Significance of Settling Goals
Settling goals for Mid/Small business is a huge deal. Realizing where you are at the moment and where you wanna be sets up your business for long term success. Here at Signature Funding we are going to go through some points that you need to look after when you are settling your goals for future.
“If you fail to plan, you are planning to fail!” verity of this statement is obvious in relation to goal setting for small businesses. However, it’s also important to set reachable goals to ensure that they become actual achievements. It is important to understand when and how to prioritize goals when it’s impossible to accomplish everything right away.
Here are some important reasons why it is important for business owners to set goals
- 1. Goals show you what steps need to be done in order to succeed.
Let’s just imagine that you are going to participate in a marathon and the main goal that you setting is to “Be in the top thee”. Sorry for disappointing but, it’s a terrible goal.
More important is to figure out “what are you going to do to become one of those top three”. As we are talking about sports, action steps related to fitness, practice conditions, and healthy supplements are examples of “steps that will help you to achieve a goal”. Instead of obsessing about a desired end state, whether it is taking your startup public or simply selling the best tea in town, entrepreneurs should double down on specific steps that will take you there.
- 2. Goals improve communication within your team.
One of the top thing that drives our employee’s crazy is when their boss sets a ridiculous goal with no plan. Goals are a valuable tool to encourage communication, cooperation and productivity for viable and smart goals. By setting a reasonable goal, as the founder, you can also inspire healthy competition between team members, encouraging them to work smarter and put their best foot forward.
- 3. Goals make funders to keep right direction
It is a fragile line of what business owner wants his business to achieve and what he actually can achieve and accomplish. Slowly but surely, that’s what will bring you on top.
No need to rush. Following a plan with the steps that you are ready to accomplish at the moment will help you to set a bigger goal in the future without destroying your business. By setting and managing goals you can ensure that you know the exact state of your business.
- 4. Goals sustain future growth and company autonomy.
Most entrepreneurs have sizable egos. There is nothing wrong with that, since every entrepreneur needs some level of ego to take a risky plunge into entrepreneurship. But many of the best world-class entrepreneurs are those who know how to manage to their own egos.
By creating company-wide goals, a business owner can ensure the company can survive without their daily presence. A sustainable business can only survive when the owner knows that he cannot micromanage everything.
The statistics shows that more than 60% of businesses in USA do not track their goals.
However, it matters in order to be sure that the company/shop/salon ets understands the necessary steps needed to get to wherever they want to go. So think twice about what you want to do and what you can do.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2019 Valery Kelley