Setting Your Business Goals for 2023

Setting Your Business Goals for 2023

The arrival of a new year is generally when people set their goals for what they want to achieve in the months to come. 

Goals aren’t just for individuals, however, as setting the right business goals can help your company continue growing. When you have a roadmap of what you want to accomplish, it can be easier to help avoid financial disasters or recover faster from tough economic times.

The certified public accountant at Abigail Y. Murray, CPA, LLC, wants to help you understand how to establish your short-term and long-term business goals so you can have an optimal 2023. 

Think of What You Want To Accomplish

Your business goals are what you want to accomplish during a set period of time. These can be short-term, running anywhere from weeks to a year. Long-term business goals, on the other hand, are measured in years. You can set them from one year out to decades in the future. 

The first step to setting business goals is to recognize what you want to achieve in the time frame you’ve allocated for your business. For instance, if you want to diversify your client base, make it a goal of securing five new clients during a quarter. 

Your goals should be defined enough to easily measure while being ambitious but still within your reach. Make sure you utilize all your assets and set your team to work towards the same vision.

See Where You Are Now

Understanding your business’s current strengths, weaknesses, opportunities, and threats will let you know where you’re going to start. This step helps you highlight what you need to improve and gives you paths to achieve your goals. Knowing all this in advance will also help you prepare for potential problems.

Break Your Goals Into Actionable Steps

Having goals is great, but you need to have a meaningful step-by-step plan in place so you can take the right actions.  

If you’ve settled on a yearly goal, break it down into measurable monthly goals. Make sure you assign specific tasks so each team and team member can work together toward the company’s goal. 

This can be a good time to see if you need to expand your team or hire contractors. For instance, if you want to reduce the time you spend managing your finances and reporting, you may want to hire the services of a virtual chief financial officer.

Communicate With Your Team

Goals don’t help if you’re the only one who knows about them. Meet with your team frequently to share your goals and lay out the steps you want to take along with the timeframe. 

This is also a good time to delegate tasks and important steps to your employees. Trying to do it all as the business owner is one of the biggest challenges a new business faces as it grows. You have employees, trust in them and utilize their abilities to their full potential. 

Check Your Progress and Be Willing To Make Adjustments

Sometimes the steps you take don’t provide the expected results. If you don’t correct issues or missteps in your plan, you may fail to meet your goal. 

When you break your goals into smaller objectives and give yourself a specific amount of time to reach them, you’ll be able to determine if your methods are working. Also, be willing to make adjustments when necessary; that’s what makes businesses successful, being able to pivot intelligently.  

Also, don’t forget to do a regular check of your finances at least twice a year

Don’t Ignore Your Finances and Miss Your Goals

You need to know exactly what is happening with your finances to keep your business thriving. Even if you have someone to handle payroll and daily finances, checking in with a certified public accountant can help highlight areas you need to improve. Having a McAllen CPA on retainer can give you the help you need only when you need it. 

Abigail Y. Murray, CPA, LLC, has years of experience working with businesses of all sizes, helping them to reach their business goals through a wide range of meaningful services. 

Reach out today so we can help you start planning for 2023!