Another year is coming to a close, and a new one is about to start. Yep, you guessed it. Time to set some goals. But what does that mean? When you set goals, do you ever track your progress? Or do you simply rely on blind luck to help you succeed?
If you are going to the trouble of setting a financial business goal, you want to do it properly. Let’s face it; there is no point setting a goal if there is no hope of achieving it, or if it won’t benefit your business in the long run. So let’s explore how you can set the right kind of business goal that will push your financial growth forward.
What Is a Financial Business Goal?
It is essential to understand what this kind of goal is before you try and set it. A financial business goal is more than just a sales target. It is a goal that you set with your business purpose in mind and should ultimately progress your business down the path to financial success.
Because finances are a big part of making or breaking your business, you need to consider them when goal setting. But they should not be your only focus. Here is what we advise you to consider…
Money, Money, Money
It is nice to have money flowing into your bank account. It allows your business to keep operating in the way that you want it to and it pays the bills. But it should not be all about the money.
If you only think about financial gain, then your business purpose will fall by the wayside. You will lose the things that make your business special and those personal touches that draw your clients in. Don’t let the cash blind you and transform your business into something it isn’t.
It can be exciting to see your business grow, but not if you need to sell your soul to get there. All financial goals should be made with your purpose and vision in mind to prevent you from growing faster than you can handle, and also to prevent you from tarnishing your brand. It can be really hard to pull your business back from a negative space that is only concerned with profit.
Set goals that drive growth, but remain true to the reason you started your business and support the clients you serve. Then the money will follow.
Map Out Actionable Goals
Saying that this year you want your business to double the previous year’s revenue is a great goal to have. But how are you going to achieve it? Just because you want it to happen doesn’t mean that it will.
You need to set smaller goals that will help you achieve your larger goals. Have some substance behind the plan to double your revenue, and it becomes an achievable goal. Forecast your numbers and work out what you need to do to get there. Do you need to focus on your biggest profit makers, attract more leads, convert more clients, or review your rates?
Once you understand what you need to do, assess your resources. Do you need more staff members, more stock to sell, or better systems and processes?
When you have a plan for how you will double your revenue, then it is time to break that down into manageable monthly tasks. You will then need to track your progress as time goes. Keep yourself accountable and don’t let your monthly tasks slip.
People always have the best intentions when they first set a goal. But when things get hard, or they are overwhelmed, the goals tend to slide. Focus and constant progress are the key to turning those goals into reality.
Choose The Right Business Goals
Setting financial business goals is definitely important. But they should be set alongside other goals that support your finances and your business as a whole. Consider:
- Branding: Your business will need visibility and the right image to land your ideal clients.
- Customer Service: Great customer service encourages trust and repeat business from your clients. It also gives an opportunity for your happy clients to leave positive reviews and pass on referrals.
- Your Team: Your business will not be able to grow to new levels without the support of your team. Allowing your team to develop with training, support and growth opportunities will show them you value their contributions and encourage their loyalty.
Your business goals should provide you with the opportunity for growth year after year. You don’t need to conquer Everest immediately. Keeping your annual goals realistic and manageable will allow steady growth and success. If you manage this growth correctly, then you will see the financial benefits.