The Ledger No. 30: Setting Business Goals & Objectives

Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of setting business goals and objectives for your company and beyond. Read on to explore how to set goals that support your department and organization, how your goal setting should change during the pandemic, how to set goals for a hybrid team and how to set clear intentions for the upcoming year.

Setting Business Goals & Objectives For Your Department And Company

Setting goals is imperative if you want to get far in life – whether in your personal life or professional life. And as a leader, you have two angles to consider when setting goals: your department and your company. But how do you know if your goals are the right goals? Here are a few things to consider:

• Do the goals build your business? If the goals leave your company in a worse standing, then you know (without a doubt) that those goals were wrong. Likewise, if your goals actually make the company better, then the proof is in the pudding.

• Do the goals support the bigger picture? Each department has their own goals, but every department objective should align with your overall company goal.

• Don’t get distracted by information overload. If the information doesn’t relate to the goals, then it doesn’t add value to the goals.

To learn more about how to set goals that not only help your department but company as well, read the full article on Entrepreneur.com.

Changing Your Goals: From Pre-Pandemic To Post-Pandemic

If your plans changed when COVID hit, you’re not alone. And looking ahead to the new year, you may be a little hesitant about setting a plan in motion and sticking with it. The truth is, 2020 allowed us to gain new perspectives and according to L’areal Lipkins, author of A Woman with Vision, “[2020] allowed us to see what we truly want. As a result, goal setting requires a different approach in a very different world.” Here’s how to move away from pre-pandemic goals and adopt post-pandemic goals:

• Identify why the goal is important. Find your ‘core’ why.

• Don’t plan for the year. Instead, break down your goals into quarterly increments.

• Set internal goals. Define what your goal means to you.

• Make your goals happen. It’s not enough just to write your goals down.

• Be consistent. Spend upwards of an hour each day working on your goals.

To explore how goal setting requires a different approach in a post-pandemic world, head over to FastCompany.com to read the full article.

Setting Goals For A Hybrid Work Team

Thanks to COVID, many businesses are shifting to hybrid work environments. A best of both world for many, but it doesn’t come without its own set of challenges. In fact, one of the main challenges of building a hybrid work environment is communication. And the only way to get everyone on the same by page is by setting goals effectively. Here’s how:

• Focus on outcomes rather than tasks. Give your team the freedom to determine how they accomplish their goals rather than telling them how to do it.

• Set both team goals and individual goals. Understanding how they play a part in the bigger picture is quintessential.

• Give your employees autonomy. We all work in different ways, so it makes sense to let your team members choose how to work and when to work.

• Set clear expectations. What do you want from your workers? Complex information can be confusing and harmful to a company’s overall goals. By making your goals easily understood, you’re setting your business up for success.

To understand what steps to take to set goals in a hybrid work environment, read the full article on Finsmes.com.

How To Make Intention-Setting A Priority When Setting Business Goals and Objectives

When setting goals, are you only thinking about the ‘how’ and not the ‘why’ and ‘what’? If so, you might be hindering your business’s overall growth. And with the new year rapidly approaching, it’s time for leaders to take a pause and set clear intentions for the upcoming year. For example, if your goal is to decrease invoice processing time, your intention can be something like I will move to electronic invoicing. Or if you want to increase team productivity (intention), you’ll invest in messaging platforms such as Slack or Microsoft Teams by the end of the quarter (goal). Taking the time to set well-defined intentions not only helps you set clearer, more significant goals, but it also helps you stay determined during uncertain times.

To dive deeper into how to make intention-setting a must in your company, head over to Business2Community.com to get the full article.

Learn more about our business solutions to free up time so you can focus on what's important, such as setting business goals and objectives for your company.