Make Business Goals for 2018, Not Resolutions
With 2017 fresh in the rear-view mirror, many entrepreneurs and executives are taking time to reflect on what worked and what did not last year. While New Year’s Resolutions can act as a catalyst for change in both your personal and professional life, they usually reflect short-term thinking and fall short. In fact, according to a study by the University of Scranton, only 9.2% of people believe they achieved their New Year’s goals last year.
So why do resolutions not work? Some individuals simply don’t know where to start and give up immediately. Others lack an executable plan of action to achieve their goals once they get going. And lastly, there are those who don’t know how to sustain their goals once they reach them (e.g. keeping the weight off after losing it initially). Sounds familiar? These challenges to resolutions draw many parallels to several critical life cycle stages of a typical business model: Start-Up, Growth, and Stabilization. Each stage comes with its own set of challenges to overcome and opportunities to leverage.
Given their abysmal success rate, your company’s strategic plan for 2018 and beyond should not take on the flawed form of resolutions. Set goals and milestones instead and pick those that will impact you the most. Here are some pointers we’ve collected along the way.
Write your plan down. While it’s great to brainstorm goals, without writing down your mission, focus fades and continuity begins to decrease. Putting pen to paper forces you to identify and define the specific goals that you are working toward.
Be realistic about your expectations. Whether it’s about weight-loss or company growth, setting unattainable goals doesn’t help your success, it hampers it. It’s better to establish a set of smaller goals that can be expanded upon than something you feel you’ll never actually reach. Think about the most important things that will impact your business that with hard work and effort, you can actually achieve.
Establish milestones to track success. A year is a long time to stay focused. Here’s where effective planning comes into play. Think about what success looks like in both the short term and long term to keep yourself motivated. Be sure to set key performance indicators for each of the goals you set to make sure you are on track.
What are your goals for 2018?
Whether your goal for 2018 is improving the quality or timeliness of financial statements, growth through strategic acquisition, or developing a tax-efficient succession plan, the advisors at Talley are here to help you. Contact us today to see how we can assist you with your strategic goals in 2018.