Why Set Mid-year Goals for Your Small Business?

Setting Goals Business

It is always a great thing to set mid-year goals for your small business. It is a decision you will never regret. Reviewing your business goals mid-year will give you the privilege of making necessary adjustments when and where necessary, and then outline how your goals for the next six months would be. Here are four benefits of reviewing your business goals every mid-year.

1. Changes required

Change is the only thing that is constant in life. Updating your goals mid-year enables you to make the required changes, and to know if the goals you have already set for your business earlier is attainable.

During the review process, you will discover that some of the goals you set are no longer feasible or relevant to your business growth or maybe there are new goals you may have to prioritize. Thus, adjustment is very important, it will help to grow and sustain your business. There is no need to wait until December before you review your business. Mid-year review is very essential.

2. What opportunities are there to implement?

Mid-year review is a great opportunity for you to know the areas of improvement and to examine the areas that are preventing you from realizing your set goals. Is your business under-funded or short-staffed? Is business slower than you had imagined. If these are the issues, what you should do is to try something different right now.

Until you try something new, you will not get a different positive result. If your employees are underperforming, the best thing to do is to re-train them, and then encourage them to apply the skills they have learnt into your organization. Give them extra incentive by motivating them to do more.

3. A quarterly report of the year

Reviewing your organization’s progress mid-year offers several benefits. About 80% of most small business owners don’t monitor the goals they set for themselves. As a small business owner, you need to do the followings accurately:

Review current goals

This is the time to know whether the goals you set at the beginning of the year are still relevant to your small business. Also, keep in mind that some of these goals may take you some time to realize than others. Review the progress you have made and set smaller objectives that will help to keep your business on track.

Review your progress

The goals you set must be time-based and relevant. The worksheet most entrepreneurs use is S,M,A,R,T which means specific, measurable, attainable, relevant, and time bound or time based. The reason why you may not be achieving your set goals might be simply because you didn’t set them the right way.

Track your business goals

Mid-year is the best time to review your business objectives. As a small business owner, you can track your goals both physically and digitally. There are also some applications that can help you to stay committed to your personal and professional goals.

Reassess your team

Reviewing your mid-year goals would be incomplete without taking a close look at your workforce. Make sure you are using the right talent and experience for your business. Check if it is necessary to change your team’s job description or if they need re-training.

Update goals and objectives

This is the right time to establish new set of goals for the next six months. Goal setting is a continuum. Goal setting give your business a competitive edge over your competitors.

4. Re-energize employees as per required standards

Goal setting is one of the great ways of measuring your business success. It re-energizes your employees and gives them a clear sense of direction. It makes your employees to be highly self-motivated and purpose-driven. Feel free to share your organization’s mid-year goals with your team and ask them to share their feedback with you. You need their honest feedback.

They can provide awesome insights and ideas that can help you to run your organization. Giving them the opportunity to air their views will encourage them to be involved in your business goals. This can lead to increased productivity and greater job satisfaction.

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Paul Tomaszewski is a science & tech writer as well as a programmer and entrepreneur. He is the founder and editor-in-chief of CosmoBC. He has a degree in computer science from John Abbott College, a bachelor's degree in technology from the Memorial University of Newfoundland, and completed some business and economics classes at Concordia University in Montreal. While in college he was the vice-president of the Astronomy Club. In his spare time he is an amateur astronomer and enjoys reading or watching science-fiction. You can follow him on LinkedIn and Twitter.

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