Where do you see your business in five years?
If you’re anything like most business owners, you have corporate goals. Maybe you want to add more product lines in the next five years, or you want to acquire a certain company within this period. Or perhaps you want to double your workforce.
Regardless of your goals, achieving them can be easier said than done. And when you fail to reach these goals, the consequences can be far-reaching. Your investors could be disappointed and your employees demoralized.
So, what’s the key to reaching all your goals?
Simple! Set attainable goals.
Here’s how to do it.
Start with a Solid Business Plan
Setting reachable corporate doesn’t start when your business morphs into a corporation. It starts long before your business opens its doors for the first time. It starts when you’re drawing the business plan.
You see, a business plan is a document that fleshes out the structure of your upcoming business. It lays bare the blueprint for your future. With a well-written blueprint, you will be able to tell, for instance, where your business will be in the next five or 10 years.
Therefore, when creating corporate goals and you have a solid business plan, it’s easier to set goals that align with the overall setup of your company.
For instance, if your business plan says that the company should be making $10 million in annual revenues within the next five years, then it makes sense to set this as a corporate goal. You’ll certainly attain it since the business is already built to achieve this revenue within the established timeframe.
Don’t know how to write a business plan? Check out that template.
Involve Your Employees When Setting Corporate Goals
When you started your business, you were probably alone or with your cofounders. But over time, your business has grown into a corporation. The goals you set during the onset might not be the goals you have now.
Now that you have a team of people behind you, it’s important to involve them when setting corporate goals. When people are involved, they’re usually more motivated to put in the work. They feel part of the corporation.
However, you set goals with top managers and force them down to the rest of your workforce, you’ll only be shooting yourself in the arm. The vast majority of your workers might feel alienated. The last thing you want when chasing corporate goals is an unmotivated workforce.
It’s Never Too Late to Revise Your Goals
Sometimes we set goals that are just beyond us or can only be attained if we gave ourselves more time. Corporate goals are no different. A business owner can set goals that are just beyond reach.
This is why it’s never too late to review your goals and adjust them accordingly. Make a habit of auditing your goals periodically and evaluate the progress. If a goal is becoming increasingly unattainable, revise it.
Set Attainable Corporate Goals
Without corporate goals, your company won’t make the strides you want it to make. However, it’s important that you set goals you and your team can reach. Having read this article, you now have the information you need to set attainable goals.
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