Goal setting is key in business. By setting yourself a focus, you can work towards meeting your targets and accomplishing the goals you set out for yourself. The trouble is this, however. Because of the busyness of the day-to-day running of a business, certain long-term goals are not met. Attention is shifted to the short-term, be they daily business goals, weekly, or monthly. Long-term goals are set aside by the pressing responsibility of the business owner to keep things ticking along; it can be difficult to look ahead when every day there are new challenges to meet. Still, regular planning meetings need to be held, with time out to assess how the business is doing and to relate what is happening to any long-term objectives. Otherwise, by taking an eye off the proverbial ball, the business owner may never meet these objectives at all.
So, what about you? Are you reaching your goals? If you are able to meet short-term targets, then you are doing something right. But how about your long-term goals? Are you going to be in a position to accomplish them? It depends what your goals are of course, but assuming you have made SMART choices, then you stand a fighting chance. And we are assuming you do have long-term goals in mind as if you don’t, you may lose focus and struggle to stay afloat down the line. Define what they are, and despite your daily battle for survival in the business world, keep them as your focus to drive you on.
Typical long-term goals are:
1) Accumulating personal wealth. You want to make a profit, with enough money to help you do the things you want in life. Your business is a means to an end, so you need to be ruthless in your bid to make money. To meet this, you will need to push your product or service, finding ways to market what you are offering to ensure you gain customers. Money-making short-term goals, such as marketing in a new area each quarter, or finding ways to hit sales targets per month, will go towards your long-term objective.
2) Expansion into new opportunities. Starting small, you may have big ideas that you want to achieve. You may want to open up a second base for your business, or you might want to explore new avenues in your industry. It takes time and hard work to grow your business, but once money has been made, you will be able to relocate with the help of commercial property agents, and you will be able to hire more staff to help accommodate the grander plans you envisioned at the beginning.
3) Leaving a legacy. This is twofold. You might want to leave a legacy as a business; either doing something that makes your business stand apart from others, with fame and fortune as your goals, or you may be more philanthropic, wanting to leave a lasting legacy that will benefit the lives of others. The other legacy you want to leave is for your family, both financially and with job opportunities should they take over your business from you. You won’t be here forever, but the legacy of your business can continue long after you have gone. By making money, by being bold in your vision, and by finding way to serve the interests of others, you will reach the goals you have set.
Don’t stick to the goals we have mentioned, as you may have something else in mind. Whatever the case, define what they are and take actionable steps into making them a possibility. Work out how much revenue you need; research new opportunities, and find ways to grow. Your long-term vision will shape your approach, and give you the incentive to keep going, even in those dry days when your business is struggling. If you haven’t made those goals, then now is the time to do so.