Top 6 tips for setting clear and achievable goals for your business

It’s crucial to remember that any successful business, whether it’s a start-up or a thriving SME, makes a point of formulating business goals.

They also serve as steppingstones to the desired outcome — whether you’re establishing a new firm, opening a franchise, forming a new business partnership, or wishing to employ greater diversity in your company, business goals help you track and measure your progress.

What is a business goal?

A business goal is a clear, well-defined target that your company aims to hit within a specific time frame.

Long-term goals vs short-term goals

Long-term goals are your big dreams, such as becoming the leading provider in your industry or expanding internationally. Goals that might take years to achieve.

On the other hand, short-term goals are the finer details, the actionable steps you take on a daily, weekly, or monthly basis to inch closer to that grand vision. They could be as simple as launching a new product line this year, or securing five new clients by the end of the quarter.

1. Decide what you want to concentrate on

Start by identifying your priorities and mission. Knowing exactly what you want to achieve is essential for setting and reaching your business goals.

Conducting a SWOT analysis is a practical method to uncover your strengths, weaknesses, and opportunities, offering a clear roadmap for improvement.

2. Set SMART business objectives

Only 40% of businesses in Australia expect to survive past their first three years, with 20% of businesses leaving within their first year of opening.

These statistics underline how crucial it is to set smart, realistic business goals you can aim for. Many small business owners, however, set unreasonable goals with no indication of how they plan to reach them.

What are SMART goals?

SMART goals are so named because they stand for:

• Specific: Your goals are clear-cut. You know exactly what you want to achieve.
• Measurable: You can track your progress and understand how close you are to the finish line.
• Achievable: Make sure your objectives are within reach, especially given your current resources.
• Relevant: Your goals are aligned with your company’s overarching strategy and growth plan.
• Timely: You have a clear and reasonable timeline for achieving your objectives.

Why are SMART goals important?

SMART goals break down large, long-term objectives into manageable, short-term actionable steps. This enables your team to achieve both short-term and long-term targets efficiently, creating numerous opportunities for success.

3. Keep your team informed

You’re only as excellent as your people in small business. That’s why, especially when creating new business goals, it’s critical to provide your personnel with ongoing assistance, training, and insights into your company.

This way, you can rest assured that everyone in the company is working toward the same goals and making the most efficient use of their time.

4. Maintain your adaptability

It pays to be adaptable, whether it’s being ready for a sick employee or a supplier or being able to invest in a new business alliance. While having a well-defined business strategy is helpful in identifying the objectives you want to attain, being flexible and adaptable when things go wrong is equally crucial.

Recommended reading: How to adapt your business insurance as your business grows

5. Celebrate every victory

Celebrating these wins keeps the momentum going, and fosters a culture of appreciation and motivation. This positive reinforcement can propel your team to tackle the next challenge with greater enthusiasm, which directly contribute to the sustained growth and success of your business.

Recommended reading: How to adapt your business insurance as your business grows

Protect your milestones with the right insurance

Business insurance can be a reliable safety net, enabling you to face potential challenges head-on and with confidence. With the right insurance coverage, you can focus on your business growth and innovation, secure in the knowledge that you’re protected against unforeseen threats.

Get a quote with BizCover today and experience business insurance* with no dramas.