Most business owners know there is more to managing a business than overseeing the workforce. Although larger businesses may have a chain of command in place to delegate management and safety training duties to other people, smaller business must handle daily tasks and behind-the-scenes responsibilities while simultaneously setting goals for a future business development plan.
Employers who are strapped for time may benefit from setting year-end goals early. Former Tempe, Ariz., Chamber Business Woman of the Year and Tempe Chamber chairwoman Joan Jakel offers business owners these suggestions for setting year-end business goals on the AZ Business Resource website:
– Take note of what does and does not work
Jakel suggests measuring success by income and profit, the latter including non-monetary factors like productivity and time management. If a business can pinpoint the most beneficial techniques, there is a better chance for future growth.
– List specific business goals
These goals could include things like future business operations, workforce goals, revenue and financial aspirations, such as attainable figures.
– Consider budget limitations
Every time a goal or plan is noted, a dollar figure should be associated with it. This could help prevent unattainable goals or identify steps that should be achieved over a longer period of time.
– Be reasonable about growth
Successful businesses aren’t created without hard work and development. For that reason, Jakel urges employers to be realistic about all goals, noting that year-end business goals can also be long-term goals that require months or years to meet.
– Determine what is most important
There may be some year-end goals that are more important to the business owner than others. Consider prioritizing to best allocate resources and meet the most important goals first.
– Make a business action plan
Although listing year-end business goals is an important step, it could be for naught without a reasonable action plan. Business owners can also list how they plan on meeting the goals over the course of the following months or year.
Business Insider recently reported that findings from the Social Science Research Center show people tend to manage finances more efficiently when using visuals, such as charts or graphs. Business owners who have many financial goals may want to consider employing similar tactics when creating year-end goals.