Why are financial goals important for my business?
It’s a good idea to set fresh goals every quarter, but it’s also important to be smart, strategic and focused in your approach. Done well, goal setting will keep your business on track and heading in the right direction. You’ll also be able to measure your success and see how far you’ve come, which may motivate you to go further in the next quarter.
We love goals at Get Ahead. As we begin the last quarter of the year, we thought we’d share our views on why goal-setting is important, and how to set achievable goals that will move your business forward.
Why is it important for businesses to set financial goals?
Finance drives growth. Perhaps you want to take on more staff so you can share your services with more clients. Perhaps a new premises will enable you to offer something you don’t offer now. There are costs attached to taking on new staff members or a new premises, but investing in your business will enable you take it to the next level.
With clear financial goals, you can focus on getting the funds together to make these important investments, while also understanding the time frame. This allows you to plan for the future. For example, if your goal is to increase revenue by a certain percentage within the next quarter, achieving this goal will allow you to pay for additional expertise. In turn, this additional expertise will enable you to offer a new service and break into a new market. With a clear plan and strategic goals, you can align your financial planning with your overall business strategy to achieve the results you want.
How do I set a financial goal?
All goals, whether financial, strategic or personal, should be SMART. This stands for specific, measurable, attainable, relevant and time-bound. A goal is also a commitment – if you’ve set it, you must review it at the end of the quarter and judge whether you have delivered on it.
To set a financial goal, it’s a good idea to identify what you want to achieve overall, and then unpick it, breaking it down into attainable stages. For example, you might feel you’re paying too much in overheads and expenses, and would rather have the funds to plough back into the business. To translate that feeling into a goal, you could commit to examining your outgoings and calculating how much it would cost to expand the business as you would like to, and present the results by a certain date. Once this goal is completed, a further goal might be to source alternative, more cost-effective options.
How do I make sure I stick to my financial goals?
That can be a challenge, but rest assured there are ways round it! We have found our business coach is invaluable at keeping us on track. It also helps to work as a team – all the Get Ahead regional directors are accountable to themselves and to each other, which helps us stay focused.
Achieve your financial goals with Get Ahead
There are many ways in which Get Ahead can help you achieve your financial goals. From a business review with one of our regional directors to making savings through outsourcing, Get Ahead can help. Get in touch today on 01483 332 220 to find out more.