3 Reasons Goal Setting is Important in Business
Setting business goals comes in many shapes and sizes. Some are small and some are large while others are short-term and some are long-term. No matter the shape or size of your goals, each one plays an important role in the success of your business.
But why are goals so important? There are not only numerous reasons why goal setting is important there are also just as many ways to effectively plan and set goals. The following are what we believe to be the top 3 three reasons why setting business goals is important in business.
The most desirable outcome in business is increased profitability. To achieve increased profitability you need to not only increase sales but also decrease expenses. Your team needs to know what their sales and expense goals are to affect the bottom line of your business. When your team knows their revenue goals you can begin working towards increase revenue and profitability.
A business without objectives is like a ship floating in the ocean without a rudder. You just can’t steer or direct a growing business without objectives and purpose. Setting business goals is critical for establishing objectives and to do lists. When you know what your business goals are you can then set weekly objectives, tactics, and have a clear line of sight for your to do list and priorities.
Similar to objectives, setting business goals allows you to prioritize your tasks, projects, and business assignments. If a goal is coming due based on your established time deadline your priorities will shift to focus on completing the goal within the specified timeframe. Without business goals you can wander aimlessly through your week and struggle to accomplish anything of substance.
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I love how each of these 3 aspects of setting business goals is covered in the 12 Week Year. Not only do you set your short and long term goals but Moran walks you through creating tactics which make staying focused and accomplishing more during the week work so much easier.
If you are struggling to translate your business goals into an editorial calendar grab this free worksheet.