Goals every business should have for the new year
Read time: 3-4 minutes
I wanted to take a quick second and firstly wish you a very happy new year!
Growing your business comes down to many different factors, but they all have the same foundations - time, money and energy. Some of us are blessed to have a lot of time, but maybe the budget is tight.
Others aren't lacking in the cash department, but have no time or energy to put into growing the business. Thus, prioritizing what the most important goals are, to you, is the first step to getting more of those foundational elements, whichever one you want more of.
Here are three quick "goals" to keep in mind when reviewing your plan for 2020.
goal 1: Go small before going big
It's new years - so if you're like me, you probably have a few personal goals you have on the table. And, if you're also like me, you've probably dove right into something with great intentions and went 'all in', only to find yourself completely burned out weeks or even days later.
What happened? You probably thought you could give up all of your old habits immediately and replace them with new ones and stick with them 100% right away.
We've all done it, whether with fitness, a new financial goal, a project at home, we all have made the mistake to not set small goals while reaching the big goal. It's important from a psychological level, because we respond well to rewards and positivity when we accomplish something of importance to us. If we wait until the 'end game' to let the serotonin release that comes with meeting a goal arrive, then no wonder we get discouraged and give up when the going will, inevitably, get tough.
The number one way to combat the long-game blues are short term goals. When it comes to your business growth plan for the year, determine your end goal and then work backwards!
For example: do you want to cut overhead costs in your business? Awesome! Now, set small steps with estimated timelines for completion until that goal is reached. Will it mean you have to re-evaluate your mailing costs? Could it be downsizing your staff? Does it mean shopping around for new contracts for your business software? Set deadlines and then stick to them. If it helps, get an accountability partner (whether a colleague, your financial advisor or a trusted friend) to keep you on track.
Success looks different for every single business owner. Do not be ashamed of whatever progress you make towards your goal.
Goal 2: re-evaluate your existing business plan
If you've been in business for a while, you most likely started with a business plan and have amended it over time. If you haven't, and you plan on scaling your business this year, then now is the time to revisit your original plan.
Review it all - your market analysis, competitive analysis, your management plan, marketing plan, financial plan, operational plan, the works.
Some of those things may not have changed. Others may have completely. Others still may have evolved. The point of this business goal is to make sure you're prepared for growth according to your current needs and the current demographic.
For example, with social media being as prevalent as it is, every business needs to continually re-evaluate their marketing efforts to see where social media can assist their growth plan.
Perhaps you started with Twitter advertising, but soon found that LinkedIn ads give you better quality leads. Or, maybe you're not on social media at all, but a new competitive analysis shows that you can "get in front" of your demo on Facebook.
Since social media changes practically monthly (whether new platforms, new algorithms, new trends, etc). then not re-evaluating a digital marketing plan regularly may actually be inhibiting your growth efforts.
Assess what works and what doesn't. Refresh what works and replace what doesn't.
goal 3: revenue targets are fine, but they shouldn't be the only focus
At the heart of every business are values that drive the brand, the culture and the vision. Sure, developing wealth is on the forefront for every business owner, and it's a very important element of running a business, but being money-centric can fail you in the long run as it puts your core values at risk.
The values that you entered into your business is what makes you unique and keeps you in touch with your demographic. Having a well-developed plan for your business will keep your eyes on the intangible prizes that matter most to you.
What do you think some of those intangible goals are? Do you want to spend more time with your team "on the ground" and less time in meetings? Do you want to start up a charitable aspect of your business? Do you want to start having Friday's off? Make goals that fall outside of the revenue basket, too.
If you're looking for professional assistance to determining your business goals for 2020, give us a call. Let's aim to make 2020 your best year yet, together.
