Goal Setting: An Essential Aspect of Business Success

01 Jun 2018

Shawn Rosenzweig

For those of us managing a business, an essential aspect of success is the establishment of clear goals and strategies. The importance of these tools is that they set the basis against which business performance can be reviewed and measured.

Providing a set of well-defined actions to achieve your business goals guarantees that everyone in your organization is working towards the fulfillment of the business success and that resources are being allocated efficiently. It helps you determine your competitive advantage and to ultimately understand more about your business and the direction you are heading into.

Some of the things you need to ask yourself in order to know if your business goals are helping you move up the ladder of success are:

 

Are my business goals well defined?

Having specific, measurable, attainable, realistic and timely goals will assist your business in knowing what its capabilities are and if they are helping it grow.

Does my business strategy provide a clear direction for my business?

A well-defined set of strategies provide a guide on how your business is performing internally and against its competition.

Is my business growth not a concern?

In today's business world, there is a constant pressure to grow. Failing to come up with well-formulated goals can make you lose sight of the business objectives, reducing growth, productivity and profit.

Do I have an exit strategy/succession plan in place?

Failing to plan for transition out of your business can result in a messy succession process. It is important to look at the existing options and choose the one that best matches your needs. (BDC explains the 3 common exit strategies for entrepreneurs)

If most of the answers to these questions are 'no' you may have to consider rethinking your business goals to get back into the right direction.