As 2022 starts to wind down, now is the ideal time to evaluate your company and set goals to make 2023 a success. Depending on your business, success can be defined by many factors. By establishing goals and key performance indicators (KPIs) relevant to your business, you can objectively measure your business’s performance and use that measured performance to set goals for the coming year.
Goal-setting is an opportunity. It allows you to bring together your employees, review your company’s mission, and determine strategies that will guide your performance for the year. You can also utilize financial statements, time tracking history and other data from your business operations to ensure the goals you set are achievable. While lofty goals can be inspiring, establishing realistic goals is the key to success.
Whether you are setting goals for the first time, or need guidance on a new approach, here are five important points to help guide your work.
Company Mission
Does your company have a mission statement? If not, the start of a new year is the perfect time to craft one. A mission statement defines the purpose of your work. Once you establish a mission statement, you can then measure your company’s work against it. Are there lines of business you should let go? Are there new opportunities you should take action on? Even businesses with only a few employees can benefit from a defined mission statement. It can help you guide your business with focus. Visit Small Business Trends for examples of mission statements to help get you started.
SWOT Analysis
A SWOT analysis is an assessment of your business’s internal strengths and weaknesses, and its external opportunities and threats. Performing a SWOT analysis can reveal blind spots that business owners or employees might not see on a day-to-day basis. It engages all areas of your company to ask probing questions, uncover diverse perspectives and identify what your company does well and what improvements can be made. If you are new to conducting a SWOT analysis, don’t worry; many SWOT analysis resources are available online to help you through this work.
Set SMART Goals
After you have completed your SWOT analysis to assess your company from the inside out, you can begin to set goals. Goals should be SMART, which is an acronym for specific, measurable, achievable, relevant and time-based. Using this framework will ensure that your goals are not vague or poorly framed. SMART goals also enable everyone on your team to understand their piece of the puzzle and what must be achieved to move your company forward. The process of setting SMART goals can be a great way to bring your team together and build excitement about the year to come. View these SMART goal examples at Fit Small Business.
Performance Evaluation
An additional tool in conjunction with setting goals is establishing performance objectives for your employees. By including your employees in the goal-setting process, you can earn their support of your annual work. Quarterly or mid-year evaluations to discuss work performance also helps keep everyone on track. If problems emerge, you have time to address the issue and find a solution to keep everyone moving forward.
Share Your Goals
Your employees, board, investors and customers care about your short-term and long-term goals. Sharing your goals and progress demonstrates your transparency and commitment to your company’s mission. Simple updates can help everyone feel part of your team and support your commitment to success.
Get Connected Today
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We have years of experience working with small businesses to help with bookkeeping, taxes and other business needs. Make an appointment to meet virtually or at one of our five locations in Harrisburg, Mechanicsburg, Myerstown, Ephrata or Lancaster!
