When I sit down with my Inland Empire business owner clients (whether in person or on the phone), we try to look at EVERY aspect of their business, not just their books. And there is often great clarity when we peek at what is *behind* the books (marketing, sales, management, asset management, etc.).
The good news for my business owner clients is that when we put in place clear metrics and financial reports, they shed clear light on strategic decisions.
But the problem I’ve often found, is that OUTSIDE of the financial reports we’re able to create for our clients, there are very few additional metrics in place to evaluate if they’re headed in the right direction — from a strategic, tactical and growth-oriented perspective.
Sure, financial numbers are great — but what are your GOALS? And, I don’t just mean sales goals. What do you want your business to look like two years from now? Five years from now?
And what are you doing to get there?
Too often, business owners are so busy working “in” their business, that they don’t have the time to work ON these sorts of things properly.
Well, I have some short and sweet words for you this week on the subject.
Ursula Garrett’s Five Key Elements For Setting Smart Business Goals
“The two most important days in your life are the day you are born and the day you find out why.” – Mark Twain
Sometimes, as a business owner, you become so overwhelmed, the only thing you can do is take it one step at a time. And, although this may get you through the week, it’s not going to help grow your business. Real growth comes from writing out the goals you plan to achieve — and then putting those goals into action.
Here are some important rules to follow that we’ve found useful with clients in creating metrics and other goals:
Specific: You know exactly what your goal is.
Measurable: What will tell you that you actually achieved the goal?
Achievable: Speaks for itself. Don’t bite off something huge.
Relevant: It fits into a coherent strategy.
Time Bound: Put a deadline on it.
Did you know … only 3% of the population has written goals?
And, guess what?
This 3% earns far more than the rest.
If you truly want to see improvement and growth in your company, take the time to create SMART goals. Then, be sure to make yourself and your employees accountable for those goals.
Otherwise, you will always be taking it a day at a time.
Feel very free to forward this article to a Inland Empire business associate or client you know who could benefit from our assistance — or simply send them our way? While these particular articles usually relate to business strategy, as you know, we specialize in tax preparation and planning for families and business owners.
Garrett & Associates, CPA