Revisiting Your Goals
Since we were children, we’ve been taught about the importance of goals.
We set them, achieve them and work towards them. Sometimes, like the plants in our homes or offices, we conveniently forget about them, or at other times, we lose sight of them in the shuffle of our daily lives. But if our goals are to bear fruit, we need to occasionally remember to turn to towards the light or water them.
For an entrepreneur, there are three sorts of goals that are worth revisiting:
- The first type is the goal you’re easily surpassing. While it can give you a profound sense of achievement to not only reach a goal but leave it in the dust, it can be a sign that you’re not allocating your resources adequately. Are you overspending in one area or offering extra incentives when you don’t need to? Or if you’re dominant, can that dominance be leveraged?
- On the opposite end of the spectrum is the goal you’re not reaching. Maybe you didn’t put the needed resources in it, or maybe there were external factors preventing you from achieving it. The important consideration is why, and revisiting your goals gives you a perfect chance to examine that question. Do you need a new strategy, better marketing, more equipment or personnel?
- A final type is the goal that may need to be replaced. It’s difficult the give up on a goal, especially if you’ve put a lot of work into achieving it, but there is an old saying: don’t throw good money after bad. Knowing when it’s time to move on can be one of your toughest decisions. Is the goal really achievable with the time and resources you have? Can you make adjustments to keep your goal in sight, or are your energies better spent elsewhere? After all, there’s another old saying: where one door closes, another will open.
There’s no set time for revisiting your business goals. A lot of it will depend on you and the industry you’re in. The beginning of the year (or the beginning of your fiscal year if you don’t use a calendar year) is always a good time, as well as each quarter of the business year.
Here are some other times you may want to reexamine your goals:
- Gain or lose a large customer
- Have key employee turnover
- See a major product sales boost or decline
- Experience a major operating breakdown
- Endure an unusual seasonal event
- Notice an unexpected difference in the actual sales figure and expenses versus what you estimated
Whatever your goals in life or in business, revisiting them can help keep them healthy and green.