Make 2021 your target year. Now more than ever, accountability will help us all work through the next 12 months. At Cloud 360 Accounting we’ve set our sights firmly on targets. Here are a few quick-fire tips to help you set your own business targets which will help develop accountability for the year ahead.
Why targets matter
It can be tempting to begin a year with intentions but no substance which inevitably leads to inaction. Goal setting is necessary to get to where you want to be. I’ve seen and experienced how clear, concise targets can drive a business forward.
We agreed two targets for our firm in Q4 in 2020:
- Submit at least 95% of tax returns before Christmas
- Hit a new recurring revenue target based on our overall 10-year plan
These targets were imperative to work towards a goal together and to keep us focused. I’m delighted to say that we achieved both of these because of the hard work and dedication of the entire team. Ultimately, accountability and targets will keep a business moving forward in uncertain times.
Don’t know where to start with business goal setting? Here are four quick-fire points to start the conversation to help work out a plan:
1. Understand your ‘why’
First and foremost, you must understand your why. What is it that the business does, and why? What impact will these goals have on your business? How will the completion (or incompletion) of these targets affect the company financially, culturally and you personally? Through establishing the core of why these goals are important you will have something meaningful to work with, so when motivation is waning, and times are tough you can draw on this to move forward.
2. Team Effort
The whole team must be on board to execute a goal. A clear vision with appropriate goals is necessary for team communication and to gain their support and buy-in. Furthermore, defined goals and objectives provide clarity on expectations for the wider team and company.
3. Realism and Revisiting
Make sure the goals are realistic and achievable. It is also important to have room for ‘flex’ and to be able to revisit goals at regular intervals and adapt and change as necessary. Given the times we are in, this point is more relevant than ever.
4. Push On
Once the goals are set, and everyone is on board – keep the motivation. Similar to a January diet, we can be filled with enthusiasm at the beginning and then over time loose the desire to keep the change. Pushing on and checking in on progress is key to overcoming this.
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