Financial restructuring is a process used by businesses to reorganize certain aspects of the company to make it more profitable or more suited for its present needs. If your business is undergoing the financial restructuring process, now is the perfect time to redefine your goals.
When setting new goals for your company, make sure that they include the following qualities:
- Optimism—When you start setting goals, be positive about what you want to accomplish and where you want your business to take you once the financial restructuring process has concluded. For instance, instead of saying that you want to be able to “pay the bills,” you may want to say that you would like to “achieve financial stability.”
- Specificity—It is essential that your goals be very specific in order for them to be achievable. For instance, if you desire to raise capital, state that you would like to acquire a certain amount by the end of next year, the end of the month, or at the end of the quarter.
- Realism—While your goals should allow you to stretch your business’ capabilities, they should also be realistic. Start with small steps, such as increasing your monthly profits by 15 percent, and then move on to larger ones as these initial aims are accomplished.
- Both short and long-term—Your business plan should include goals that are attainable within a year and ones that may take 5, 10, or even 15 years to achieve.
By having solid and attainable goals in place, your business will be more likely to succeed once the financial restructuring process is over.