Ring in the New Year by setting goals to strike business gold

Business owners, and many others, appreciate the coming of a new year. Traditionally, the New Year represents a new beginning, a time of renewal and starting over. This is the perfect time to create a vision for your company or look at your current vision with fresh eyes.

As you look back, questions may arise: "Did I, as an owner, do everything possible to meet or exceed the company's profit goals?" and "What goals do I need to set for 2016 to meet customer demands and be an integral part of the community?"

Why Set Goals?

The short answer is that by setting goals it gives you a long-term vision and motivation in the short-term. The long answer is more involved, so here are some tips to get you started.

1. Vision. The first step in the goal-setting process is to state what the vision is for the company. It is imperative to define this vision clearly, so you know exactly what you are aiming for. Write it down. Can you sit down on your own or with a team and review specific activities like demographics of the customers you serve? Do you have feedback from internal and external sources that could guide you toward your goal(s)? This information will prove to be valuable as you clarify your vision. The bottom line is this: "Are you clear on what you want and why you want it?"

2. Strategy. The "how" to achieve a goal is the valuable strategy you create as a guide. This is your plan. Perhaps it works best to have each department set up quantifiable goals specific to its department that supports the overall vision. For instance, the customer support department could track inquiry details about products or services. An inquiry form could be created to capture this information easily. Now you have something measurable to analyze and guide you to your desired outcome. Define who is responsible for each step of the strategy and hold them - and yourself - accountable.

3. Results. If you are tracking measurable steps toward your goal(s), you have information to analyze. Set a timeline for evaluating where you are. Do the results look like what you aim to achieve?

4. Adjust. I generally recommend that you revisit your goals, strategy and results every three to six months. Things change. By revisiting, you can adjust what you're doing before you get too far off track. Don't worry, it is fine to regroup and even change your original goal. Ultimately, you want to be successful and profitable.

5. Flexibility. Setting and achieving companywide goals is not a one-person job. By being open to working with others and their ideas, you may learn of innovative ways your business can achieve its goals. Attainment of your goals may require that you reach out to others.

No matter how many goals you set, they should support the overall vision of the company. Each company will approach goal setting differently. One may require each department to have goals, while others only see the need to have companywide goals. Whichever approach you take, make certain you communicate effectively. It is easy for a department or person to get lost in achieving their own goals, and not realize it isn't moving the company toward its one vision.

With a concerted effort, you'll find that you and your business have the focus to drive the business to amazing heights of profitability. This conscious effort can be the secret ingredient that completes your winning recipe for success. The clock is ticking, how will you achieve your goals?

• Regina R. Carver is a Certified Life Coach who shares her passion for goal setting as the author of "How Will I Achieve My Goals? Six Simple Steps to Proven Success."