Tuesday 10, Jan 2023

Top tips for setting goals for your business

The start of a new year is sometimes a relatively quiet time where people can step out from working in the business to working on the business. Now is the perfect time to write down where you would like the business to go for the next 12 months, 2 years, or even 5 years and what goals are needed along the way to help you achieve them.


What are business goals?

Business goals are what you would like your business to achieve within a certain timeframe. By setting business goals, you can ensure your business is heading in the right direction and staying on track for what you would like to achieve. They are objectives tied to the business’ vision and the achievements you wish to accomplish. They can pertain to the business, certain departments or areas, or specific groups of employees.

If you already have a business plan for your business, you may have already mapped out goals as part of the strategy. It is the perfect time to revisit the goals and see if they are still relevant, have been achieved, or need to be started again.

How do I set business goals?

When setting business goals, it is important to know exactly what it is you wish to achieve, and what actions you must take to ensure you reach them. Using the SMART (Specific, Measurable, Achievable, relevant, Time-bound) principles, you will be able to set clear and defined goals.

Specific – be specific with your goal and how to achieve it. For example, if your goal is to improve the number of followers on social media then a specific goal would be 20% more followers on Facebook every month of 2023.

Measurable – metrics used to track your progress towards the goal. For the example above, you would write down the current number of followers on a yearly calendar and each month add 20% more followers. By the end of each month, you will be able to see if you have achieved this or find out what you need to do to increase your engagement. If you have 200 followers now, then February you should have 240, March 288 etc.

Achievable – for a goal to be achievable it must be realistic. A goal to increase followers by 100% in one week is not achievable and you are setting yourself up for failure.

Relevant – ensure your goal is relevant to the direction of your business. You will need to ask yourself if this goal matches other efforts, is it worthwhile and is it the right time.

Time-bound – a target date for which the goal will be reached. A goal without a timeframe can be missed or overlooked. Set timeframes for the smaller goals along the way to ensure success for the bigger goals.


Achieving goals

Once you have listed your business goals, you will need to work out how you are going to achieve them. You will need to consider the actions needed taken, timeframe needed to achieve these goals, resources needed to ensure the goals are reached, accountability and review.

Why is it important to set goals?

Goals are vital for your business as they provide a clear direction in which you would like your business to go in. Without goals, it is hard to measure your business success, difficult to recognise what aspects of the business are doing well or where some TLC is needed.


Whether your goals are big or small, it important to write them down and work out a plan of attack.


This article was written by Geelong Chamber’s Marketing & Events Coordinator, Emma Jennings. To get in touch, please contact us at marketing.team@geelongchamber.com.au