It is important to set goals for the business in general, and for establish goals for people working in the business. Commonly, goals are set on an annual basis, and they are reviewed reactively (in other words after the specific period the goals are again reviewed)
Goals should be broken down to quarterly, monthly, weekly, and sometimes even daily. It is easier to take collective actions if goals are not too far in the future. Goals should be discussed after your financial year, to make sure people are held accountable and time is not wasted.
Your IT system and recording system should be of such a nature that you can track at any given time what is happening in your business. This goes for service businesses as well as where goods are sold. What is important is goal setting, however goal management in real time is just as important.