How to make
goal setting work for you
Business advisors give their tips on setting goals to achieve in post-crisis business WORDS BY KERRY SMITH
F
rom small business owners to multi-corporations, most companies will have their work cut out for them to recover from the effects of coronavirus. Goal setting is a way to measure the real changes that have taken place in your business over a period of time. And no doubt you will have witnessed real change most recently. Whether they’re put in place to increase sales, or to improve employee efficiency, goals should be specific, measurable, attainable, relevant and timely – altogether: SMART. One company that has thrived from SMART goals is accounting firm Torr Waterfield. Set up in the year 2000, Torr Waterfield has 20 years of experience in dealing with the finances of companies small and large. Mike Waterfield, Co-Director, said: “We’re not just accountants, we’re also business advisors. Torr Waterfield turns 20 in September so we’ve had the experience of knowing what does and doesn’t work for businesses and where they should invest their time and money. It goes without saying, however, that no one could have prepared for what was about to come. “We originally did this interview before coronavirus took over the country, but in reviewing the advice we originally put forward, we can’t believe how relevant the tips are now that we must all try to recover our livelihoods. “With a few tweaks to our advice here and there, we really believe in taking some quality time to reassess your future with these pointers in mind. “If you’re feeling nervous about what to do next, or feel that lockdown has had a damaging effect you feel you can’t return from, you are not alone. Many of our clients have
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gone through the same thing and we want to help. “If you want to get back up and come back stronger, there is one thing you can do to put that into action right now. Sit down. Pick up a pen. And create a plan.” As a business advisor, Mike gave us his tips on how to set goals, why you should set them, and how to make them work beyond lockdown.
You can only manage what you can measure It’s important to be able to manage your goals – and you can only manage what you can measure. You need to know in the first place how and when you’re going to achieve your goals. Being able to quantify what you’re already doing is essential so that you know when you’ve achieved. For example, if you want to drive more people to your website, you will need to know what the figures currently are. Otherwise, how would you know an attainable figure to put on your goal? Action: Note down the current figures most relevant to your goal, lock them away in an envelope and compare them with your figures in six months.
How much will it cost?
What are the cost implications of this goal? You will most likely have someone who can look into the figures of the traffic being driven to your website – what is their chargeable time for doing so? Then you need to figure
