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February 9, 2023
Does the market’s uncertainty have you feeling a little hesitant about setting business goals for 2023 and beyond? Then you could be doing your company a disservice!
Without clear, meaningful business goals in place, even through uncertain times, your business may miss out on big opportunities for growth and progress. Without goals, you’re operating without direction and focus, creating misalignment, confusion and organizational waste.
But with a clearly defined set of objectives in place, your business has the accountability and motivation it needs to keep moving forward— even in the midst of market uncertainty.
How can your business set beneficial goals this year? And what happens if you miss the goals you strived so hard to achieve? Read on— and get ready to goal set!
A better, more measurable goal could be to increase profits by 10% or improve your average customer rating by one star. These goals are quantifiable and easy to communicate across your whole company.
A timeline also makes it easier to track your progress towards your goal. With a set deadline in place, and accountability to stay on track, you can watch your business move towards your goal as the months count down.
Because the purpose of goals is to help your company achieve meaningful growth, your business goals should align with your company’s overall purpose. For example, if your company’s vision is to become the top brand in your industry, a goal of increasing your profits by 10% in 2023 may not be an effective way to reach that goal. Increasing profits can happen a number of different ways, such as opting for cheaper manufacturing methods, or moving your production to another country. But changing your production process could impact your brand’s quality and reputation— costing you both customers and market share. In the end, that misaligned goal could actually pull you further from your true mission.
Instead, set goals that take you one step closer to your main vision. If that’s to become the top brand in your industry, a goal like gain 50% of the market share in 2023, or increase customer retention by 10% in 2023, are both goals that strongly align with your mission.
Missing the mark on your business goals can feel discouraging. It’s disheartening to put your company’s effort into an initiative, then fall short — especially if your team is watching.
It’s important to remember that missing goals is just another part of the entrepreneurial process. Every setback is an opportunity to learn a new way forward. Every company hits and misses goals from year to year. And when the market is turbulent, even the best, most attainable goals can prove just out of reach.
Instead of dwelling on every missed metric:
Goal-setting is an essential part of running a successful business. The right objectives keep your company on track, help you move closer to your vision, and give your teams something to strive towards. And with these tips in mind, you can set goals that produce meaningful progress — in 2023 and beyond.
Our team is made up of seasoned professionals who bring years of industry experience to the table. You gain a trusted advisor who understands your business inside out.
Say goodbye to the hassles of hiring, training and managing in-house finance teams. You will never have to worry about unexpected leave of absence or retraining new employees.
Whether you’re a small business or a global powerhouse, our solutions scale with your needs. We eliminate inefficiencies, reduce costs and help you focus on growing your business.
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