Setting Goals for You and Your Business
By Emma Woodward, Dawes Accountants, Platinum Member.
Setting goals for you and your business is an essential part of personal and professional growth. These could be lofty goals or even setting out a plan to achieve some more mundane (but equally important) projects. Whether that is getting paid faster, reassessing expenses or bigger things like automation of processes and new markets. You may be looking to expand your business or create more time for yourself.
Take, for example, the goal of getting paid faster. It’s not just about the immediate financial benefits, but also about streamlining processes that can lead to a more efficient business operation. By setting this goal, you’re opening doors to further opportunities for improvement. Have you considered how reassessing your expenses might free up resources for other initiatives? It could be the key to unlocking potential savings which, in turn, might allow for investment in new technology or skills.
Having a clear vision and actionable goals can help you achieve your long-term plans. Here are some tips to get you started:
VISUALISE YOUR FUTURE SUCCESS
Reflect on what you truly want from your life and how your business can help you achieve those aspirations. Consider where you want your business to be in the next five or ten years. Having a clear endpoint in mind will make it easier to set goals that align with your vision.
SET MEASURABLE GOALS
Vague goals can be challenging to track and evaluate. Instead, focus on setting measurable goals. Think about the key metrics you already monitor in your business and how you would like to see them improve. For example, aim for a 3% increase in net profit year-on-year, a 2% reduction in expenses, or acquire two new customers per month or grow your prospect database by 50%. If you set specific targets, you can easily track your progress and make adjustments as needed.
DEVELOP A PLAN FOR EACH GOAL
Once you have identified your goals, it’s crucial to create a plan of action to achieve them. This can be as simple as jotting down your ideas or engaging in a brainstorming session with your team, coach or advisor. Having a well-defined plan in place will help you stay focused and motivated to follow through.
MONITOR YOUR PROGRESS
It’s essential to regularly check in on your progress towards your goals. Set reminders on your calendar or align your monitoring process with your invoicing cycle. By consistently evaluating your progress, you can identify any areas that need improvement or come up with fresh ideas to help you reach your targets.
CELEBRATE YOUR ACHIEVEMENTS
Celebrating your achievements and milestones along the way is crucial for maintaining motivation and momentum. Plan a reward for yourself when you achieve a significant goal. It could be treating the team to a morning tea, having a day out of the office together or planning an event for the end of the year. Choose something that brings you joy without breaking the bank.
HOW TO GET STARTED
If you’re not sure how to get started, we can help you with the strategy and identifying the information you’ll need to track so you can monitor your progress. Setting goals is just the first step. By implementing these tips and staying committed to your vision, you can turn your long-term plans into reality.
Meet Emma Woodward
Emma Woodward is a Director of Dawes Accountants and has over 20 years’ worth of experience in local accountancy practice.
Emma specialises in assisting owner-managed businesses of all structures, tax planning and cloud accounting solutions.
Dawes Accountants are Platinum Members of Devon Women in Business. They sponsor the trophies for the DWIB Awards and are category sponsor for the Female-led Small Business of the Year. Emma has helped to judge the DWIB Awards since 2021.
Emma spends the majority of her free time running her children around local sports clubs and enjoys event planning and supporting local charities.
