It can work well for quite a while without specific goals. As long as everything is still manageable, everyone knows roughly what needs to be done, right? But as your company grows, at some point there will be too many decision-making options, opportunities will be missed, risks may be recognized too late and resources will be wasted due to a lack of focus. And even with flat hierarchies, if there is a lack of direction, you as the management will ultimately be called upon again.