Businesses fail because they run out of cash. This is like saying people die because their hearts stop. Both are certainly true statements but what are the underlying reasons for failure and death? When you can figure those out, you may be able to extend the life of both.

One of the biggest reasons for business failure is a lack of goals. Many business owners tend to take a fly by the seat of their pants approach and to leave their businesses to chance. Would you let a house builder build your house without a blueprint? Most people would not, and yet, many business owners are doing the equivalent when they don’t set up goals.

Goals do not have to be elaborate or even formal. They just need to be realistic, and they need to have set time frames. Otherwise, there won’t be any way to track the success.

Not everyone knows how to properly set up goals for their businesses. Try to seek out advice from mentors or coaches who have experience in this regard. They can give you an outsider’s view about your business, and they can help you keep on track to ensure you are meeting your goals.

If you decide to seek help professionally, don’t skimp on the costs. You get what you pay for, all things being equal. However, there is nothing wrong with being demanding with the results that you get. If coaches are as good as they specify, they should be held to a high standard. Insist on some guarantee, just in case. Do a lot of research before making the decision. If someone doesn’t feel right, there is usually a good reason why. Trust those instincts. They will serve you well.

When you set up goals for your business, you may discover opportunities that you wouldn’t have otherwise found. Your goals will require tasks and those tasks will often require research. This research would never have been done if you didn’t set goals. It can open up your eyes to endless possibilities. You may even find potential customers as a result of this research.

Running a business often entails evaluating probabilities. What is the probability that this product will sell? What is the percentage of online sales compared to traditional sales? And so on. If it’s widely regarded that businesses who set goals tend to do better than those who don’t why would you go against this probability? It’s clear that setting goals is the right thing to do.