January is here, and brings with it a New Year. January is a month when budgets are refreshed and optimism renewed, which makes this a perfect time of year for identifying new challenges, opportunities, and rewards. Of course, only those businesses who are positioned well to meet these new opportunities will reap the greatest rewards.
Because budgets are revamped during January, I often find that the beginning of the calendar year is the perfect time to set new goals and growth targets in not only my personal life but also business life. New Year’s resolutions need not only be reserved for our own development outside of the office: the methods for personal growth and business growth are analogous and complementary. Studies have shown that people who set new year’s resolutions are ten times more likely to achieve their goals than those who do not. The question is: how can your organization bring those increased odds of success into business strategies by properly setting new year’s resolutions for your business?
I have recognized over time that there are financial advantages to goal-setting at the beginning of the year. The New Year is the perfect time for organizations and individuals to not only think strategically about what they want to accomplish, but also evaluate the resources required to meet their goals and the costs associated with those resources. After all, January is often a time when companies have refreshed budgets. Key projects will require funding, and the first quarter is a critical period for outlining your needs, finding strategic business partners, and hiring the right talent. Taking budgetary constraints into account when scoping business goals and key projects is of paramount importance so that they properly fit new budgets.
For example, I will tell you about the business goal I set for myself and my business last year. One thing I discovered in 2018 is the importance of properly delegating tasks. At the beginning of the year, I found I had enough of a budget to begin outsourcing some tasks. I set the goal of delegating more of the tasks on my daily to-do lists so that I could work on other larger business goals that needed my attention. By the end of 2018, I was able to delegate many tasks and increase my efficiency exponentially. I am no longer afraid of outsourcing and have often found it to be the most efficient and cost effective way to get things done. I recommend that you delegate tasks that are taking more time than is reasonable, particularly for areas that are outside of your typical wheelhouse. This has not only helped our business work towards our goals more effectively, but also proved more cost efficient by releasing my time to focus on other key areas of my business that require my attention.
Through these kinds of growth experiences, I have changed the way I approach setting my professional goals. I have learned to implement a 3 stage process.
- First, I focus on the long-term vision for my business and then derive all of my goals and priorities from that vision.
- Second, I take a look at budgets and financial positions that will impact the range of resources available to me and future flexibility of crucial business operations. Understanding the financial position of the business is crucial to setting good goals.
- Third, I put my goals through the SMART system for goal setting in order to make sure my goals are framed effectively and meet all of the hallmarks of a well-planned strategy.
SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. If you are like me, then you probably already frame your goals according to most of the SMART framework without even realizing it. For many business, scoping goals so that they are ‘Achievable’ is the trickiest part of implementing the SMART framework, so here’s a quick tip: in order to ensure that your goals are achievable, look at your budget. Your budget is a measurable data point that will provide insight into how achievable your goals are. By focusing on finding measurable outcomes, you bring accountability to the processes that are put in place for achieving your business goals.
Even though the new year has already begun, you can still set goals now that will shape your business for the rest of the year. As I mentioned above, the best way to start setting goals is to look at the overall vision for your business and then use the SMART framework to set specific, measurable, achievable, relevant, and timely goals to execute that vision. Of course, complex, strategic goal setting is difficult, and having the right consulting firm or advisor for key initiatives is often necessary to be successful. Precise Process Consulting can offer that assistance by providing in depth project scoping and stand-up expertise in order to ensure that your business is properly positioned to tackle even the most difficult initiative. PPC also offers change management to assist with the people and process aspect of change, which is critical to ensuring a successful project or meet your goals.
Reach out to PPC today discuss how we can help you. Visit www.preciseconsultingfirm.com
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