One of the biggest challenges business owners are confronted with is the fact that they don’t have clearly defined goals.
Goal writing does not have to be too complicated, but it does require commitment and discipline to follow through and complete the required steps. Business goals need to be thought through and furthermore detailed enough to achieve desired results.
What should you do if you don’t have a 5 year plan…Get one!
Before you start developing a 5-Year Plan, think about, what is your visualization for the future?
What do you think the future holds for your company? What impact do you want to have? Where do you see yourself 5 years from now?
The concept for your business is one that you need to be able to sell to those who will help you make it happen and you need to believe it too.
Your business vision should encompass the same things that include all the areas of your business and those with a stake in your success:
Your employees, Your customers, Your suppliers, What you want the business to run like, What you sell, Who you sell it to and why they want it, Where your business will operate, How people will buy from you, Financial steps that ensure the business is running effectively, Incentives, Culture you will create and condition of morale you want to see…
It’s important to have alignment of your standards and beliefs that you feel are key with the actions that happen in the business.
Once you have a vision, transform them into some specific goals. The objectives should be Specific, Measurable, Action-Oriented, Realistic, and Time-Bound. Your goals for five years will be less precise than the goals you set for next year or the year after. You are going to be adjusting your plan on a regular basis.
Some reasonable goals as an entrepreneur or CEO you might set would be:
- Increase Sales: Instead of aiming for rapid growth, work toward slow and steady increases in sales that allow you to grow along with your business.
- Complete a New Website: As a business owner you are always busy working for your business, not on So setting a time frame to get a website remodel means you can keep the task on a manageable level without it consuming you completely.
- Hire a New Employee: Take your time with this process and really consider how this new employee will enhance your business.
- Make Your Business Lean: Look for ways to cut costs and reduce expenses within your business.
By defining the purpose of your business, you will set the gauge for the direction your company will be moving in.
With a clear purpose and strong, measurable goals that align with your purpose, you can have the most extraordinary and outstanding business yet.
What are your business goals?
[themecolor]Dave Baney is the founder and CEO of 55 Questions, LLC. We work with successful top executives with a driving ambition to crush their competition. We help CEOs and Entrepreneurs improve alignment, communication and accountability throughout their organization.[/themecolor] www.55Questions.com
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