Our last blog talked about the S.M.A.R.T. Planning of your goals for your future business plans, however have you considered whether you should be looking Short-term or Long-term?
Normally your short-term goals are less ambitious than your long-term goals, and in most cases, they are easier to achieve.
The other great thing about short term goals, is that they also could be aligned to your long-term goals, making them more achievable.
Long-term goals are potentially linked to your business’s Mission Statement, and can have a end date from 1 to 5 years. Short-term goals could be in line with your long-term goals, and usually have specific end dates of:
- A week,
- A month,
- A quarter,
- Half year or
- By the end of the year (or financial year).
Why are Short-Term Goals so important?
Setting up short-term goals might not be on your radar, but why are they so important in any business?
- They help you stay in control of your business
- They help with motivating you to achieve the bigger business goals
- Keeps you focused on what’s important for your business
- They help break down the larger long-term goals into more achievable goals
- And… isn’t it nice to have something to celebrate on the way to achieve the bigger goals?
One of the best things about short term goal setting is those that promote your own career and business successes. It’s always recommended that you manage your own professional development alongside with your business growth.
Profit Generator Tip:
Talk to me first about Profit First and how this might help you manage your profits and the growth of your business.
Examples of Short-Term Goals
Are you looking for ideas for your short-term goals? Here are some ideas.
For your Continuous Improvement
- Starting a blog that allows you to share your passion or your business on a specific topic, to generate interest in your business
- Take a short course at TAFE, your local college, or from an industry registered training organisation that is specific to your business
- Keeping up with new information pertaining to your industry by listening to podcasts, reading relevant articles, or watching videos curated by businesses or people that are thought leaders in your industry.
Self-Care:
- Taking time out with your family and friends every month to make sure that you’re maintaining work/life balance.
- Making sure that your employees are taking advantage of any self-care opportunities that you provide them.
Financial Goals:
- Increasing your sales by a certain amount
- Focusing on quarterly analysis of your cash flow to manage income and outgoings
- Purchase of new equipment to increase out by x amount
All of these are just ideas for goals that you could use, but the main point here is to write down your goals. You can’t manage, track, and achieve your goals without writing it down.
On our website, we have created a Business Goals Template for your use.
How do you manage your goals?
Our next blog is all about the Continuous Improvement of Planning, and what you can do to make sure you’re managing the goals and the expectations on achieving them.
We would love to hear your thoughts on what Short Term and Long Term goals you are now focused on, and as always, if you wish to discuss how to manage these better, feel free to contact us.
To review all of this, information, you can also review our YouTube channel for the Planning Videos here.
Well, that’s all I have now about our Planning Sessions. Please look out for the rest in our planning series coming soon.
I’m Nathan Rigney, the Profit Generator.
If you would like more information, or to book an appointment with me to discuss your business and personal financial planning goals and how to achieve them, feel free to contact us on 02 9011 6669 or email us at info@ngraccounting.com.au
Updated 13th December, 2022
JM