If you haven’t set your goals for the new financial year, now is the time to do it!

We are expecting a big year ahead with plenty of opportunity but also plenty of uncertainty.  Don’t get it twisted that uncertainty means risk so if you aren’t keeping your finger on the pulse, you could be burned over the next 12 months rather than grabbing that opportunity.

The best way to keep your finger on the pulse while pushing forward to take opportunity is through goals.  This is because of 2factors:

1.      Setting goals helps you strive for more by breaking it down into smaller measurable chunks.  

2.      Measuring your performance against those goals tells you if you are off-track and you can work out how to right the course (hopefully before getting burned).

Start out by understanding your vision/purpose/why/mission statement – whatever you want to call it.  This is your compass for what are you trying to be.  This can often get lost in the mix as the business grows. So, start by just ensuring you and your team know the overarching mission of what you stand for.

Next step is setting targets for where you are trying to get to.  In terms of long-term goal setting, you should at least have a 12-month plan, but some people like to set goals for 12 months as well as beyond that such as 5- and 10-year plans.  

That is all great but to really keep the goals front of mind and relevant you also should have the 12-month goals broken down into shorter term goals such as weekly/monthly/quarterly.  This makes it much easier for you and the team to manage the goals as they are split into short-term goals with a focus on specific measurable actions.  

To really engage the team consider having goals at a personal and or department level not just an overall business level. Regardless of you should be working with the team to get their buy-in on the goals and understanding their role in influencing those goals.

Once the goals are set the key is to measure and report on these goals so you and team know where you stand and can kick on or correct course if need be.  Reporting to the team (or better yet having it transparent so they can constantly check this for themselves) allows them to create accountability amongst themselves. Don’t leave it until right before the deadline to tell the team how the goal is tracking!  No-one has time to take action and try and achieve the goal at that point.

5 Tips for setting effective business goals:

1.      Set goals that are clearly defined, able to be measured, and not overly complicated.  Simplicity is key.

2.      Set goals that establish your long-term strategy with short term goals to ensure you are hitting your targets for success.

3.      Make sure you set your goals with ambition but that are also achievable.  It is very demotivating for all involved if the goals are unrealistic.

4.      Share these goals with your team.  Ensure that your team see the overall company vision and buy them in on the requirement to work together to attain these goals.

5.      Create mini rewards when each target is reached to keep you and your team motivated. Equally crack the whip if the goals are being neglected.

Setting goals will help you focus your efforts and increase the chance of successfully achieving them.

I’ll leave you with a saying that always resonates with me and I’m sure many of you have heard me say.  If you fail to plan, then you are planning to fail.

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