When starting a new business, it’s easy to think of short term goals and strategies – especially when business strategies are in the beginning phases of implementation.
Short-term goals, while necessary, generally look at the next 2-5 years, while long-term goals focus on 5-10 or more years in the future. Long-term goals help with business clarity and 86% of leaders say defining a purpose is essential to a growth strategy, according to a 2020 business report.
Since you cannot plan for economic and financial challenges, it’s important to make a flexible yet durable long-term plan for your business. For example, many business owners pivoted their strategy to focus on eCommerce business and touchless services due to the onset of the COVID-19 pandemic and other factors in early 2020. Read more about how to create relevant long-term goals for your business below.
Make your goals visible
While it’s easy to create SMART goals that executives are aware of, communicating those goals to all employees takes more work. Be sure to consider your staff’s perspective beforehand by conducting surveys and gathering feedback at company meetings.
When delivering the long-term goals of the business, be sure to do so personally and in a way that resonates with employees. Workplaces that lack communication about the vision and goals of the company to employees are at greater risk of higher turnover rates and low employee engagement.
Think of where you’ll be in 10 years
Although you may enjoy where you’re currently at with your business, you’ll also want to think about what your finances and personal life will look like in 10 years. Chances are things will look and operate a little differently and new technology will be at the forefront of success.
The most successful business owners align their business goals with their values. For example, outdoor clothing and gear company Patagonia places a huge emphasis on the environment, and the CEO donates earnings toward environmental causes. Remember that your values are unique and don’t have to look like other initiatives.
Adjust your goals throughout the years
Regular check-ins to gauge how your finances are doing are necessary for any growing business. Finding the right funding partner, like Commercial Funding Partners, make financial check-ins easier because financial strategists are available to help you adjust at any time. There’s no one size fits all to find and strategies vary in many factors like industry and timeline. To learn more about the business funding services at Commercial Funding Partners, click here or call (801) 545-4000.