Goal setting is a key element of your strategic plan

Get your team re-focused on your organization's goals

bay farm advisory goal setting hero image

Amid the post-pandemic business landscape, traditional business challenges are re-emerging for small to medium sized businesses. The tailwinds from the fed-induced bubble economy are waning and organizations need to realign their business goals to remain successful, competitive, and profitable. Now is the time to make these adjustments and ensure your business is positioned for success in this evolving economy.

It is critical that you set goals and pursue them vigorously to maintain your team’s focus on the business’s top priorities. Success is never guaranteed, but there are things you can do to improve your chances of accomplishing your business goals.

Start with the end in mind.

Begin by revisiting your past goals and think about what has changed. What would you like to accomplish now and in the future? Perhaps you’re seeking more personal freedom or looking for an exit? Maybe you want to expand. Whatever the case may be, your business goals must be clear.

Dust off your last strategic plan. Does it need a refresh? Maybe a complete overhaul? In a growing business, a strategic plan is a must for achieving your business goals. Without it, setting the direction (and maintaining it) for your team can prove challenging.

Gain alignment with your leadership team.

Assemble the leadership team and allow enough time for a deep discussion about the business. You need answers to these key questions:

  • What do they think about where the business is and what comes next?
  • Does the strategic plan need an update or an overhaul?
  • Are growth rate projections sustainable?
  • Will the pace of expense growth drown out the short-term upside?
  • What incentives are needed to drive the appropriate behaviors for goal achievement?

Come out of your discussions with 3-5 actionable business goals, encompassing strategy, finance, operations, and culture. Be sure to update your strategic plan with your new reality. Resist the temptation to do too much. Stay focused and allow your team to find success.

Only when your leadership team is on the same page with your strategic plan is it safe to share the key elements with the rest of your team. Break your plan down into digestible chunks for your middle management and beyond. Let them in on your plans so they too can find success in supporting the achievement of your business goals.

Every business has unique challenges that need to be overcome in today’s evolving economy. A proactive approach to refreshing your business goals will better prepare your business for the next economic wave.

Ready to take your business to the next level?

Schedule a discussion now.