Creating strong financial business goals for 2019

Graphic design image of a an arrow in a the center of a target with the words, "Regularly developing goals is simply a good decision for businesses." - TAB Bank

by Curt Queyrouze, President

Regularly developing goals is simply a good decision for businesses. When you have specific objectives in mind and can work toward them throughout the year, your business benefits from having a defined path and a guiding strategy in place. Even if you don't reach your goals in a given time frame, making progress on them means your organization is that much closer to eventually reaching them.

Finances are a core consideration for companies, as they have an impact on every other area of operation. Consider this advice for setting financial business goals in 2019 and far into the future.

General advice for setting business goals

No matter the type of goal you want to set, whether it's cutting costs in the warehouse by improving operational efficiency or improving financial reserves to keep your company safe from an emergency, here's some advice that's applicable to nearly all situations.

A goal that is too specific or complicated is hard to achieve and can cast a negative light on a strong effort that yields very positive results. Instead of setting an exacting goal - and viewing anything else as a failure - have a broader view of what constitutes a victory. Instead of zeroing in on a specific number or percentage for overall growth or improvement of warehouse staff, develop a range that's acceptable. In situations where substantial change is required, don't assume your company will fully transform in a short time frame outside of true make-or-break situations. Aim for strong progress, then set follow-up goals that can more specifically target any lingering issues. If you believe there will be difficulties involved, account for them as you set goals.

You should also give yourself enough time to assess a goal's value and long-term usefulness, as business think tank The Oracles suggested. Setting goals at the last minute can make you feel pressured and may lead you to make a decision for the sake of doing so. Instead, create potential goals early on, then set them aside for a little while and return to them. A fresh perspective can help you determine the priority of your goals as well as those which may be better off left out of next year's plans.

Examples of financial business goals for 2019

Improving cash reserves

Although the exact amount your business needs to feel safe and the figure currently in the bank changes from one company to the next, the need for a financial security blanket is universal. If your cash reserves aren't particularly strong now, consider emphasizing this need in 2019. It will help you address both opportunities and emergencies in the future as well as enhance your peace of mind.

If you're looking for a way to keep your savings secure and earning interest, a Business Money Market account can fill that role especially well. With a significantly higher interest rate than a standard savings account, your funds continue to grow without any of the risk that comes with investment. If you're comfortable setting aside some money to let it grow even more, you can also tap into the safe investment offered by certificates of deposit.

Expanding into a new market or line of business

Expansion is key to the development of your business. Whether it's extending geographical reach or performing new and different types of work, your business benefits from well-planned, targeted expansion. If you have a strong plan in mind backed by relevant data and analysis, setting goals related to expansion is definitely a worthwhile endeavor.

Of course, funding those well-laid plans can be difficult for even the strongest businesses. That's why TAB Bank offers a variety of ways to secure the funding and equipment your business needs. When you have a reliable, dependable financial institution working with you, you'll enjoy a strong relationship with your lender, competitive terms and a partner that cares about your company's future. Whether you want to consider one of these financial goals or many others, get in touch to TAB Bank to see how we can help you.

About the Author

Curt Queyrouze

Prior to joining TAB Bank, Curt amassed over 30 years of commercial finance and commercial banking experience. His career has included various credit, sales, and portfolio management positions in asset-based lending, factoring, corporate banking, oil and gas finance, real estate lending, financial institutions, healthcare finance, and middle marketing lending. Previous roles include Senior Vice President/Director of Loss Mitigation for Whitney Bank where he managed the resolution of a multi-billion-dollar problem loan portfolio. He also previously served as Division Credit Executive for PNC Business Credit and as Chief Operating Officer of The Receivable Exchange, playing a critical role in the launch of this internet-based, factoring auction platform.<br><br>Curt holds a Bachelor of Science degree in Accounting from Louisiana State University. He has also taught many classes on financial analysis, cash flow analysis, loan structuring, and workout strategies. He has served in many volunteer leadership positions for non-profit organizations advocating arts and humanities and disease awareness and prevention. As President, Curt oversees all strategic, financial, credit, and operational functions of the bank.

Follow on Twitter Follow on Linkedin More Content by Curt Queyrouze
Previous Article
Reviewing and reassessing your company's financial strategy
Reviewing and reassessing your company's financial strategy

A financial strategy is a core component of a well-managed business that offers valuable transparency for o...

Next Article
What treasury management means for your business
What treasury management means for your business

Deeply understanding the purpose and practice of treasury management is a critical first step when consider...