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5 goal-setting tips for the year for your business

Wouldn’t it be great to have your best year ever, this year? That is what we at O’Mahoney Business Advisors want for your business. Whether you want to grow your business or take more time for yourself, these goal-setting tips from the O’Mahoney Business Advisors team can help you achieve your long-term plans.

  1. Think big! – What do you want from your life – and how can your business help you achieve that? Think about next year and beyond; what does your business look like in five or 10 years? When you know what endpoint you’re aiming for, it’s easier to set goals that move you in the right direction.
  2. Pick something you can measure – Vague goals aren’t as helpful as those you can measure and monitor. Think about what you already measure in your business and how you’d like to see those metrics change. For example:
    • A 3% increase in net profit year-on-year
    • A 2% reduction in expenses
    • 1 new customer per month
    • Reduce average payment time to under 50 days
    • 4 weeks of holiday during which you don’t go into the office at all
  3. Make a plan to achieve each goal – Once you’ve picked a few goals, come up with ways to achieve them. It could just be back-of-the-envelope thinking, or have a brainstorming session with your team or your advisers (give us a call!). When you have a plan in place, do your best to follow through and make it happen.
  4. Keep monitoring your progress – Check in each month to see how you’re tracking your goals. Set yourself reminders on your calendar or make it part of your invoicing cycle. If you’re not quite on track, you can make tweaks or come up with some fresh ideas to help you reach your targets.
  5. Plan a celebration! – Give yourself a good reason to keep striving for your goals. It might be a long lunch, a trip to the movies, a manicure, or a beer advent calendar next December. Something you’ll enjoy that’s not going to blow the budget.

If you would like to discuss your business needs. Call O’Mahoney Business Advisors on 058 42383 or email dm@omf.ie

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