What timescale should I set for my business goals?One of the vital elements of setting effective goals is in relation to the time scales which you set for the fulfilment of the goals. I tend to personally focus on goals for 1 year, 3 years, 5 years and 10 years; and it is fair to say that one of the downsides of my approach is that the long term 10 year goals tend to be vaguer than the 1 year goals, which are much more specific and adhere to the SMART principle.
Another thing that I would stress from my own experiences is that you should always ensure that you don’t run out of goals. I had a notebook of goals that I had set on holiday in my early twenties, and at the time the goals seemed very unrealistic. Having found the notebook aged 30, at the back of an old suitcase, I realised that I had an empty feeling because I’d actually achieved the SMART goals that were set within the notebook, but hadn’t reviewed or replaced these. Therefore it is essential, as with business planning (as you’ll see in the book), to continually monitor and adjust your goals to avoid stagnation.