Whatever your business goals for 2023 may be, the start of a new year is often a time to reflect on the past and plan for the upcoming year.

When setting business goals, it’s important to consider what areas of your business require improvement or extra attention. Consider the challenges that have come up over the last few months and identify where you need to focus more energy to move forward. For business owners, setting goals for the new year can effectively stay organized and motivated throughout the months ahead.

Whether you want to grow your business or take more time for yourself, these goal-setting tips can help you achieve your long-term plans.

Setting Business Goals

No matter the size or stage of your business, the logic you use when setting new business goals is always going to be the same. The answers may vary wildly, but below are the five things you should ask yourself when figuring out what you want your business to achieve:

1. Think big! – What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what end point you’re aiming for, it’s easier to set business goals that move you in the right direction.
2. Pick something you can measure – Vague business goals aren’t as helpful as those you can measure and monitor. Think about what you already measure in your business and how you’d like to see those metrics change. For example:
   • A 3% increase in net profit year-on-year
   • A 2% reduction in expenses
   • 1 new customer per month
   • Reduce average payment time to under 50 days
   • 4 weeks of holiday during which you don’t go into the office at all
3. Make a plan to achieve each business goal – Once you’ve picked a few goals, come up with ways to achieve them. It could just be back-of-the-envelope thinking, or have a brainstorming session with your team or your advisers (give us a call!). When you have a plan in place, do your best to follow through and make it happen.
4. Keep monitoring your progress – Check in each month to see how you’re tracking with your goals. Set yourself reminders on your calendar or make it part of your invoicing cycle. If you’re not quite on track, you can make tweaks or come up with some fresh ideas to help you reach your targets.
5. Plan a celebration! – Give yourself a good reason to keep striving for your goals. It might be a long lunch, a trip to the movies, a manicure, or a beer advent calendar next December. Something you’ll enjoy that’s not going to blow the budget.

It’s only the start of the year. Take time to reflect on your business goals and where you are in life, identify areas of improvement and set realistic expectations. Remember to break your goals down into smaller steps that are more achievable.

Need Help Defining or Achieving your Business Goals?

Not sure what your business goals should be or how to monitor them? We can show you where to find the information you need, how to check on it, or keep an eye on it for you.

Our team also has some fantastic ideas for how to reach your goals and build your business – get in touch!