The Importance of Revisiting Business Goals
We’ve offered tips and tricks for setting small business goals in the past. But what doesn’t often get covered is the importance of revisiting your business goals and even adjusting as needed. We all know that business goals make it easier to track the success of your business, what you’re driving toward, and what your employees should be focusing their efforts on. Goals don’t need to be “set it and forget it” — it’s obvious they need to be in place, and what we’ll cover today is the why, how, and when behind revisiting those goals.
There’s really only one constant in life, and that’s change. Which is truly at the heart of the reason why, in the face of change, you should always be reevaluating your business goals.
Think of it this way: in the beginning of 2020 you may have laid out a set of goals for your restaurant or salon that didn’t take into consideration the global pandemic that was about to put a chokehold on the economy. When the shutdowns started and businesses came to a screeching halt, your business goals indeed needed to pivot. Or consider perhaps that you’ve already met or exceeded the goals you laid out well before your “due date” (congratulations!), and now you’re not driving toward anything. Don’t you need to outline some additional milestones? Or maybe an unexpected competitor moved into the neighborhood, and you’ve got to outline some additional goals to offset a potential loss of business. Regardless of the situation, change is very real—and very important to address with revisions to your business goals, as needed.
If you’re not currently meeting your business goals, it’s important to reframe your mindset. This isn’t failure, this is an area of opportunity—and in revisiting/refining your goals, you’re taking real action to make a big change in the trajectory of your business.
So how do you revisit your goals? We cannot stress enough the importance of regular check-ins: with your team, your accountants, your business partners, etc. Analyze your progress and how you’re tracking to the milestones you laid out when those goals were first established.
It’s also important to keep your ears to the ground for changes that might impact your business. Get ahead of those changes and assess the possible effects. Adjust or create goals as necessary. And communicate those changes or additions to the wider group so everyone is on the same page about what defines success for your business.
It’s a good practice to get into the habit of revisiting your longer-term goals once or twice a year—schedule check-ins with your management team to see how your progress is tracking, and reevaluate as needed. Smaller goals will warrant more frequent revisiting.
It’s one thing to have a solid set of goals that you continually reevaluate as your business needs change. Another thing to keep in mind is whether an unsecured small business loan could also come in handy when your needs shift. Having cash on hand is one of the smartest ways to make sure your business is prepared for anything—from equipment upgrades to marketing plan revamps. Check out ARF Financial to learn why small businesses across the country turn to us for all their financial needs.