By Tom Green, Principal.

No doubt many of us have set our personal New Year’s resolutions but it’s equally important to think of the year ahead for businesses.

Setting goals (outcomes) and resolutions (actions) will ultimately lead to success, assuming they are realistic and achievable.

Frequently our New Year’s resolutions are not achieved either because they are too hard or possibly too easy so we become bored. The lesson in this is to make sure the goals are challenging enough to keep you motivated but not such a stretch that they are abandoned. 

The goal setting process should look something like this.

• What would you like your business to look like at the end of the year? This might include thoughts around revenue growth, profitability, staffing, location, service/product offering, internal systems and culture. Think as broadly as possible and try to enjoy the process.

• Document what actions you are going to take to achieve the goals. A calendar of these actions over the year should be a part of this. Be specific on the goal and time frames.

• Consider how you are going to monitor and measure your progress towards achieving your goals. The progress should be reviewed progressively during the year.

• Celebrate success, you should be congratulated and rewarded for your efforts!

The team at Lee Green are always available to assist you in this journey so don’t hesitate to contact us.

The information provided in this article is general in nature and does not take into account any person or entity's particular financial situation or needs. Please contact us for advice specific to your circumstances.