How To Set Strategic Goals For Your Business

We are in the beginning of the new financial year, which is the perfect time to sit down and assess your business, figuring out where you want to improve and grow to in the future. The idea of planning and setting goals can be a daunting one, however, so we are here to give you three ways to ensure the goals you are setting for your business are strategic, smart and attainable.

1.     Set goals based on your strategy

Although competitors work in the same industry, it doesn’t mean you can imitate their strategy. Your objectives should not be based on your business industry. Think about what your strategy really is and what it means to you in both the short and long term, and build your goals backwards based on that. Don’t just copy + paste because another business has done one thing. Goals should be unique to you and your business strategy.

2.     Showcase your intent

Your goals should not be abstract and not measurable. Help your customers understand your intention without different interpretations. Using the SMART goal method is helpful in this instance as this helps you to keep yourself accountable with trackable goals. SMART stands for Specific, Measurable, Achievable, Relevant, and Time-Bound. Keeping these ideas in mind will help you focus on the intention you wish to present and achieve with your goals, and not get caught up in abstract goals such as “be better financially” or “gain clients”. Be as specific as you can be in relation to your strategy.

3.     Your strategy should be clear

Set no more than 15 goals that are linked to each other as a group. Each goal should contain a verb and a noun and should not contain a project. This way, your strategy is top of mind and crystal clear to any and all who look at your goals, making them more achievable and realistic.

As we have just crossed the EOFY threshold, it’s time to book in a Strategy Session with us here at Advantage Partners Lawyers to ensure you are making the right choices for your business.

Please note that this is a general and brief update, it does not purport to be comprehensive legal advice of all information and/or relevant to your circumstances. Consequently, specific legal advice for each of your circumstances should be obtained first before taking or not taking any action in respect to this area.