5 Tips to Setting Goals

5 Tips for Setting Goals

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It’s no secret that those who are successful in business set goals. It’s easy to get lost in the day-to-day shuffle of business operations, but goals can help you stay on track, measure progress and get to the next level. Maybe you want to increase profits, improve customer service or launch a new product. Defining goals and mapping out how to attain them will get you on your way to accomplishing them.

According to financial advice site thebalance.com, “goal setting can play an important role in many different parts of your business, from starting a business, to marketing, to sales, to succession planning.” No matter how small or large the goal, just follow these steps and remember to keep the end in sight.

Define both long- and short-term goals.

Consider where you’d like your business to be next month, next year and in the next 10 years. Record all of your ideas and then start to prioritize them. What’s most important for your business right now? What ideas can wait until later? Look for consistent themes — or maybe just one word that keeps popping up over and over — and let an overall picture for your business emerge.

Move from ideas to action.

Define specific actions that will lead you toward reaching your goals. Sometimes starting at the end, picturing your goal accomplished, and working backwards helps. Take things one day at a time so that your goal remains attainable; set deadlines along the way and plan for next steps.

Track progress.

Plan regular check-ins to see where you are on the map to achieving your goals. Review what the next steps are and make sure you’re prepared to keep moving forward. Tracking progress will keep you motivated and get you that much closer to the end goal.

Commit to making your goals happen.

5 Tips to Setting Goals

Hold yourself accountable for reaching your goals. Small business owners are busy wearing many different hats, but try to commit to doing just one thing to get closer to your goal each day. Positive thinking and a support network — maybe your employees cheering you on — can help get you through the tough spots.

Celebrate success.

It’s important to celebrate small successes along the way toward achieving your goal —but especially at the end. Giving yourself a pat on the back for accomplishing something you set out to do will give you the motivation to tackle that next goal on your list.

Resources:

30-Minute Goal Setting Cheat Sheet

MidSouth Bank offers many services, from checking and savings accounts to direct deposit and business loans, to help grow your small business. Learn more.

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