New year, new chances…
To say that goals are important would be an understatement since they are the very essence of any business operation. Every successful business is successful because it has reached its goals or even performed much better than expected. Similarly, there are no stories of companies that reached long-term stability and growth without a business plan and clearly defined attainable goals.
Regardless of whether we talk about short- or long-term goals, they tell us what the company is trying to achieve and the direction it’s heading towards. Each short-term goal is a stepping stone towards accomplishing a long-term one and as long as every single employee is clear about what the goals are, there’s a good chance they will be more focused and efficient.
Naturally, not everything you may wish can qualify as a goal. “I want my company to be extremely profitable”, for example, is not a goal, but a wishful thinking, without a clearly defined criterion about what is “extremely profitable”. Similarly, “My company should be among the top 3 in its field in the country by the end of the year” is highly unlikely to be a goal, despite clearly defined criteria. Namely, your goals need to be realistic and attainable within a given time-frame.
Begin with the destination
If you haven’t done that already, think about your company in five, ten or fifty years time. What would you like it to become? What will it be providing and how many people will be making sure the company is functioning well?
It’s only after you’ve created a clear image of your company in the future that you can start thinking about how to make your dream real. That’s what short-term goals are for. They are your checkpoints on the road to achieving a big goal and they help you stay focused on the details that are sometimes crucial to success.
What can you do now?
With 2017 just around the corner, it’s the perfect time to look into some aspects that can help us attain our goals, both in terms of short- and long-term goals. Such steps can be broadly divided into two categories: increasing efficiency/productivity and minimizing unnecessary expenditure.
Increasing efficiency and productivity
In order to create a more efficient and therefore more profitable business, you need to carefully analyze the existing operations and identify areas where certain adjustments can be made. Talk to everyone involved in the process and pick their brains, since no-one knows the situation better. Also, involving employees in the decision-making process in some kind of advisory capacity has worked well in many cases.
Another step you might want to take in the year ahead is to delegate more and let professionals deal with a certain aspect of business, while you can focus on creating strategies to achieve your goals. This will not only give you more time to focus on crucial things, but it’ll also create a sense of achievement and contribution among a larger number of people, which will, in turn, lead to a much greater satisfaction and wealth creation.
Minimizing unnecessary expenditure
If you’ve carefully identified the areas where you can increase your productivity, your next step might be the one where you look into your finances more carefully. If you yourself don’t feel confident enough about interpreting such indicators and your asset protection, you could consider consulting an expert tax accountant and experienced provider of financial services.
You might be paying more tax than you need to or perhaps there’s a way to organize your operations in a more cost-efficient way without affecting the quality of the process itself. In order to be sure you’re not missing out on something, you need to keep abreast with all changes in applicable laws, which is difficult to do unless it’s your only job.
No matter what shrewd business decisions you make, they won’t bear any fruit unless they are implemented properly. To do so, the key is to get everyone on board, which means you need to pay special attention to your most valuable asset – the people you work with.
You need to create an environment free of health hazards, but one which cherishes and fosters teamwork and collegiality. Adequate remuneration for the time and expertise your colleagues invest in helping the company grow is a must and it’s one of the things that are bound to pay off in many different ways.
As you can see, there’s no secret to achieving success. It all comes down to being realistic and persistent while economizing along the way.