Setting Goals for Your Business

Goal setting has been a key driver in my life and our business. We set monthly and yearly goals and try to forecast out what our business will look like 5 years from now. Our goals and progress are analyzed on a daily basis. It serves as the roadmap, providing direction, purpose and motivation. Setting goals for your business is important to clarify your aspirations, provide motivation, hold yourself accountable, prioritize tasks, and track progress. 

Clarity And Focus

When we set clear goals it’s much easier to define what we want to achieve and create a road map of how we plan to get there. Having a target can help you define your plan. It helps you make more informed decisions and allocate your time and resources. Reaching or missing goals will force you to dive deep into why. These questions will give you a better understanding of your business and what is working or not working. 

Motivation

Staying motivated can often be difficult especially when adversity hits. When you have clear goals you’re striving towards it is easier to push through adversity. Hitting or missing sales and  profit numbers can be deeply motivating to make a change. If things are working well, how can you amplify that success in the future? If you’re missing your targets what is the root cause? Any result will motivate you to dive deeper and push harder. 

Accountability

Goal setting is crucial for holding individuals accountable for their actions and outcomes. When there is a clear and established goal we have real and clear expectations on how we achieve it. When we’re held accountable for the goals we set we are more intentional about our actions to achieve those goals. .

Prioritizing

Goal setting enhances productivity and efficiency. If you have clear goals it becomes easier to prioritize the important tasks and manage your time more effectively. It enhances focus and discipline and helps to avoid distractions and procrastination. 

Tracking Progress

Setting goals 5 years ahead and reviewing them annually is important to track your progress. We set what we thought were unrealistic goals in our first few years of business. We had exceeded all of those goals quickly. Continually tracking and updating your goals keeps your pulse on the business. If you’re constantly exceeding your goals, ask yourself if you're reaching high enough. If you’re consistently below your goals reevaluate if your goals are realistic or if you’re not following through on the tasks required to hit your goals.

Goal setting is a powerful tool for any business. The process of setting goals and the analysis of the results can drive you to levels of greater success and fulfillment in your business. It will force you to take a hard look at what you’re doing in your business and if you’re on the right path. Businesses and goals change over time. It's important to continually update them based on what you want out of your business and life. 

Have you been tracking your goals? Have you had trouble reaching them? Tell me about it, shoot me an email matt@paddlenorth.com