Setting SMART Business Goals

Setting GoalsStarting up a new business is fun, exciting, and scary at the same time. Even being an established business can be scary at times if you don’t know what direction you are heading in, much less how to get there. K. L. Owens and Associates LLC has seen many businesses get through their beginning stages to become a true success story, but they went through the process of setting goals. Using these 5 easy steps is a great way to make goals for your company that are achievable.

Specific: The number one rule of a great goal is that it is well defined, and specific. Specifically challenging yourself to “generate $5,000 more revenue next month” is must more driven and directive than simply “make more money.”

Measurable: How will you ever know if you’ve achieved your goal if you can’t measure it. Attaching a solid number to your goal will help you measure its success, and how much further you have to go.

Attainable: Becoming a billion dollar business in only a year is not something attainable by the majority of businesses out there. When you make your goals, don’t go by low standards, but make sure your goals are actually within your company’s reach – or just beyond them to make you strive to keep going and surprise yourself when you get there.

Relevant: Keep in mind the outside influences that your business has to cope with. Is there currently an economic recession and you’ve just lost your best sales person due to retirement? Keep these things in mind when setting your goals and realize that there are always outside factors to contend with.

Time-Based: Give all of your goals a time frame. The open ended goal of “becoming rich one day” is rarely achievable unless you put a mark to “become a self-proclaimed millionaire by 35.”

And a last piece of advice from K. L. Owens and Associates – especially if you are starting your own business – just go for it! You’ll never get to the top without trying, but making calculated risks is the key to huge success.

While you are increasing your business, month-to-month, year-to-year make sure that you are staying on top of your insurance needs. As your assets increase and your exposures change – and you become a bigger competitor in your market – you need to be sure that you are covered from any potential professional liability or other claims. We’d love to help you assess where you are at, and help you reach your goals. Call us today for a free insurance quote to meet all of your Georgia business needs!

Speak Your Mind