Why Every Small-Business Owner Should Set Mid-Year Goals

setting-small-business-objectives

We are almost halfway through 2016, which means it’s time to review the goals you set in January for your small business. This gives you the ability to make any necessary adjustments and outline your goals for the next six months. A mid-year checkup not only gives you useful insight into your organization, it can help ensure your company’s success for the remainder of the year and beyond.

If you need more convincing, here are a few benefits of evaluating your business goals this June, along with steps to guide you through doing it yourself.

Benefits of Setting Mid-Year Goals

Wanda Bennet — Director of the Small Business Center at Carteret Community College — states, “Establishing benchmarks throughout the year will prove helpful, and tracking your mid-year goals will afford you the opportunity to adjust your strategy before year-end.” Don’t miss out on the opportunity to propel your business forward and reap these benefits.

  • Time for Course Corrections
    The business goals you set at the start of the year might not be important or relevant to your small business six months later. It’s also possible you’ve achieved your goals and need to create new ones, or that you have new competition you need to address.

Adjusting your business objectives halfway through the year gives you time to implement changes that can help your organization reach its goals. Reviewing your company’s progress can also alert you to potential problems — and give you a chance to avert them before they become full-blown crises.

  • Improve Employee Morale
    Goals help measure your company’s success, but they also give your employees a clear sense of purpose and direction — both of which can be highly motivating. Share your company’s mid-year goals with your employees and ask for their feedback. Employees can provide excellent insights and ideas about how your company can achieve its goals.

Once your goals are defined, prominently post them so every team member remembers what you’re working toward. Giving your employees the opportunity to be involved in business goals can lead to greater job satisfaction and increased productivity.

  • Make Informed Decisions
    When you define your business objectives and regularly assess them, you’re able to make more informed decisions. For instance, if one of your business objectives is to decrease payroll expenses by 10%, you may decide to hire a freelance social media manager instead of contracting a costly marketing company.

The insight you gain from a mid-year checkup will help you assess if your goals are on target and sustain your business into the future.

How to Assess Business Goals Mid-Year
Reviewing your company’s progress halfway through the year offers several key benefits, yet more than 80% of small-business owners don’t monitor their goals. Don’t make that mistake. Use this simple guide to review your company’s goals mid-year.

Step 1: Review Current Goals
Assess whether the goals you established at the beginning of the year are still significant to your small business. Keep in mind that some of your goals may take longer to realize than others. If you have goals like these, review the progress you’ve made thus far and set smaller objectives to help keep your business on track.

Step 2: Evaluate Your Progress
If your small business is on schedule to meet your goals, it might be time to set new ones. If not, identify issues and chart a course of action to correct the situation. The business objectives you set at the start of the year should be specific and quantitative so they can be measured. If they weren’t, use this worksheet to establish S.M.A.R.T. — Specific, Measurable, Attainable, Relevant, and Time-based — goals for your company.

Step 3: Track Business Goals
Mid-year is a great time to establish a system for tracking your business objectives. There are several different ways you can track your goals digitally and physically. You might also consider downloading a productivity app like Way of Life that helps you stay committed to goals in your personal and professional life.

Step 4: Reassess Your Team
Whenever you evaluate your business goals, take a close look at the talent and experience of your employees. Make sure that you are making the best use of your personnel. Consider whether or not changing someone’s job description or team assignment could increase their engagement, add a new perspective, and help you better achieve your business goals.

Step 5: Update Goals and Objectives
Goal setting is a continual process that gets easier the more often it’s done. Now is the time to establish your business goals and objectives for the next six months, building off of what you already accomplished.

Setting goals gives your small business a competitive advantage that helps it flourish. Explore Frontier’s business blog for more tips on how to improve and grow your small business.

Frontier Business

Frontier Communications Corporation (NASDAQ: FTR) is a leader in providing communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure® digital protection solutions. Frontier’s video offerings include FiOS® and Vantage TV by Frontier™ with 100 percent HD picture quality, Whole Home DVR, instant channel change, enhanced search, Video on Demand, and much more. Frontier Business offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at www.frontier.com.

Leave a comment