10 Ways Leaders Can Reevaluate Business Goals in the Midst of Change

By Brett Farmiloe

Whether it's intentional or the result of external forces, change is a constant for businesses. In the midst of change, smart business leaders reevaluate their business goals and make adjustments as needed. Here are tips for reassessing your business goals while your company is experiencing change.

Reevaluating your business goals during a period of change

1. Ensure the customer is at the center of all your decisions

"In my experience, one of the most important tips for keeping your goals in line with market changes is to ensure that customer-centricity is at the heart of everything you do. Stay close to your customers and listen to them carefully. They will often be the first to spot changes in the market and they will have valuable insights into what your business needs to do in order to stay ahead of the competition. By making customer-centricity a priority, you can ensure that your startup is always responsive to the ever-changing needs of the marketplace."

—Antreas Koutis, Financer.com

2. Detach your emotions and be realistic with business decisions

"One thing I notice as a universal risk among startup leaders is how hard it is to let go of an idea when market forces are moving in a different direction or presenting in unexpected ways. Remove yourself and emotionally detach from what is presented to you. The market never lies. Customer behavior never lies.

"Reframe goals within the context of what is your ideal customer's 'migraine' (not headache), what the most effective relief would be for their migraine, and the value of being free of the migraine. The cost (for them) of the relief should be far less than the value derived from it. Making the customer the center of the universe helps to determine goals and strategies."

—Parissa Behnia, Sixense Strategy

3. Write down your long-term goals

"When you’re a startup leader, you’re constantly making decisions. It’s natural for those decisions to change as your business does. However, when you’re evaluating those decisions, you need to keep your goals in mind. When taking on new challenges or deciding on new strategies, you need to make sure that they align with your long-term goals. Otherwise, you risk getting off track and potentially undermining what you've set out to achieve.

"Writing down your long-term goals when things are going well and keeping them in mind when things are volatile can help you make wise decisions, stay on track, and keep you aligned with where you want to go."

—Matthew Ramirez, Paraphrase Tool

4. Set both hard and soft goals

"For new businesses in particular, it is crucial to set 'soft' goals that can be moved to fit your current trajectory, in addition to more solid 'hard' goals that do not move and are part of your overall business plan.

"A hard goal can be a revenue target or an overall plan of selling your business once a certain level of profitability is reached. A soft goal can be more product or service related—for example, you may start with a certain product and really push it as your primary offering, but find that your audience responds better to a different product. Naturally, the initial goal of pushing the original product or service should be updated to reflect a switch in strategy."

—JM Littman, Webheads

5. Listen to your team

"Team feedback is always important, especially during times of change when anxiety is high and rumors may start to take hold. Giving your team a platform to voice their ideas and taking the time to consider their input, you get an 'in the trenches' perspective on what changes will benefit or harm the people who make your business run.

"This is important: your business is nothing without your team. Implementing sweeping changes to your business goals (and how you plan to achieve them) without consulting with your staff can leave them in a state of panic and confusion."

—Volodymyr Shchegel, Clario

6. Stay current with the times

"In changing times, you need to stay relevant to your industry trends. You cannot fall behind. Sure, hold on to your values, but become flexible in adopting new workplace norms, new technologies, and new 'anything.' For instance, VR and remote work culture has become the new norm. You need to be ready to become part of the change, or you’ll be seen as old school and inefficient."

—Mark Valderrama, Aquarium Store Depot

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7. Get advice from an expert

"It’s not always easy to change, especially if the change is sudden and you don't have all the information necessary to make an informed decision. That’s when it is time to reach out to a business advisor who can share with you the factors that can affect your business. As a startup leader, being too close to your business and being too involved can make it difficult to see what needs to be done. The expert advice of a business advisor can give you the information you need so you can reevaluate your business goals accordingly."

—Jenna Nye, On the Strip

8. Discover new opportunities

"Change is not about looking back; rather it’s about exploring new opportunities you can take to stay on top. First and foremost, figure out what new things are coming that never existed before. For instance, after the pandemic, remote work has become the new norm, and organizations now have the opportunity to hire qualified candidates from all over the world and save on operational costs by going officeless. Try to see things from the perspective of discovering new opportunities, and then reevaluate your business goals accordingly."

—Rameez Usmani, The Stock Dork

9. Advocate for change and not against it

"Let's admit it, change is inevitable. However, the biggest mistake leaders often make is to deny that change is inevitable. Or worse, they keep fighting change, even when it clearly is a losing battle. They not only lose valuable time and resources, but also miss out on the opportunity to do something better.

"Instead, a better approach is to embrace the change and start advocating for it. This is counterintuitive, but it allows you to see where the change is coming from, why it's coming, and how your business goals might need to adapt in response. More importantly, you convey a positive positioning, where you become the changemaker and not the naysayer!"

—Alekh Jindal, Keebo

10. Determine what's working and what's not working

"What was successful in the past may no longer be effective in the future. To go forward during times of challenge, you must let go of what no longer works and adopt new techniques for advancement. Consider your initial plans and how they compare to actual results. What went wrong with your plans? How have things changed since then? What would you do differently in the future? Answering these questions will help you determine how your plans need to change and which tactics will still work."

—Timothy Woods, Carnivore Style

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