If you want to achieve any goals, you need to hold yourself accountable. Whether your goal is to lose ten pounds in the next few months or to save enough money for a big trip, you need to track and manage them. The old saying goes “what gets tracked gets managed” and this phrase is ultimately true in the business world.
So, are you setting and tracking company targets? If not, here are a few reasons why you should.
Focus Your Attention
Every business, no matter how small or big it is, has a lot going on. With multiple departments, you need to make sure that the company as a whole is reaching its goals. Without any sort of system in place to set and track your company goals, you’ll be less likely to accomplish them. Accounting emergencies might arise which will shift your focus and ultimately lead to exposures on the sales team and their targets. Set these goals and keep your company on track.
Become More Profitable
The goal of any business is to become more profitable. This can be achieved in many ways and optimising different areas could be your solution. By setting and tracking company targets, you could potentially find new areas to optimise in your business to increase profitability along with productivity across the board.
Using Data to Drive Decisions
Once you find a platform to set and track these company targets, you can use this data to make better decisions. Having the ability to leverage the data you collect to make more informed decisions will pay dividends in the long run. The Australian Government Department of Industry has an excellent guide to help you come up with goals for your business along with steps to track and manage them over time.
Presenting your actual results against targets on a regular basis in an easy to read format is essential for the busy entrepreneur and business owner. There are many useful tools to choose from some of which you can find in the Xero apps marketplace.
Learning how to manage targets can make or break your business. To find out more Get in touch with us today.