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Trends in Financial Services

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Top 4 Startup Goals in 2017

10 May 2017  |  5686 views  |  0

Running a startup is a difficult job, especially if you are not 100 percent sure whether you are going in the right direction. This is why long-term goals can help you shape your business plan and keep you on the right track. Still, if you set too ambitious goals, they will most likely result in a failure, while, if you set the bar too low, achieving your goals won’t give you any satisfaction. With this in mind, it becomes more than clear that just setting these goals can be a difficult job, let alone achieving them. Seeing how you have to start somewhere, here are top four startup goals you may want to consider in 2017.

1.      Expansion goals

First things first, when it comes to your expansion, you need to have both short- and long-term plans. Start by identifying exactly in which fields your business needs to expand. Do you want to produce more? Do you want to reform your administrative functions? Is your short-term goal to move to a bigger office and your long-term goal to operate on a larger geographic area? Keep in mind that in order to become a measure of success, these goals need to have a certain time frame. To make a long story short, you need to ask yourself a simple question: “Where do I see my company this time next year?”

2.      Better management of your finances

The reason why most startups fail is not because their incomes are not up to the task, but because of a simple financial negligence. In order to avoid this, the next thing you need to set as a goal is improving the way you manage your finances. You need to start keeping a detailed track of all your account receivables, keep track of how and when you collected them, as well as mark who you collected them from.

As for your outcomes, you need to take a look at the amounts you spend and closer examine where you spend it. All in all, while there are numerous templates that can help make this job much easier, it would be a much safer bet to just schedule an appointment with a tax accountant company from Sydney area and ask for some pointers.

3.      Put an emphasis on team building

Next thing that deserves your attention is your team as a whole. You see, gathering a wide array of gifted individuals around you is a good thing, but it is not enough on its own when it comes to handling major projects. This is why, you need to mold these individuals and turn them into prolific team players. Encourage (and reward) group effort, make your staff engage in a series of team building exercises and try to diversify these groups as much as possible. People coming from different backgrounds or possessing different sets of skills might offer a different solution to the same problem. Needless to say, this usually results in the most innovative brainstorming ideas.

4.      Become a better leader

While it is always easier to pin the reason for your failure to a bad economy, lazy employees or a lack of finances, sometimes the fault lies in your own leadership ability. What you need to learn is how to better micromanage your office (when necessary) and how to let everyone do their job (when possible). Additionally, you should learn how to inspire trust in people and lead by example rather than fear. Finally, you need to show your employees that you are their safety net, even if this means standing up to your clients.

Conclusion

By pulling off just these four feats, you are bound to set your startup on the right track from the very beginning. Sure, this may seem to be too much for just one year, but then again, achieving a great business success was never going to be an easy task in the first place. To sum it all up, clear expansion goals, better accounting, fully established teams and improved leadership skills should be your startup’s four immediate aims.

 

Startup Goals TagsStart ups

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