Attach a Financial Goal to Your Strategy in business – part 1
How are you going to measure your success as a company in financial terms? The most basic measurement is a profit goal. You might also want to set ancillary goals—growth goals, sales goals, or whatever you think would be the best ways to gauge your progress and help you achieve your primary financial goal.
Then, ask a few hard questions. Is your goal realistic? Is it achievable? Are there ways to leverage the overall goal to achieve the financial goal? If not, one or the other has to be reconsidered.
Some CEOs seem to set goals according to their sense of business ideals or to really push their workers to the limit. Goals of IS percent profitability and 10 percent growth, for example, may sound great and look great on paper. But are they realistic for your company? Can you actually expect to achieve them? Also, if the overall economy is suffering, 15 percent and 10 percent might be improbable goals even for established companies.
Tags: CEO, company, entrepreneurs, executives