You’ve heard it said, if you don’t know where you’re going it’s unlikely that you’ll get there. Altitude Advisory Director, Andrew Mattner explains why goal setting is a crucial part of a successful business plan.
Many people assume their business will ‘just work’ because they work hard. But dedication to a holistic understanding of what’s important to you and the success of your business is imperative.
In short, successful businesses set goals.
Not having a plan can lead to poor choices, operating inefficiently and resource wastage.
Goal setting isn’t only about revenue. Goals could and should relate to:
- Employee retention
- Service offerings
- New markets or,
- Anything else that might enhance your business and ultimately, your success.
Here’s 3 ways that setting goals will help:
- Clarity of direction
You need a strategy to set the direction and establish your priorities. It helps articulate your version of success and sets the path to make that vision your reality. It is expensive to meander along an accidental path to success.
- Simplified decision making
Should you say yes or no to that new opportunity? Does is fit with your identified priorities and activities? If you know what they are you can make a definitive decision, avoid distractions and move on with the plan.
- To Drive alignment
Do you have people working hard and putting in their best effort but in the areas that aren’t aligned with the overarching goals and priorities of your business? Your strategy serves as the vehicle for answering the question, “How can we better align all our resources to maximize our strategic success?”
You need to be able to communicate to your team what the goals are and how they will be achieved – this becomes a motivational catalyst. A strategy that isn’t down on paper can’t be communicated thoroughly.
Looking at your business with a macro view will give you greater confidence in what lies ahead and a clearer view of the best ways to optimise the opportunities.
A strategic goal setting session and a subsequent plan is a critical tool in growing your business.
Contact us to book your planning session today!