Importance of Seeking Business Advice – Setting Your Business Goals

Posted on Posted in Business Advice

Business AdviceOwning your own business, or managing an organisation can be both exciting and challenging. However, you can also find yourself in a situation whereby you become so immersed in the running of your business or organisation, that you just don’t have enough time to regularly step back and ask yourself some key strategic questions in relation to your business or organisation such as:

  • Where is your business or organisation “now”?
  • Where is it “going”?
  • How is it going to “get there”?

As a business owner or key manager. It is important to regularly step back and take the time to review your business or organisation as a whole. This will also involve looking at your business goals.

Having clear, well-defined business goals can help you to:Business Goal

  • Understand the direction your business or organisation is heading in;
  • Grow your business or organisation;
  • Achieve your objectives;

 

Given that you are reading this article, it is safe to assume that you don’t have enough available spare time, or you may even feel overwhelmed with the whole process. Whatever, your situation, this can be a great time to seek expert and professional business advice from our expert business and management consultant.

 

Seeking Expert and Professional Advice

 

You will receive expert business advice from our “principal”, who is a professionally qualified public accountant, as well as being an expert business and management consultant. In addition to holding an Economics degree, he has the designation and degree of the internationally recognised Institute of Public Accountants (IPA) and the Institute of Management Consultants (IMC).

Our “principal” will sit down with, to help you analyse how your business or organisation is working, and also help you in determining if it is getting the results you want. The process will involve:

  • Looking at your business or organisation as a whole;
  • Looking at your business goals;
  • Seeing how you are tracking on the business goals you have in place; and
  • Helping you in setting new business goals for the coming year.

 

Reminder: Your business goals should form part of your business plan and they will likely become your business’s or organisation’s objectives.

Note: You can learn more about business planning here and you can also use our handy template here to help you complete your business plan.

 

Tools and Strategies Used

Before we even begin to write down your business goals, our business and management consultant will ask you the following questions in relation to your business or organisation:

  • What areas “need” improvement?
  • What areas “could be” improved?

When examining and analysing your business or organisation. Our business and management consultant will use a number of tools and strategies. These include:

 

SWOT Analysis

We will work with you to identify your business’s or organisation’s strengths, weaknesses, opportunities, and threats.

 

Benchmarking

To help us assess – how your business or organisation is performing? We will research similar firms in your industry or location and compare industry averages in relation to income and expenses.

 

Market Research

We will research your market and industry to help you identify your customers/clients needs, and identify any changes in the market.

 

Setting your Business Goals

Every business or organisation, no matter its size, should set business goals to keep it moving forward. Setting clear, well-defined business goals will help improve the overall effectiveness of your business or organisation in a number of ways. For example:

 

  • You may want to increase your share of the market; orTarget
  • You may want to improve your customer/client the service relationship.

 

The most effective business goals are S.M.A.R.T. (specific, measurable, achievable, relevant and timely) business goals.

 

Our business and management consultant can assist you in setting S.M.A.R.T. business goals. With this in mind, the following questionnaire will help you when you are looking at creating your own S.M.A.R.T. business goals:

 

  1. Specific: What will each business goal achieve? and How and why will it be achieved?

 

  1. Measurable: How will you measure whether or not each business goal has been achieved?

 

  1. Achievable: Is the business goal achievable? and Do you have the necessary knowledge, skills, abilities, and resources to accomplish your business goals?

 

  1. Relevant: What is the reason, purpose, or benefit of accomplishing each business goal (e.g. increasing profits, increasing brand awareness, employing more staff)? and What is the result (not activities leading up to the result) of the business goal?

 

  1. Timely: What is the established completion date of each of each business goal? (i.e. set a realistic deadline for the completion of each business goal)

 

Note: The more carefully you define your business goals, the more likely you are to achieving what you want your business or organisation to accomplish.

 

Reminder: Make sure you update your business plan to reflect all your new business goals.

 

Business Goals that will stick

Successful business goals are all about finding a sweet balance where you are not overwhelmed but challenged. Overly ambitious goals might invite failure. On the other hand,  you don’t want to limit your company’s progress with inadequate goals, either.

Here’s how business owners and CEOs can set business goals that will lead their company into a success.

  • Your business goals should be based on a larger picture of where you want your business to be in long-term. Once you’ve done that, it is much easier to break those goals down into short-term objectives: the yearly, monthly, weekly and even daily tasks. Setting smaller objectives offer more opportunities to celebrate the small successes.
  • Categorise your business goals as an effective strategy to make it more realistic and manageable, such as financial, growth, company culture, brand, etc.
  • Communicate and include your team members in goal setting process. Staff participation gives an opportunity for a more informed process. Your team will feel invested and committed to those goals and therefore more likely to participate in smaller-scale, goal-related objectives throughout the year.
  • Goals are nothing without accountability. You need to create a system of accountability to achieve real result.
  • Allow for goal evolution.As the leader, you need to create room for reconsidering a goal, changing your strategy or even scrapping it all together. This isn’t weakness or failure, it’s efficiency.

 

 

Contact Us Today

 

If you require more information on our business advisory services or if you have any questions. Call us today on 0424 190 908 or simply click here to send your question and we will contact you without delay.