Law Office of Jason H. Rosenblum, PLLC

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2014! Time to set your New Years Business Goals!

The New Year is here and with it comes the opportunity to establish your New Year Business Goals! Whether you are starting a new business or your company is already up and running, taking a moment to set yourself up for future success is always a good idea. In order to help you achieve your business objectives this year we thought you might appreciate a few tips on effective goal setting.
Divide your goals into Long-Term and Short-Term objectives.
First, look at the big picture for your business and determine where you see your company heading in the long term. Long-term goals should have a timeline of three years or more. Your long-term goals should represent your company’s mission statement and address the key reasons that the business was started (i.e. how you expect to make a profit?). These long-term goals can be visionary and should look at the business from several angles. Relate these goals to key aspects of your company that will always be important. Focus on growth, your company’s social role in the community/world, overall profit and plans for innovation, or how your company will service your industry, customers and employees.
If you have not started your business yet then make sure that you have created a clear mission statement and really look into the motivation behind creating the new company. Consider from the very beginning the overall purpose behind your business.  This will help you make successful future decisions and allow you to guide the company effectively.
After you have set your long-term goals and made sure that they are aligned with your mission statement it will be easier to start planning short-term goals and objectives that will keep your company on track. For instance your long-term goal can now be divided up into more specific and measurable actions that you can implement into a specified time frame. It may look something like this:

  • Long-Term Goal:

Being an appreciated active company that gives back to the local community.

  • Short-Term Goals:
    • In one year:

Sponsor a local charity organization’s fundraiser.

    • In six months:

Decide which local charity organization your company would like to sponsor.

    • In three months:

Review and contact potential charities for more information that will help you determine whom you will sponsor.

    • In one month:

Research local charities online and narrow down a list to 10 potential groups you may want to work with.
As you can see, the long-term visionary goal was broken down into specific short-term goals that can be acted upon. In essence, the short-term goals determine the success of the long-term goal. Yet, without the long-term goal being established, the short-term goals may never have been implemented.
The example given was fairly basic, but taking the time to really break down the details of your overall goals will be helpful for you and your employees, and will also help you avoid confusion and getting off track as the year goes on. If you have employees this is also a good time to meet and obtain feedback from them about the company’s objectives. Make sure you start discussing who will be in charge of specific goals and let them be a part of the process of determining the best steps to take for future success. Don’t forget to ask your employees about their personal long-term goals and how the company and you may help them achieve their goals how you both can make a profit.
The exercise of writing down long-term plans and breaking them up into short-term actions will give you a clear list to refer to throughout the year. It is a great way of keeping your company on track or for starting your new business off correctly. Don’t forget to look back and see what you have accomplished in working towards that ultimate goal. Happy New Year!