When I get together with my business owner clients, we try to look at EVERY aspect of their business (not just their books) … but also what’s *behind* the books (marketing, sales, management, etc.).
The good news for my business owner clients is that when we put in place clear metrics and financial reports, they shed clear light on strategic decisions.
But the problem I’ve often found, is that OUTSIDE of the financial reports we’re able to create for our clients, there are very few additional metrics in place to evaluate that they’re headed in the right direction — from a strategic, tactical and growth-oriented perspective.
Sure, financial numbers are great — but what are your GOALS? And, I don’t just mean sales goals. What do you want your business to look like two years from now? Five years from now?
Too often, business owners are so busy working “in” their business, that they don’t have the time to work ON these sorts of things properly.
So, I’ve got some words for you this week on the subject: setting business goals right.
Stephen Venuti’s 5 SMART Rules to Setting Business Goals
“Many people fail in life, not for lack of ability or brains or even courage but simply because they have never organized their energies around a goal.” – Elbert Hubbard
Sometimes as a business owner, you become so overwhelmed, the only thing you can do is take it one step at a time. And, although this may get you through the week, it’s not going to help grow your business. Real growth comes from writing out the goals you plan to achieve — and then putting those goals into action.
Here are five important rules to follow that we’ve found useful with clients in creating metrics and other goals:
1. Specific- Know exactly what your goal is.
2. Measurable- Know whether you achieved the goal.
3. Achievable- Speaks for itself.
4. Relevant- Relates to the big picture.
5. Time Bound- When will you reach the goal?
Did you know … only 3% of the population has written goals?
And, guess what?
They earn far more than the rest.
If you truly want to see improvement and growth in your company, take the time to create SMART goals. Then, be sure to make yourself and your employees accountable for those goals. Otherwise, you will always be taking it a day at a time.
Feel very free to share this article with a Newtown Square, PA business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for Newtown Square, PA families and business owners. And we always make room for referrals from trusted sources like you.
Warmly (and until next week),
Stephen Venuti
610-353-0686
Stephen J. Venuti, CPA, MST, LLC
