A 5-year plan for a business outlines goals and the metrics to gauge success. Goals that are specific, measurable, achievable, relevant, and time-bound allow you to stay focused. Goal-setting should never be a one-time event. Work on your big goals first. Then look at how to get there through strategy and finances. Track progress with key performance indicators assigned to each goal.
Crafting Meaningful Goals
Methodologies that create difficult goals generate higher engagement. Medium-term goals intended to move your business forward meaningfully are good. Examples include increasing market share by 5% and bringing a product line extension to market.
Before examples, more on long-term business goals. One goal is to stay in business for over 5 years, as 50% of new businesses fail within 5 years due to reasons such as lack of planning.
SMART Principles for Setting Goals
Using SMART principles, possible 5-year goals include:
- Obtain a promotion within the current organization by seeking more responsibilities and excelling.
- Earn an advanced degree related to your occupation.
- Attend industry conferences annually to network.
Accomplish goals through tangible steps instead of wasting time. A plan creates focus – the gateway to success. When focused on your goals, you stay aligned to accomplish them.