Setting and tracking business goals is important to the success and longevity of your business. Good business goals help you link your day-to-day activities to the long-term success and overall growth of your business. Find out why business goal setting is essential and how to set clear goals and ensure your business stays on track to achieve them.
Why is it important to set business goals?
Effective business goals provide clear goals that everyone in your business can achieve. The more specific and measurable your goals are, the better you will be able to achieve them and see your organization thrive.
Here are four reasons why setting business goals is important:
- Allows you to accurately measure the success of your business over time
- Helps you understand the impact of business decisions on your company’s ability to achieve its goals
- Helps your company’s management and staff better understand what they’re working towards
- Allows you to make effective changes when your goals are not achieved
Use the following five strategies to set, set, and track your goals.
1. Decide how you will measure success
How will you know your business is successful? Thinking about this question carefully will help you start a list of potential goals. A few things to consider:
- Where do you want your business to be in 3, 5 or 10 years?
- What new products or services do you want to offer or launch in the future?
- How much income do you want to bring in annually?
Success can look different for every business. When you define what success will look like, you can set more realistic and achievable goals.
2. Be as specific as possible
When deciding which goals you want to focus on, it’s important to be specific. One way to do this is to finalize your long-term goals and then go back and figure out what steps you need to take to reach them. This will help you clearly define what you need to accomplish as you work towards your end goals. Specify what each small goal will accomplish and make sure you complete each goal before moving on to the next.
3. Measure your progress
Measuring progress toward your business goals helps ensure you’re on the right track. For example, you can perform weekly or monthly goal reviews to see how far you’ve come with a goal and assess what’s left to do. You can also use milestones for each goal and mark them as you complete them.
4. Set deadlines for your business goals
Deciding and committing to deadlines for your goals holds everyone accountable. Without deadlines, you can easily lose track of your progress and even lose motivation to achieve your goals.
Timelines put your goals in context and give them clear timelines so you know when they need to be achieved. For example, if you want to increase sales by a certain percentage next year, set a clear date like February 1st.
5. Regularly reassess your business goals
Once you’ve started working towards your business goals, you need to re-evaluate them regularly to check that you’re accomplishing what you set out to do. Sometimes you will find that the actions you have taken have not really brought you closer to your goals. Its good. Regular assessments like these can help you identify where you are succeeding and where you are failing. Reassessing your goals can give you valuable insight into which strategies are working and which aren’t as effective as you initially thought.
The more time you take to clearly define and track your goals, the more likely your business is to succeed in the long term. In addition to setting business goals, you should set up your business for financial success with a business checking and savings account to track your income and expenses. Talk to an investment banker to see how we can help you.
For Informational/Educational Purposes Only: The opinions expressed in this article may differ from those of other employees and departments of JPMorgan Chase & Co. The opinions and strategies described may not be appropriate for everyone and may are not intended to be specific advice/recommendations for any individual. You should carefully consider your needs and goals before making any decisions and consult with the appropriate professional(s). Prospects and past performance are not indicative of future results.
JPMorgan Chase Bank, NA Member FDIC. Equal Opportunity Lender, ©2022 JPMorgan Chase & Co.