Setting goals for your business
Lombard Accountants are aware that if you and your company are struggling to achieve the results you want, it’s likely you’re not focusing on a results path or setting clear and concise goals for your business that your staff can follow. Pre Covid your companies goals may have been very different than what they now are and you may need to sit down with your team and re-evaluate your companies goals in this new economy.
Our staff at Lombard Accountants have put a list of goal-oriented actions that you can take to improve your companies results and get your team on board and on the right path.
Ask yourself, what are the decisions you need to make to achieve your results? Evaluate potential risks and opportunities and distil these into a maximum of four overarching goals for the year. These are clear decisions; what you are choosing to focus on.
You’ll likely start with more than four goals, but some might become actions you take to achieve a bigger goal. Focus on the four goals/decisions that will have the biggest positive impact on your business.
When you’ve chosen your goals, it’s essential that you record them in a plan. Depending on the results you want to achieve, this could be a Business Plan, Succession Plan, or a plan to improve your cash flow.
So, step one is to document your decisions as for goals in a plan.
The second part of making sure that we achieve our results is to break down our decisions, or goals, into actions. For each goal we record in the plan, we might have 4-5 actions that we need to take. Breaking the goals into actions clarifies the steps to take along the path to achieving our goals, making the path to success clear and less overwhelming.
The final component is accountability. This is often the missing piece of the puzzle. If we don’t have someone holding us accountable for the goals and actions that we’ve set, they often won’t happen. If you know somebody will be checking in to see that you’ve completed your actions, you’re far more likely to do them.
It’s important to decide on a person who is going to take responsibility for each action as well as establishing a review process to make sure the plan is being followed properly. Accountability helps us get the most important things done – remembering that the most important might not be the most urgent!
Achieving the results
If we want to get better results, it’s important to document our decisions in a plan, make sure that goals are followed up with clear actions, and hold ourselves to a system of accountability. Part of that accountability involves meetings and discussions to help determine the changes that need to be made toward achieving those goals.
We hope these tips from the Lombard Accountants team can set your business on track for a post-pandemic elevation in business.
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