6 Tips For Setting Financial Goals This Fiscal Year
Just because January is over doesn’t mean it’s too late to start a new year’s resolution. Many companies do not follow the calendar year, which means now may be the time to start setting new financial goals. Whether you’re hoping to hit a new sales record or streamline your marketing to maximize return on investment, there are many ways to financially improve your business. Sometimes this is easier said than done, so we’ve put together a few tips and tricks for setting financial goals this fiscal year.
You can’t do it all, no matter how hard you try. Getting burnt out can happen, so avoid it by prioritizing what really matters to you this fiscal year. Try to figure out one-year goals and perhaps fit them into a three- or five-year roadmap. For instance, some goals can be conflicting and you might not be able to “save more money” and “invest more in trainings” in a single year. Also, keep your goals list concise. Giving yourself too many goals will likely set you up for failure – remember there are only 24 hours in a day!
Write it out:
Start with a blank slate, literally. Write out your company’s current state, the good and the bad. Then, list where you’d like to be by the end of the year. You now have the beginning and end of your goals, now all you need to do is fill in actions for the middle! Still struggling to define those actions? Try writing out what your week would look like in order to reach your goals (but don’t forget that you have to allot time for other activities and incidentals).
Make your goals S.M.A.R.T.
Not all goals are created equal. Setting “SMART” goals, Specific, Measurable, Attainable, Realistic, and Trackable, will help you set parameters for financial goals you can actually achieve. A SMART goal for an individual might look like this: “This fiscal year I will save $5,000 by contributing $416 each month to my savings account.” This goal is specific ($5,000 in one fiscal year), attainable (choosing a dollar value that fits into an overall budget), realistic (you came to this number after determining your income and costs plus incidentals), and trackable (you track in your bank statements each month).
Get your team’s insight
Even if you’re the CEO of your company, teams that don’t communicate well rarely succeed. Coming together as a team to determine your goals will both give you the best input for what the goals should be and collectively hold you accountable. As a team, you can all do your part to achieve these goals and make sure each member is on track.
Milestone are an ideal way to break up your large goal into smaller ones. Having incremental achievements will keep you motivated and will give you more chances to feel good about yourself. With small milestones, the daunting tasks of running the “marathon” can be split into baby steps and you can celebrate each achievement along the way.
Challenge your team
We all want goals that we know we can achieve, but companies and people alike grow the most when pushed a bit. Stretch goals are a great way to get yourself to go beyond your comfort zone, while still feeling like a winner if you don’t meet the stretch target 100 percent. Don’t forget to make your stretch goals SMART, too. Having a defined target an action plan can make all the difference.
Whether you’re setting goals for your personal finances or for your company, it’s never too late to get your goals down on paper and into action. Committing to these goals and staying accountable through milestones along the way will be well worth it in the end. To learn more about Honest Buck and financial services for small businesses, visit our website today!
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