There are several reasons why small business owners fail to set goals. It’s a common problem and can adversely affect their businesses. The following are some of the more common reasons.
Afraid of Failure:
By setting goals, if the business owner doesn’t meet them, others may see this as failing. This can be a fear for the owner and could be a big reason why they don’t set goals.
They Are Not Sure How:
This is one of the biggest reasons why small business owners avoid setting goals; they don’t know how. It’s one thing to list a bunch of desires and another entirely to create a plan that may actually move a company forward.
Afraid of Success :
Just as strong as failing is what happens when a business owner sees success. Are their companies big enough to handle that success? If they set goals, they may have to take on more activities such as hiring and expansion of facilities, etc.
Will Be Held Accountable :
When you make your goals official, you now have a roadmap that holds you accountable. This means that the expectation is much higher and can put unnecessary pressure on these already busy owners.
Too Time Consuming:
It takes time to brainstorm ideas and to create tasks that are associated with the goals. This is time taken away from core business functions. Unless they have employees to take up the slack, many business owners are sole employees and have to manage the day-to-day activities.
Why Bother? You Are the Only Employee :
This was covered somewhat in the previous paragraph but when you are the only employee in your business, why do you have to come up with goals? Many small business owners think they know what needs to get done.
Just Go with the Flow:
Many smaller business owners are under the impression that they can just wing it, i.e., to go with the flow. The belief is that whatever is going to happen will just happen as if it’s meant to be. Setting up goals is a waste of time for people who feel this way.
While there are business owners who have been successful without setting goals, most struggle with their business. In fact, this could be the single reason why a majority of small businesses won’t last past a couple of years. By having a roadmap, they are in a much better position to see what is working and what needs help.