Setting goals for your small business is easy. Achieving them, however, requires focus, structure, and a clear plan.
Financial goals are the backbone of your business strategy; they guide your decisions, shape your priorities, and help you measure success. But too often, business owners set vague targets that quickly fall by the wayside. If you want goals that actually stick, here’s how to make them work for you.
Start with SMART Goals
SMART goals are:
- Specific – Be clear about what you want to achieve.
- Measurable – Attach numbers so you can track progress.
- Achievable – Aim high, but stay realistic.
- Relevant – Align goals with your broader business strategy.
- Time-bound – Set deadlines to create urgency and focus.
Instead of saying “Increase sales,” go with:
“Grow online store revenue by 20% by the end of Q3.”
Link Goals to Strategy
Your goals need to connect with a plan. For example:
- Want to grow revenue? Will that come from launching new products, increasing prices, or boosting customer retention?
- Hoping to reduce expenses? Will you renegotiate supplier deals, cut overheads, or switch to more efficient systems?
Each goal should have a tactical path forward. Without it, it’s just a wishlist.
Break Big Goals into Milestones
Large goals can feel overwhelming, especially when business gets busy. That’s why breaking them down is critical.
Example:
If your yearly goal is to increase profits by 15%, you might set quarterly profit targets and monthly action steps like reviewing expenses, launching a campaign, or upselling existing customers.
Think: What can I do this week or this month that moves me closer to my big goal?
Track Progress Consistently
You can’t manage what you don’t measure. Review your financial goals regularly: weekly, monthly or quarterly, depending on the goal.
Ask:
- Are we on track?
- Do we need to shift resources?
- What’s working and what’s not?
Set up dashboards, use accounting software, or even a shared spreadsheet with your team. The key is visibility.
Involve Your Team
Don’t go it alone. Share your goals with your staff or partners. When your team understands the “why” behind the numbers, they’re more likely to contribute ideas and energy to help you reach them.
Better yet, assign ownership of key milestones. Accountability creates momentum.
Stay Flexible, But Focused
The market changes. So does your business. If a goal no longer serves your strategy or becomes unfeasible, it’s okay to adjust. The goal is progress, not perfection.
But don’t use change as an excuse. Stay committed unless there’s a real need to pivot.
Setting financial goals is not a one-time task, it’s a discipline. The most successful small business owners are those who set clear goals, build structured plans to reach them, and revisit them often.
Set goals with intention. Track them with consistency. And chase them with clarity.
