Is it Time to Re-evaluate Your Small Business Goals?

Posted on June 14, 2016

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Why Small Business Goals are About More Than Sales Growth and Cash Flow

small business goalsA new business is generally started with dreams much bigger than the resources available. For many small business owners, the ability to grow and attract talent is severely limited by the cash they can invest. How can you attract the best talent as you’re just starting out? Make sure you’re writing the right small business goals and you’ll have to turn away candidates.

You’ll have to come up with the basics, of course, but if you only create financial and growth goals, you may struggle to stay in business. In addition to small business goals like improving your return on investment or creating invoices within a certain time period, here are a few goals you’ll want to include for the success of your small business:

Take advantage of being the little guy. Big companies are often focused on improving profits through efficiency and productivity, leaving little room or time for introducing new ideas.  Part of what will attract talent to a small business is a business owner willing to give a lot of room for innovation and creativity. Some of the best talent is looking for a place where they can make a big impact, not just a big paycheck.

Be clear about what your business’s purpose is. No matter what kind of company you are running, your small business goals need to be focused on helping others. Whether you are selling a product or offering a service, it helps to look at your business from your client’s eyes and think about what problem your company will solve or how you will help your client. If you miss the foundational core business goal of “helping others,” your company may not see the growth you desire.

Communicate with emotional currency. You’ve got a great mission behind your company, so now the trick is to get the message out to potential new hires. If you want to rely on word-of-mouth and let the conversation build that you’re running a company worth working for, that can be a slow but reliable method. Another option is to be more strategic in using your commitment to broader goals to add depth to your brand story.

Choose to do the right thing. While it’s difficult to quantify integrity in your small business goals, your clients and employees will be quick to recognize it. In a society where “right” is often considered relative, people are relieved to witness a business owner that adheres to a certain standard of principles. When you see others taking a negative approach, brush it aside and work to maintain your positive attitude.

In any given situation, you may lose money by choosing integrity. When you consider, though, all of the negative energy and nerves it requires to continue a conflict or to prove that you are right, you will lose in a broader light. In most situations, you will make more money moving forward with new business and leaving negativity to those that are more interested in being right than in helping others.

Bert Doerhoff, CPA, and the team at AccuBiz have always been focused on helping small businesses define their goals in ways that support a long-term view of success. While small business goals must address the nuts-and-bolts of accounting and finance, a great company also embraces principles of helping others and upholding integrity.

For more information about the services provided by AccuBiz, schedule an appointment today.

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Posted in: Small Business