If you want to achieve a goal, the best place to start is by setting one. The reason for this is that it’s impossible to reach a goal that you don’t yet have in your sights. We find that Fall is a great time of year to set financial goals for the following year, as the rush of the Summer has gone by but the hectic season of Christmas has yet to begin.
Whether you work from a goal worksheet or even just a calendar, outlining your financial goals is a great way to calculate where your company stands in terms of growth & to create a concrete path to where you want your business to go. In the daily grind of running your business, you might feel busy or run off your feet, but is your bottom line a reflection of your efforts? When you have outlined goals to work towards, it helps to drive your success - Instead of chugging along the same old track, year over year. Reviewing your goals and plans on a regular basis includes collecting and analyzing data to know exactly what you’ve done right, as well as where you can improve for the future. Though failing to meet a goal might not be the best feeling in the world, consider your goals: the landmarks that help you establish whether your business is growing financially or not, instead of being a mere disappointment.
Alongside your financial plan, it's always a good idea to make notes as to how you plan to achieve those goals. For example, if you are planning to attend a trade show, make note of how you plan to promote that you will be attending that trade show to the customers you expect to see there. This will help you track your company's costs while measuring which advertising avenues & strategies have brought you the best value for future events.
Creating on-going goals & plans may be an intimidating task to add to the ever-growing “to-do” list of a business owner. However, once you fix your eyes on the horizon, it becomes easier to ignore all the little rocks on the path, when you see how far you've come and have a solid idea of where you're going.