Tips To Set Your Business Goals For The New Year
If you are a business owner or are looking to start your own company, you’ll know how important planning and goal-setting are. A healthy company usually has a set of clear updated goals and key performance indicators (KPIs) to help it achieve smart objectives. And with the end of 2022 creeping up on us, there is no better time than now to sit with your team to set new goals. Having a strategic plan with ambitious targets not only provides clear direction, but it also helps your company to plan ahead, have better resource management, and make necessary adjustments in response to changing conditions.
What Are Business Goals?
Business goals are precise articulations and targets of what your business aims to achieve within a particular time frame. Most business goals are more specific than just your overall company’s mission statement. They might fall under the umbrella of your business plan instead. These common goals also help to unite your workforce, providing an anchor for each department to feed down into their monthly, quarterly, or even annual reviews.
These business goals not only keep your teams on track but also ensure they are working in sync – to put it simply, goals align them towards a common purpose.
Tips For Setting Your Business Goals
Now that you know the importance of setting business goals, here are some tips to help you get started:
1. Set attainable goals
Setting financial and operational goals allows you to monitor your business’ progress throughout the year. This allows you to hold yourself and the team accountable for the company’s overall performance whilst still providing that push to attain these goals as the months pass.
2. Short-term goals are just as important as long-term ones
Short-term business goals are things you want to achieve in the near future – typically in the next quarter or so. While looking at the big picture and setting long-term goals are just as important, it can sometimes be a little overwhelming for you as a business owner and your team to work towards an overarching goal without celebrating the day-to-day progress. As such, having short-term business goals helps keep momentum and motivates your team.
To put it simply, you can think of your long-term goals as the ultimate aim of what your business has to achieve and short-term goals as the waymarkers to help you get there.
3. Have a system in place to measure progress
There is no better feeling in this world than to achieve a goal that you have set your mind to. However, you cannot reach your goals if you do not have a system or metrics to track and analyse your efforts. Find a way to keep track of business goals and processes so that you can make changes along the way. You should also make it a good practice to meet with your team to discuss your goals and progress regularly to keep everyone in the loop.
Prioritise the important financial goals
Many businesses often focus their goals around revenue – money is the driving force of any business. Hence, if you are a start-up, you will know how costly it is to get your business off the ground. As such, a good starting point is to set a goal for breaking even. Just be sure to attach a time frame and have a cash flow forecasting system.
Or, perhaps you are set on expanding your business, and to do this, you need to hire ten more staff for your team or move to a bigger office. Setting goals helps you take a step back and focus only on what is most important for your company at that very moment.
JustCo Taiwan’s Coworking Space Facilities Help Businesses Grow
It is always best to keep your expenses low especially if you are in the early stages of your business or working to grow your team. If you need an office or a bigger core space but do not have the resources for administrative affairs that come with running an office, then a coworking space may provide you with the solution you need.
With three coworking spaces across Taipei, JustCo Taiwan offers the benefits of a centrally-located workspace at a much more affordable rate than a traditionally-leased commercial office. Using a shared space like JustCo Taiwan allows you to operate your business without needing to budget separately for fit-out, office equipment, facilities, and other services that come with starting or expanding a business.
Furthermore, it is extremely easy for you to scale your office space as your team grows with our flexible and customisable terms. JustCo Taiwan also offers premium serviced meeting rooms that accommodate between four and 22 people. At each coworking space, you will find lounges, a fully-stocked pantry, fully-furnished facilities, and a diverse range of workspaces for you to use.
With a shared coworking space in Taipei, like JustCo Taiwan, everything is included so you can spend more time achieving your business goals. Book a tour at any of our shared office locations today.