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Smart Goal Setting: How to Set Small Business Goals

By January 31, 2022Uncategorized

Are you trying to set small business goals but not sure how to go about doing it?

With all of the responsibilities that are inherent in running a small business, it can be challenging to know what is needed to set the right goals. Yet, in order to make sure that your business succeeds, it is an important thing to do.

If you want to find out more about what it takes to set the right small business goals, read on and we’ll tell you what you need to know.

Know What Goals Are Most Important to Prioritize

Before you can start taking action on your goals, it’s first important to know what the right business goals are for your business. One of the things that are unique about running a small business is that you have to be a good multitasker.

You need to look for clients, keep your existing clients coming back to you, keep your finances in order, and keep your employees happy. In order to succeed at these things, you need to have the right kinds of goals.

If your small business is new, you’re probably also focusing your energy on things like searching out financing sources for your business.

With all of these things to keep in mind, it makes sense why you need to prioritize your goals before you try to set them. One great way to do this is by performing a SWOT analysis. This is a way to get clear of your current priorities by looking at your small business’ strengths, weaknesses, opportunities, and threats.

Once you’ve done the SWOT analysis, choose three priorities to focus on.

Discuss Your Priorities With Your Team

When setting your business goals, it’s important to work with your team. Your employees are the ones who can tell you what’s working with your business and what isn’t. This is why you should get their feedback on the priorities you’ve identified with the SWOT analysis that you did.

Tweak Your Small Business Goals to Make Them Smart

Now that you have more clarity on your priorities, it’s time to start setting your goals. SMART is an acronym to describe the qualities that effective goals have. Effective goals are smart, measurable, achievable, relevant, and timely.

Start Setting Timelines and Measuring Your Goals

With clear business goals and objectives established, your next step is to find a way to measure them. A great way to do this is by using key performance indicators. These are numbers you can use to track if you’re accomplishing your goals or not.

Orcutt & Company Can Help You Set and Implement Your Business Goals

If you’re looking to set the right small business goals and to start taking action on them, it’s helpful to hire consultants who can help you out. Orcutt & Company offers these services and much more.

As a full-service financial provider, we can help you to make sure that your business thrives.  If you need tax help or just general support for your business, we’ve got that as well.

If you have any questions about what it takes to effectively set small business goals, don’t hesitate to reach out to us. We’re here to help out with anything that you might need.