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On-Demand Webinar - 2020 Federal Budget Simplified Summary

In a year of unforeseen challenges and changes, the delay in the release of the Federal Budget to October is yet another first. In this webinar below Tax and Economic Specialist Marc Walsh presents insights and analysis and provides a simplified explanation of.....

Strategy, Growth, Business - 3 min read

A goal without a timeline is just a dream.

Your business plans for 2017 should not be dreams; they should be clear, realistic, and specific. Yes, you probably have dreams for your business, but for dreams to come true, you need to focus. Your goals should have specified timelines with measurable goals. 

As you work on your business planning, keep the following goal-making tips in mind.

Be Specific

In order to achieve your dreams for your business, you’ve got to create specific goals. Don’t stop at, “We want to increase revenue.” Get specific, and set a goal like, “We will increase our domestic revenue by 5% in the first quarter.” A goal like this focuses energy, resources, and attention on certain areas of your business. And with this kind of focus, you’re more likely to reach your goals. Notice how the specific goal came with a timeframe. A due date is essential for good goal setting. 

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Make Your Goals Measurable

As you think about your goals and their due dates, you’ll have to decide how to measure your progress. By a certain date, you should have achieved something measurable and tangible. Otherwise, you’ll never know if you’ve truly achieved it. For example, if one of the goals in your 2017 business plan is to reduce your overhead costs, insert metrics into that goal:

By March 31st, we will reduce our insurance costs by 5%, our legal fees by 10%, and our travel expenditures by 10%. On March 31st, you can run the numbers and find out if you’ve actually achieved your goal.

 

Create a Baby Steps Timeline

Using our previous example, you’ll need to make shorter, time-bound goals on your journey toward your overall goal. In order to reduce your overhead costs by March 31st, you’ll need to start soon. 

Have a project manager come up with a plan. Your project manager can work backward from your March 31st due date in order to create the due dates that will make your smaller goals happen. For example, by December 1st of this year, you’ll need someone to start shopping around for new insurance or negotiate with your current provider. 

Hold as fast to your baby steps goals as you can. If you give yourself too much leniency, you could push your ultimate goal (in this case the March 31st goal) way past your original deadline. It’s great to delegate goal-related tasks to others, but make sure you follow up frequently in order to keep everyone on schedule.

As you can see, your 2017 business goals need due dates if you’re going to make them happen. When you get into the habit of creating long-term goals with definite metrics and deadlines, you’ll see progress like you’ve never seen before. 

For more information about business plans, goal-setting, and other business-related topics, contact us at Altus Financial. Our business experts have the knowledge and tools to help you succeed. 

For insight into the current state of your business' health, try our Healthy Business App by clicking below:

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