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Is This Your Situation: You Can't Settle on Goals

 

It's a fact. Business owners need to set goals. As essential as the process is, however, it also can be overwhelming, confusing and time-consuming.

Goals can get you on the right track for one month from now, one year from now, five years from now and even 20 years from now. And the more you drill down and define your goals, the more likely you are to achieve them. Following are five different ways to start thinking about your goals.

1. Reread your mission statement.

Your mission is the very essence of your business and should reveal the goals that lead to your company objectives. For example, consider the following hypothetical mission statement: "Our mission is to build a reputation among local businesses as the most knowledgeable and most reliable local resource."

2. Ask the A.C.E.S. questions.

  • Achieve: What do you want to attain?
  • Conserve: What do you want to keep?
  • Eliminate: What do you want to ditch?
  • Steer clear: What do you want to avoid?

Most business experts believe that goals fall into four or five categories. Consider following a four- or five-category goal structure.        

3. Follow the four-category goal structure.

  1. Improving the customer experience
  2. Giving back to the community
  3. Profit: Increasing profits
  4. Growth: Company expansion via new employees, product lines, etc.

4. Follow the five-category goal structure.

  1. Day to day
  2. Problem solving
  3. Development
  4. Innovation
  5. Profitability

5. Ensure that your goals are SMART.

  • Specific
  • Measurable
  • Action-oriented
  • Realistic
  • Time-specific

Once you understand the need for and concept of setting both goals and objectives, you will still feel some anxiety about starting the process.

If you need guidance understanding how these things apply to your business, we can help you. Give us a call today to explore ways we can work together to set up goals and objectives to strengthen your company and ensure long-term growth.

 
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Kim & Lee
Kim & Lee, LLP
info@kimleecpas.com
2305 W. 190th St. Suite 100
Torrance, CA 90504
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