Importance of Business Goals

When you started your business, did you set goals? We’re not talking just financial goals; what about service offerings, employee retention and staffing, innovation, even when you plan to sell the business? All can be aspects of your business’ goals.

But the real reason to set business goals is because there’s really no downside to doing so – and a lot to gain.

Even if your company is several years old, and you’ve gotten along so far successfully without goals for your firm, it’s never too late to create some.

Read below for our take on why business goals are important.

  1. Defining goals helps you come up with the steps needed to meet them. You can measure your tactics against your goals. For instance, if you need to purchase some expensive equipment and you’d like to do so this year, you can check to see what other major expenses could come up as defined by your strategic goals and start prioritizing capital purchases.
  2. Everyone on your management or leadership team will know what to aim for. Once your executives know what it is your company is working toward, decisions regarding incentives, sales programs, hiring, acquisitions, etc., can be made in a more rational manner. Having goals rids your management team of uncertainty regarding priorities.
  3. Strategic goals let you know when you’ve succeeded – or not. Without benchmarks, how can you tell when you’ve arrived? Goals provide the absolute clearest way to measure your company’s success.
  4. Setting goals once a year allows you to assess how you’re doing in the middle of the year. Monitoring your progress at least once a year allows you to tweak and adjust as needed. If, for example, one of your goals was to bring in 10 new large clients by year’s end, but come June you notice you’ve landed just two, you can then either a) reassess if your goal is really doable, or b), tweak the strategies and actions you’re taking to reach the goal. Without goals – and without checking in on them at the half-way mark – you wouldn’t have known if you’re near success, or what needs to be adjusted in order to reach them.

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