A New Year is the perfect time to both look back and move forward, Business.gov.au have published an article for business owners proving this by focusing on how to set goals and objectives for their businesses this year.
Business.gov.au emphasises to business owners that it’s important for them to take the time to set goals and review their business as a whole. The article also emphasises that having clear and well-defined goals can: help a business grow, achieve objectives, improve teamwork and collaboration, and help everyone understand the business’ direction.
Business.gov.au emphasises that business owners need to analysis their business and in what areas it needs improvement before they can begin to set their goals, let alone start to achieve them. Business.gov.au recommends business owners use SWOT analysis, benchmarking, and market research to assess their business, before moving on to the next step of setting goals.
In regards to setting goals, Business.gov.au recommends business owners use the SMART goals technique to both evaluate their goals and determine whether they are realistic. The SMART technique stands for: Specific (being clear about what you want to achieve) Measurable (ensuring the goal can be measured and that the measurement can show the goal has been achieved), Achievable (ensuring that you have the time, money and resources to achieve the goal), Relevant (ensuring that the goal is relevant to the business’ direction), Timely (set a realistic deadline for completing the goal).
After setting goals, the next step is achieving them. To do this, Business.gov.au recommends business owners break down this step into several little ones by setting a time frame, describing the actions they are going to take, setting out responsibilities, detailing the resources to be used, and describing the desired outcome of the set goals.
Business.gov.au’s article can be read in full here.
Have you set new and/or higher goals for your business this year? Feel free to login and comment below.