Setting business goals - xero accountants

A lot of businesses fail to set any business goals – or if they do, they don’t set them correctly.

 

In this short article, we discuss the importance of setting business goals and offer a few pointers on setting your business goals correctly.

 

Want to skip to a particular section of this article? Just click the list below.

 

Why should I set goals for my business?

Your business goals should be SMART

How can an accountant help me achieve my goals?

 


 

Why should I set goals for my business?

 

All successful companies set their business goals to define a purpose and achieve their core corporate objectives.

 

Business goals allow you to measure success against key performance indicators and hence help you push your business forward.  They also help in ensuring your employees remain focused in their roles.

 

Once set, your business goals need to be reviewed regularly to ensure that you remain on track irrespective of changes in the business and the wider economic climate.

 


 

Your business goals should be SMART

 

Specific

 

You need to ensure that your business goals are not just general goals but are well defined and clear.  Specific goals will ensure that progress is measured accurately and you can then plan forward.

 

To help you to set specific business goals you need to ask yourself questions beginning with who, what, where, when and why?

 

Measurable

 

Your business goals need to be measurable.  By measuring progress, you can ensure you remain on track to achieving your targets and hence goals.

 

Achievable

 

It is important that the goal is achievable and not just a pipe dream.  Setting goals that cannot be achieved is a recipe for failure and should be avoided.

 

Realistic

 

The goal needs to be realistic and relevant to your business.  Setting unrealistic goals is a waste of resources and will not help your business in any way.

 

Timely

 

A time line should be applied to each goal to ensure successful completion.  If you do not apply a timeline to each goal, there is a strong danger of that goal dragging forward and never being completed.

 

Your business goals should be shared with your employees and tie in with individual employee goals throughout the business.  By aligning the business goals with employee targets, your business will become more efficient in achieving its overall corporate objectives.

 


 

How can an accountant help me achieve my goals?

 

At Appleby Mall, we’ve been helping businesses achieve their business goals since 1998.  We’ll get to know you and work on a plan of action to get the most out of your business.

 

We have an experienced team happy to answer any questions that you may have. Click here to get in touch with us.

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