Can you believe we’ve finished another year? The start of any new year is a great time for business owners to evaluate their organization and set new strategic goals to help you get your business to where you want it to be by the end of the year. Even though it is just another month, many employees are coming back refreshed from relaxing holiday vacations and are ready to hit the ground running when they return to the office.
At The Commercial Finance Group, we love helping businesses reach their goals by providing working capital solutions including factoring and asset-based lending in Atlanta and around the country. When you work with us, we want to know and understand your story. What drives you? What is your dream for your company? And what do you need from us to help you get there? We look forward to the horizon and how your business will grow and develop over time. If you’ll be reevaluating your business goals for the forthcoming year, consider some of the suggested guidelines below to help you form reachable and measurable goals.
Tips For Setting Reachable Business Goals
Set Realistic Goals
Goals should be realistically achievable. Setting goals that are nearly impossible to achieve might seem like a good motivator, but ultimately you will feel more accomplished (and likely accomplish more) by setting realistic goals. Realistic goals should not only involve how much you can accomplish, but how much funding you can afford to put toward these goals.
Break Down Goals Into Checkpoints
Large goals should be broken down into smaller chunks. Consider these checkpoints that you need to reach by a certain date to achieve the bigger picture. This way, you won’t find yourself ten months into the year and only fifty percent of the way to your goal. Have weekly or monthly check-ins to find how progress is going and dictate plans to catch up if needed.
Use Data And Analysis To Drive Your Goals
Pulling a number out of thin air and trying to reach it can end in disaster. Use data collected from your business and competitors to see what you can actually achieve and what will need to happen to get there, including which small business funding options can help you get there.
Share Your Goals
All employees in your organization should know what the company goals are and what their role is to get there. If you keep goals only to upper management, your employees may wonder what they are even working toward. Each employee or department should know what they need to achieve to be part of the bigger picture.
Work On Efficiency
Efficiency is a key to keeping your business running smoothly. Make one of your goals this year to clean up processes, cut back on costs, and make the office run as efficiently as possible. Find where employees experience hiccups and create solutions to get through them without wasting time or money.
Focus On All Aspects Of Your Business
It can be easy to set your goals based on a final revenue number at the end of the year. However, there is so much more to your business than simple profits. A few weeks ago, we wrote a blog about 2019 business trends that can give you a good idea of some key areas to focus on in 2019. This includes online reviews, the ability to take mobile payments, and giving your customer a more customized service. Include some of these key trends in your business goal planning. Make resolutions to keep up with trends and move your business into the future.
Know How You Will Fund Your Goals
Setting goals is a great way to grow your business, but if you have no working capital to fund them, they can be impossible to achieve. When planning your goals, also plan how you will fund them. Which small business funding options are right for your business? Will you need traditional bank loans? Investors? Crowdfunding? Factoring?
Whichever funding method you choose, be sure that you can attain it. Do you have the social media following needed for a successful crowdfunding campaign? Do you meet the requirements needed for a traditional business loan?
The Commercial Finance Group Can Help!
Achieving the goals you have laid out for your business often requires securing additional funding to ensure that day-to-day expenses can be covered while putting time, money, and effort toward your goals. The Commercial Finance Group offers invoice factoring and asset-based lending to help your business secure working capital while moving toward your dream of a thriving business.
Get in touch with The Commercial Finance Group today to learn more about our working capital solutions for small businesses. We are thrilled to be your bridge to bankability, helping you secure funds and run your business while traditional commercial loans are not an option. Reach out today!
