January isn’t the only time you should set, review, and revise your business’ goals. 2020 has shown the world how fast things change. Now more than ever, being adaptable throughout the year is critical to success.
Our Waco bankers can help you revise or update your financial goals this year. Whether you want to reduce debt or secure your savings, TFNB bankers are here to help.
Below, discover a great tool for setting attainable goals. The SMARTER goal-setting model works for any industry or profession.
Discover the 7 characteristics every goal should have below:
The more specific you can be about what you want, the better. Vague statements or ideas are hard to quantify and even harder to keep at the forefront of your daily work. For example, if you say, “I want to reduce my operating budget,” that could mean a lot of things. Reducing your budget by $1 could qualify as meeting your goal.
Specific, calculable statements set clear intentions. Instead of, “I want to reduce my operating budget,” think, “I want to reduce my operating budget by 15%.” Concrete goals can push you past your comfort zone but, in the long-run, they help you achieve more.
Include as many numbers, percentages, or dollars as possible in your goals. But even your more subjective goals can still become measurable. Here’s an example:
Let’s say you want to assure customers their payments are secure on your site. You could quantify this by saying:
- “Implement a new digital payment solution by December 31,”
- or “Communicate current security standards to all customers by the end of Q3.”
Both of these smaller goals fit within the larger goal of assuring customers your site is secure. Yet, these more tangible ideas give you and your team something to work toward.
Knowing what you can achieve — but also what pushes you forward — can be tricky to find.
Doubling revenue? Winning the pinnacle award in your industry? They’re excellent goals, but depending on where you are right now, they may not be possible — at least in 2020.
When setting your goal, present it to someone you trust to receive honest feedback. Reaching your lofty goal could mean tweaking it to a five-year plan. Maybe, it means focusing on winning an industry award in the local area rather than on the national level. Goals should push you, but if you set them too high, it can be discouraging for you or your team.
Make your dreams big, but always achievable.
Take a look at your list of goals: are you focusing on areas that won’t truly advance your business this year? Instead of focusing on a bunch of goals, focus on a couple that definitely will advance your mission.
Always aim for quality, not quantity.
When do you want (or need) to achieve your goal? Include clear time limits, such as, “by the end of Q3” or “by December 31.” A deadline gives you something to work toward and helps you pace yourself.
After you establish your deadline, create check-in points along the way for yourself. Give yourself time to review and adapt your progress toward your goal. This is a critical step that can be the difference between a goal achieved and a goal forgotten. As day-to-day tasks pop up, you will lose some of that urgency for meeting your goal. Knowing this will happen, schedule those check-ins either once a month (or even once a week). These will help to hold yourself accountable.
Goals help you build the future you want. But, circumstances change. You must sometimes adapt those goals. Every business in America has likely re-adjusted goals this year. It’s part of the unpredictability that comes with being a business owner.
Rather than abandoning a goal when things happen, create an adjustment plan. Either give yourself more time or change the scope of your plan. In the grand scheme of things, an extended timeline likely won’t make or break your business. Keep things in perspective and remember: all forward progress is good — no matter the speed.
Valuable Guidance When It Comes to Your Financial Goals
When you need help putting these goals into action, contact a TFNB banker. Our team of financial experts can review your business’ goals and offer guidance on which banking tools can help you achieve your goals. Whether growing your business, reducing debt, or finding more secure investment strategies, we have the financial know-how to help you.
Contact your Waco business banker, available at a TFNB location near you.