There’s no need to fear setting goals and projections for your business – it’s a no-lose situation, Inc.com contributor Michael A. Olguin explains in the article “4 Reasons You Need to Set Business Goals.” Having specific marks to shoot for is always valuable, but it’s also important to remember that goals shouldn’t be strictly about financials. Setting goals involving innovation, employee retention, service, or anything else that’s helpful to your business will enhance financial success in the long run. Here are four reasons why having business goals is beneficial:

1. Measure success. It’s easy to get caught up in short-term goals and the tactics needed to get there, but by setting goals for three, five, and even ten years down the road, you’ll begin to see things from a different perspective. Even if you aren’t able to reach your goals, that change in the way you look at things should be helpful.
2. Leadership Team Cohesion. Having clearly defined goals ensures that your entire leadership team is on the same page and making decisions strategically, not randomly. This eliminates much of the uncertainty of decision-making.
3. Knowledge is Power. When you’re aiming for a particular goal, it allows you to gain a deeper understanding of the impact of each and every tactical decision and how it plays into the strategic plan. “The more you know, the better decisions, you can make,” Olguin writes.
4. Reassess Goals Mid-Year. When you continually monitor your progress towards a goal, you’re able to more easily recognize flaws in your strategy and adjust accordingly. Without goals, a small problem can go unnoticed and turn into a big one before you know it.

Click here to read the article from Inc.com.