Now that 2014 is just around the corner, it’s time to start considering some financial goals for the new year. So, where to start? Here are some tips to help you achieve your financial goals for 2014:
- Review 2013 financials – Wait until you have closed your books for 2013 and then review your financials closely. A review of the past will help you define your goals for the future. Maybe there are specific expenses you’d like to reduce in 2014 or maybe you’d like to generate more revenue from one of your products or services.
- Keep the goals realistic – If you would like to increase your revenue in 2014, review your revenue numbers for 2013 and then consider how much you can realistically improve on them. Maybe you will determine a 5% increase is a realistic goal or maybe 30% is realistic. It’s important to consider factors like the state of the local economy and changes in your industry when making the determination.
- Get employees involved – If employees are aware of the goals for 2014 and ways they can help achieve them, they will be more engaged with the business. Consider offering rewards or bonuses if the goals are achieved.
- Be sure to document your financial goals and come up with a plan to achieve them – Specific, measurable goals are easier to achieve. Writing down your goals and a plan to achieve them also helps. Once the goals are documented, post them in a conspicuous place so they aren’t forgotten.
- Review your goals often and re-evaluate – Review the progress you’ve made toward your goals at least once a quarter, if not more. If you have gotten off track, come up with a new plan to achieve them.