5 Tips on Setting Goals for Business Growth

The New Year has arrived, and 2023 could be the year your business will flourish. You’ve planted the seeds for success, watered them carefully, and now it’s time to watch them sprout into something beautiful! 

You know that setting goals are critical to your business growth and success. Whether it is your new year's resolution or you just need to get your business in order, there is no time like the present to get yourself started.

Let’s face it - every business needs to set goals. Running a business without goals is a little bit like driving a car with your eyes closed. It’s dangerous, reckless, and bound to end badly!

Today we'll share a few of our favorite practices for setting business growth goals in the new year.
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Why Setting Business Goals Matters

There’s no way around it: goal setting is essential.
 
Being a business owner involves many things you need to consider. It’s easy to find yourself caught up in the day-to-day process of working in your business rather than on it.
 
Fortunately, having clearly defined business goals is a great way to avoid that pitfall.
 
Good business goals guide you toward your larger vision and allow you to scale your company as efficiently as possible. Without having business goals, you can drift along aimlessly, not planning for the future or what's to come.

Setting business goals also gives you something to focus on and allows you to measure your team’s progress and ensure you’re on track.

Finally, good goals give you something to work toward, even when things are going well. Having defined business goals allows you to keep pushing forward and growing your business.
 
5 Tips for Setting Smart Business Growth Goals

Want to make your business goals work for you in 2023 and beyond? Here are a few tips we recommend:

1. Write your goals down
Want to increase your chances of reaching your business growth goals? Write them down! Research has shown that you’re 42% more likely to achieve the goals you write down. 

Even better, you’re 76% more likely to achieve goals for which you write action commitments and have regular progress meetings. 

The reason is simple: accountability is everything regarding good business goals.
 
With this in mind, get your team involved and consider bringing in a professional, like an accountant, who can help you stay on track.
 
We also love the idea of making your goals part of team meetings, discussing progress with your employees, and looking for feedback on ways to achieve your objectives more efficiently.
 
When it comes to what kind of goals you set, don’t be afraid to get audacious. Dream big (for yourself and your business), then start hustling and make your vision a reality!

2. Set a Budget 
If you aim to reduce your expenses in 2023, focus on cutting costs and understanding your cash flow now.

If you have extra money that needs to be invested into your business, set a budget to guide your allocation of funds for the year. 

When was the last time you got granular with your budget? If you don't have that answer, consider this your invitation! You will likely need help determining how to improve your company's financial health. As a business owner, you don't have extra time to invest in analyzing numbers, so bring in an accounting and bookkeeping team to get you started. In the world of finances, small changes can generate significant results. So pay attention to the power of a budget. It could be a game changer for your business.

3. Set SMART Goals
If you want to get serious about business planning, setting SMART goals is vital.

SMART stands for specific, measurable, achievable, relevant, and timely. This acronym is important because it helps ensure you’re setting yourself up for success.
 
Here’s an example:
If your goal is to “grow your business,” you’ll struggle to get anywhere. Does it count if you grow your business by 1% in the next year? How will you know when you’ve met your goal?

That objective is difficult to meet because it’s just too vague. If you make it more specific and set a goal like, “I want to grow my revenue 50% in the next six months,” you’ve got something to work with.
 
The more specific your goals are, the more measurable they become.
 
4. Revisit your KPIs
Once you’ve established a few SMART business growth goals, you’ll want to evaluate (or revisit) the KPIs, or key performance indicators, associated with them. KPIs are the metrics you use to track your progress toward your goals.
 
In the example above, revenue was the KPI. Depending on your goal, the KPI could be anything from expenses to website traffic. Regardless of what it is, be sure to get specific about it.
 
If you need help determining KPIs (or setting SMART goals, for that matter), we recommend hiring a business advisory service that can help you laser-focus on your growth for 2023 and beyond. 

5. Keep your long-term vision in mind
Are you setting goals for 2023? Think about where you want to be in ten years as you do. 

Although short-term goals are essential to help you scale and improve your business, your long-term goals should also be part of your vision.
 
Unless your short-term goals support your long-term goals, they waste time and energy.
 
By knowing who you want to be as a business and what you want to achieve in the long term, you can focus on the most productive short-term goals. This helps you allocate resources and energy intelligently and scale efficiently.
 
Elevated Advisory & Accounting: Ensuring Your Sustainability and Business Growth

You’ve heard the saying: If you want to go fast, go alone. If you want to go far, go together.
 
While that’s true in many aspects of business, it’s especially true if you run a business.
 
As a business owner, you know you don’t set or achieve business goals alone. Instead, you need a team of dedicated employees, advisors, and supporters to help you get there.

At Elevated Advisory & Accounting, we want to be part of that team.
 
We know that planning for the future can be intimidating, and we’re here to use our skills and experience to ensure your business growth and sustainability. 

Think of us as your team of cheerleaders, motivational speakers, and business-savvy advisors - we’re here to build you up, help you dream big, and give you the tools, foundation, and support you need to crush your goals.

Providing accounting, advisory, and bookkeeping services to business owners in Kalispell, Whitefish, and the surrounding area, we’ll be your go-to growth team for 2023 and beyond. Whether you’re setting short- or long-term goals, we’re here for you.

​Contact us today to learn more about our services and how we can help you.