By Aga Merx
Studies have shown that nearly 80 percent of small-business owners don’t keep track of their businesses’ goals. This is an alarming statistic, as setting goals and achieving them can be important aspects of a business’ development and success. Establishing meaningful goals involves introspection into what makes your business tick and what you want the future of your business to be. While most people want to achieve their goals, many don’t want to put in the necessary work it takes to create achievable ones. The more time and effort you devote to creating your goals, the more achievable and effective they become.
Here are a few points I would suggest for small-business owners to consider as they look to establish meaningful goals to help improve their businesses. Consider whether these suggestions make sense in your business’ particular circumstances. And, as always, you should get legal and tax advice from a qualified professional.
1. Separate your long-term goals from your short-term ones. Long-term goals should embody your business’ mission statement and help your business stay true to the reasons it was founded. Long-term goals usually fall within four general categories: growth, profit, service and social. They can sometimes have a timeline of several years. Keep in mind that in an ever-changing economy and business climate, long-term goals may need to be modified along the way.