Why Bother with Business Goals? - Foundation Finance Company

Why Bother with Business Goals?

2023 business goals

Setting goals helps you measure your progress in the current year or quarter as well as compare that progress to other years or quarters. Goals also help establish accountability and set the direction you want your business to go.

Types of Goals

There are a lot of ways to create and measure what makes a successful business. Consider what goals will work best for you and your team to get where you want to be in 2023. Here are some ideas to get you started!

  • Financial:

    Financing milestones can be a good way to track overall business growth and success.

  • Health & Safety:

    Goals that involve reducing workplace accidents, implementing safety training and improving safety compliance can have a positive impact on your business.

  • Productivity:

    Cutting back on wasted materials, improving employee attendance rates, and tracking and maintaining your inventory of supplies and tools can help cut costs and improve overall efficiency.

  • Employee Satisfaction:

    Finding and training new employees can be time consuming and costly. Consider setting goals and looking for opportunities to reduce employee turnover, raise average job tenure and measure employee satisfaction.

  • Customer Satisfaction:

    Happy customers create referrals and repeat business. Review your current processes to find ways to improve your customer鈥檚 experience (such as聽offering home improvement financing).

What Makes a Good Goal?

The key to creating a good business goal is to make sure it is specific, measurable, attainable, relevant and time-bound.

  • Specific: There are many ways you can reach a goal, and you may employ several strategies to reach it, making it important to set specific goals so that it鈥檚 clear when the goal鈥檚 criteria are met.
  • Measurable: A goal isn鈥檛 worth much if you can鈥檛 measure your progress or tell when you鈥檝e accomplished it. Make sure your goals include a specific number or percentage change you hope to achieve.
  • Attainable: Ambitious goals can help propel your business forward鈥s long as they are attainable. Consider your results from previous years and the factors that led to those results to come up with goals you and your team can realistically achieve.
  • Relevant: Will your goal help your business be more successful? A worthwhile goal will have a positive effect on your business when you accomplish it.
  • Time-bound: Open ended goals make it hard to measure progress. Choose a specific time frame that you will work towards each goal and at the end, measure your progress to see if you have achieved it!

Setting worthwhile business goals is important, so take some time to really think about what you want to accomplish in the coming year. Once you know what to achieve, we will be there to back you up! Our dealers receive full access to the tools and technology that make offering home improvement financing to your customers easy.

Not already a dealer? Enroll in the Foundation Finance dealer network for free. Contact us for more info:聽1-855-241-0024, [email protected].

Note: Use of the terms "Loan," "Lender" and "Borrower" is for ease of reference only. Financings are in the form of retail installment contracts ("RIC").

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