How to set business goals and achieve them

The confetti has fallen and the off-key choruses of New Year’s Eve are a distant memory. The New Year is here, which means it’s time to take stock of all of the successes and challenges of the last year and start making smart and actionable goals for a bright and profitable future. As you dive into the new year with high hopes and big plans, take a look at these 3 key steps for setting attainable business goals as well as smart strategies for how to succeed in business.

STEP 1: Keep it real

Setting business goals is a great tool to ensure success and keep forward momentum going. Thinking of everything your business could accomplish in the new year is exciting and reinvigorating. Sometimes that excitement can lead to setting goals that are too big and unrealistic. What is most important to your business right now? Think of attainable benchmarks to hit that will make the best impact on your business. What goals can your business achieve in the next year that will have you raising a glass to your success next NYE?

Strategies for real success:

Look back to move forward - Sometimes the best way to plan for the future is to look at your past. Look back at what your business achieved in the last year and use it as a resource to learn from to make realistic goals to achieve a successful 2023.

Focus on more than just finances - When it comes to success, we all tend to default to the finances. How profitable were we and how profitable can we be? To achieve true, long-term success as a business, it’s important to set diverse goals outside of purely revenue plays. This may seem counterintuitive, but when you think of it, all of those diverse goals, like upgrading software or increasing your social presence, actually add up to more revenue in the long run. And don’t forget those healthy goals like taking more vacation!

STEP 2: Write your goals to reach them in full

The first step to achieving your goal? Grab a pen and paper, you’ll want to write them down. Studies show that people that write down their goals are 42%¹ more likely to accomplish them. It seems like such a small thing, which is why you shouldn’t skip this step. So, get those dreams written and down and get started on achieving them.

Strategies to write ‘right’:

Take action to gain traction - How will you achieve the business goal you’re writing down? Think of each step you need to take to make these goals come to life. Write down the specifics. It will make your goals easier to accomplish.

Leave some ‘flex’ in your success - When it comes to your goals, write them down and be specific but also be creative. Are there several ways for a particular goal to be accomplished? Is there more than one vision of what success looks like? Think of success broadly so you have several options to achieve it.

STEP 3: Define the goal to make it whole

Writing down your goals is the first step toward success. The next step is getting more specific on the individual steps, numbers or benchmarks that are tied to that goal. How will you know that you’ve achieved everything you set out for your business to accomplish?

Strategies for whole goal success:

Set checkpoints to avoid pain points - Outline the details and smaller actions that will indicate that you’re on the right track to achieve your business goals on time, as defined. What are key times of year or specific smaller actions you need to make to ensure ultimate success?

Track progress for repeat success - It’s important to write down and define the steps it takes to meet your business goals. It’s also important to track all of the small benchmarks, accomplishments and victories you have throughout the year that add up to succeeding at the larger business goal. Not only will this keep you energized throughout the year, it will also be a helpful resource to look back on as you plan for goals in the future years.

At Elavon, we work with businesses of all shapes and sizes. Because we’re in the business of supporting businesses, we understand that success looks different for each unique company and owner across a variety of industries. To find out more about how we can support you in your individual businesses’ quest for success in the new year, contact us today.

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