Thinking about last week’s subject of Business Planning for 2016, the first step is to set Goals for the year. In setting your goals, you need to make them a stretch but realistic. Do not set unrealistic goals.

A common framework that many organizations use is to create SMART goals.  This framework can be applied to all levels of your organization.

  • Specific – Clearly define what you are trying to accomplish
  • Measurable – A key component to help establish accountability by defining a measure to know when a goal has been accomplished.
  • Attainable – Ensure the goals is realistic for the stage you’re business is in as well as considering the macro-economic environment, industry and market dynamics.
  • Relevant – Any goal you sets needs to align with your business strategy (this will be covered in more detail in upcoming post)
  • Time-Bound – Define a time period that you want to begin and complete a goal, which is another important element of establishing accountability.
Remember, we are currently facing uncertainty and numerous geopolitical issues around the world.  Think about how these issues may affect your business. Do not set unrealistic expectations that you can’t meet.
Many economists and most financial people do not have grandiose expectations for 2016, but rather permanent, conservative, and low growth and profitability expectations.
Is this an area where you need help? Please take us up on our one free hour of consultation to help you and give you a chance to try us at the same time. Our consultants are always ready to help.
Remember — without a plan, you can take many roads, but it may not the the most efficient to help you and your company achieve your highest potential in the coming year.