Akinpelu Babatola
Guest Writer

Suppose you are thinking of taking your business or startup to the next level in this new year. In that case, it’s necessary to set new goals and monitor them. Goals are the best way of learning how well your business is doing. Without setting goals, you will be unable to create a definite path along which you want your business to move.

Don’t put off setting goals.. Grab a pen and paper and start setting your goals now.

So how do you set your business goals for the new year? Here are five tips from us to you, as a way of saying welcome to the new year:.

  1. Evaluate the business performance last year.

To adequately identify areas you need to improve, you need to first check what went wrong and what went right last year. By doing this, you will gain the necessary knowledge about how to improve your business.

  1. Set your business goals

Once you have identified the areas you are lacking and those you are thriving in, it’s time to set your goals. Don’t worry; almost nobody gets it right the first time.

So how do you set the right goals? The first step is to try thinking of what you want to accomplish. Do you want to make more money, hire new staff, and/or advertise in new locations? Whatever you want to achieve for your business can become a goal.

  1. Make your goals SMART.

SMART here stands for Specific, Measurable, Achievable, Relevant and Time-Bound. Your goals cannot be something like “I want to make more money this year.” This is rather vague.

Instead, it should be something like “I want to have made $100000 profit, by April.” This is a specific goal, that you can measure, is achievable, definitely relevant to your business and has a time limit. You see how it works?

  1. Commit to the set goals and regularly track your progress

Setting goals is the easy part. Accomplishing them is the hard part. Just like exercising, dieting or saving, achieving your goals requires effort, dedication and utmost commitment.  

You will be required to make sacrifices, take risks and walk away from certain situations to fully accomplish your goals. Keep that in mind and ready yourself for such cases. Don’t give up on them and regularly measure how close you are to achieving your goals.

  1. Reward yourself when you accomplish your goals.

It doesn’t matter if it’s a small goal or a massive one. You need to celebrate your wins. It takes time and effort to accomplish a goal, and this is no small feat.

So what do you do? You reward yourself. If it’s a small goal, you can reward yourself with a lunch treat or a cheat day cake. But for the bigger goals, a little splurging may be necessary.

Whatever the size of the goal, just make sure to celebrate it. Take time out to enjoy your wins.

References

https://www.forbes.com/sites/mikekappel/2020/12/10/become-a-pro-at-setting-business-goals-in-the-new-year-with-these-6-tips/?sh=28fb78039009

https://www.notredameonline.com/resources/business-administration/six-tips-for-setting-business-goals/

https://www.thebalancesmb.com/small-business-goals-4126116

https://hr.wayne.edu/leads/phase1/smart-objectives