Setting

Goal Setting Forms

Free Goal Setting Worksheet

Return from Small Business Goal Setting to SMART Goals

Outstanding Leaders consider themselves a work in progress
 Dr Franklin C. Ashby 

lead and learn

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