The new year is the time for goal setting, and if you haven’t planned any goals for your business, it’s time to start thinking about it. Goals are predetermined targets that a business or individual plans to achieve in a set period of time. They can be split into short-term or long-term goals, but the most important part about the goal is that it is focused on specific and measurable actions. Let’s talk about three tips for setting good goals for your business in 2023.
- Set goals for things you can control. First, the most important thing to remember about setting business goals is that you can only set goals for things that you can control. For example, while many people enjoy making monetary goals, the problem is you cannot control how much your customers will spend. Thusly, a monetary goal is not always best for the business.
- Use a goal-setting framework. Next, to ensure that you are making solid goals, you should use a goalsetting framework. Two common goal-setting frameworks are SMART goals or OKRs. Both of these frameworks focus on setting goals that are actionable, reasonable, and attainable.
- Look at the big picture. Finally, when it comes to setting goals, it is important to look at the big picture or the overall goal as well as the immediate goals. If you avoid looking at your long-term goals, you can end up compromising yourself in the short term.
Setting business goals is a way to ensure that you are continuously working toward what you want your business to be. However, it is easy to set goals that are too difficult or take too long to achieve. When it comes to setting goals, it is important to set actionable, reasonable, and attainable goals. If you need help planning your business for the new year, you can contact Aspen Commercial Lending and our team of financial experts can help you plan for 2023.