Setting Long-Term and Short-Term Business Goals - Why It’s Important
Goals, are the one’s objectives whether personal or professional. Whenever we start any business setting a goal is primary thing we do. We have to know the WHY of starting that business or doing anything for that matter. Goals are like targets which keep us moving towards the success.
While starting a business you always have to set long term and short term goals. Setting goal at the initial stage is essential for tracking the business growth.
Long-term Business Goals
Long-term business goals refer to your vision, which you have for your business. Meaning the answer to the question where do you want to see your business in 5 years or 10 years down the line. They help you to envision how you want to see this business in future and accordingly you can take steps year after year to grow the business as per the long term goals.
Short-Term Business Goals
Short-term business goals very much refer to the things which you have planned to do in the near future like for 1 – 3 years’ time. Successful short term business goals are a stepping stone for the achievement of the long-term goals.
While setting your goals especially short term make sure that they are Actionable, Measurable and Realistic yet challenging as they will help you move your business further ahead.
Why It’s Important
Your goals are a kind of motivators, they keep you motivated until you reach your goals or achieve them.
Business without any goal will head nowhere, it will be a major setback for any business to not have any goal.
Your goals help you align with the values of you and your brand. It is crucial to know beforehand where you are heading as it will let you align your business activities in the right direction.
Often businesses fail as mostly their goals are not correctly linked to what they are doing with where they are heading. You should afford to move in the direction of your goals in order to achieve them successfully.
Without having a long-term goal, no business can make the right mission-critical decisions about their budget, marketing or growth, business practices etc.
Remember, your short term goals should also be aligned with your long term goals because then only it will be easy to achieve the ultimate goal of the business. Without setting short term goals you can only be moving on the bridge without support. Short term goals may seem to be smaller milestones but are essential for achieving the long term vision in future.
Decide your goals prior to setting your business. It is crucial that you know the WHY and WHERE of starting your business. Your goals will truly motivate you to do more and accomplish more in business or in life. Not only your goals encourage you, but also they encourage your employees, thereby making them participate more efficiently towards your goal and reaching their individual goals too.