As the name implies, long-term goals are destination-driven. They help you keep track of what’s important and not just what’s in front of you on a day-to-day basis.

“Revenue goals are the crystal ball of your company’s future,” offers Bob Misita, CEO and Co-Founder of LeadsNearby. “Long-term goals are not something you can ignore – though sadly, many companies do. Don’t be one of them.”

Let’s start at the top and work our way down the why. and how of long-term goals for your business.

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Backbone For Your Business

Long-term will mean different things the longer you are in business,” notes Stephanie Potter, Client Success Manager at LeadsNearby. “A long-term goal for a plumbing business that’s been around for a year is vastly different than an HVAC company in its second or third generation.”

The one thing they both have in common is that long-term goals give your business structure and direction.

“Your long-term goal might be to change the way you operate your business. You want to go from a single truck to a fleet of three,” Stephanie says. “You know that you could do more business if you weren’t personally turning a wrench… or vice versa. Maybe you need someone to answer the phones because you need to be in the field.”

The short-term goals you pick to get you to that growth might vary, but, long-term goals help you see where your effort should go.

“A long-term goal might be to grow your business into a new territory,” adds Tovah Coats, Client Success Manager at LeadsNearby. “Oftentimes, long-term goals are data-driven. Fortunately, with tools like our proprietary PriMO analysis, it’s easy for us to chart that course to success for you.”

Tovah says that your short-term goals need to be flexible so you can account for changing market conditions, but your long-term goals need to be set in stone. “Otherwise, they aren’t helping to guide you.”

5-Year Plan

Once you know what you want to do with your business, you get the broad strokes down, including how long you expect it to take. In general, 5 years is a good timeframe to achieve major growth or restructuring, so we usually suggest that as a starting point.

“There are things you should be doing, every single day, during the 5 years to hit your goals,” says Bob. “Check your profit and loss statements. Look at the number of jobs you’re doing – are you hitting your targets there? Are you making adjustments when things aren’t working?”

Once you’ve set your five-year goal, work backward to determine what you should be doing each day to get there. When you know what you’re trying to accomplish, it’s much easier to set short-term goals for your business, increasing your ability to be successful.

“Creating a plan to get to your first million is not as scary as it seems,” adds Tovah. “Usually, I just have to work with clients on the basics to get them there. Once we have those things set, the sky’s the limit.”

The Long December

When thinking about your long-term goals, it’s important to consider the full year.

“Your yearly marketing and business plans take all the ups and downs of those twelve months into account,” says Bob. “When is your business in highest demand? When are you in shoulder season? Whether it’s money you plan to put out for resources and times when you need to maximize the money you’re taking in. A 12-month plan will help you stay on an even keel.”

You’re In It For The Long Haul

Bob says, “When you start a home services company without a plan, one of two things tends to happen. You wind up growing so quickly you can’t sustain it and it collapses under its own weight, or you become stagnant. You settle into the same old patterns and never grow.”

You have to decide what victory looks like to you – then work every day to achieve it.

“Some people want to grow their company to a value where they can sell it to fund their retirement. Some want to build a legacy they can hand down to their children,” says Bob. “Do you want to be up to 10 trucks? Do you want to be up to $10 million in annual revenue? The answer doesn’t matter, as long as you have an answer.”

Once you set your long-term goals, your choices basically start making themselves.

“We love it when a plan comes together,” Bob says with a smile. “Let us be part of that with you.”

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