The new year is a time for setting goals and taking inventory of what worked well in the past year and what didn’t. If you’re a business owner, it’s important to take stock of your company’s accomplishments and set realistic goals for the coming year.
Here are some tips for setting practical business goals in the new year.
Take stock of the lessons from the year that has gone
The past few years have taught us a great deal about how to run our business more effectively and efficiently. We have seen the value of flexibility, resilience and adaptation in times of difficulty.
Every business will go through highs and lows. When setting your objectives, reflect on the targets you achieved last year and how those successes can be sustained or replicated. Additionally, recognize what difficulties arose during the previous year to ensure they don’t occur again; learning from the past is an often-overlooked measurement of success.
By taking these lessons onboard when you set your goals, you are giving yourself the best opportunity to continue to improve while also looking after your employees and clients.
When you create your goals, keep the big picture in mind about why you started your business
You should consider your company’s overall purpose and mission when setting business goals. Doing so will help you stay focused on the end goal, ensuring that every step you take works towards achieving that vision for success.
Setting short-term objectives can help guide you, but it’s critical to continually refer back to the overall plan that inspired you from the beginning. Keeping a clear direction and vision will help ensure that all energy spent in pursuing your business goals is spent wisely.
Staying aware of why you started your business in the first place can be an invaluable tool during moments of difficulty or doubt.
When you establish your goals, ask yourself the question: “Why?”. For example, if your goal is to increase revenue, ask yourself why you need to achieve that? Is it to bring on new staff? Why do you need more resources? Is this so that working on weekends can become a thing of the past? Perhaps you would like your holidays to no longer require extra hours from your side to ensure everything runs smoothly? Or could it just simply mean investing more time into family life away from work commitments?
Whatever your reasons, make sure you have considered ‘why’ each goal deserves its place within your plan. Asking ‘Why?’ can help you assess how important that goal really is.
That extra staff member may seem like a long-term goal at first glance. But if spending more time with your family and friends or having a well-earned break is important to you, then that extra staff member could be a high priority, not a luxury.
Determine what you want to achieve in the new year – be specific and realistic
Starting the new year off right goes a long way to achieving success and staying motivated, so it’s essential to determine what you want to accomplish ahead of time.
What you set out to do should be specific and realistic – focus on measurable goals that will make an impactful difference in your life or career. Ensure that these goals fit the big picture but break them into manageable steps so you don’t become overwhelmed or discouraged.
Writing out a plan and remaining committed for the long term can help you stay organized, accountable, and focused on reaching your objectives.
Set a deadline for each goal to keep yourself accountable
Setting deadlines for goals is an effective way to maintain motivation and stay on track. By establishing a timeline for yourself, you can maintain focus on each objective and keep yourself accountable for completing tasks promptly.
Holding yourself to the goal completion deadline you have set can help you build positive habits and hold yourself accountable for what needs to be done.
Make a plan of action for each goal, including steps you need to take to achieve it
Prioritizing goals and developing a plan of action that includes realistic deadlines can help keep your projects from becoming stagnant or forgotten.
It is essential to break each goal into achievable tasks and plan when each step needs to be completed. Be sure to give yourself leeway when setting deadlines, as delays or complications are often inevitable.
Consider all the resources needed to complete each task and set realistic deadlines. Following a well-thought-out plan of action will increase the odds of success, regardless of the goal being pursued.
Celebrate your accomplishments along the way – don’t wait until the end of the year!
While many of us take comfort in the prospect of a fresh start with the passing of each year, it is much more rewarding to recognize our accomplishments as soon as they happen instead of waiting for the end of the year to do so. This form of recognition helps to keep us motivated throughout the year and allows us to feel rewarded for hard work when it has been done instead of waiting for a future date.
If you want to take your business productivity to the next level this year, don’t wait – talk with us about how we can support you in achieving your business goals! Book a chat today and get started transforming your business for success.