Depending on what you’re hoping to achieve, sitting down with your management team, business advisors, or consultant may be a good idea. Whatever your goals or methods, here are a few tips for creating strong objectives that can help your business succeed this year.
Focus on your central objectives
When goal setting for the new year, it can be easy to get bogged down in the little details and things you’re looking to achieve.
But, you can get a lot more out of your business objectives if you focus on the larger targets that you have. By starting with these larger objectives and then breaking them into smaller, achievable and actionable goals for the year are beneficial and you’ll likely see more strategic impacts from your goals.
Short & long term Goals
Splitting your goals into short and long term can help you get more results. It means that you can create deadlines and check-ins before the end of the year to help make the larger objectives more approachable and controllable.
For example, you may be looking to produce $2million in revenue in the new year. That will mean a certain percentage increase from last year each month. Therefore, you may want to set a monthly goal to increase by a certain percentage from last year to support your long term goal.
Setting SMART goals and outcomes that you would like to achieve. SMART goals help you to ensure that your objectives are set-up to give you a good framework and don’t get warped as time goes by. It stands for specific, measurable, achievable, relevant and time-bound.
So, if your target is to improve profitability, your SMART goal might be, “ to increase average project profitability by an average of 10% or more by the end of FY22 Q1”. This goal gives you a definite deadline and an unmoving bench
Similar to what’s mentioned above, setting benchmarks for your success can help you correct and make adjustments as you work. Set aside time to check in on your goals and see how your performance aligns with where you want it to be.
If you are tracking behind where you need to be to achieve your objectives, then think about what you could be doing differently to improve. Having realistic benchmarks can help you to assess new processes you try to achieve your objectives.