Goal setting is one of the most important actions you can implement in your small business, regardless of how long you’ve been in business, where you are located, how profitable it is, or what your products and services are. Goals help you stay focused and they can prevent your business from becoming stagnant. Your business goals keep you driven and monitors your progress. It is very easy one to think that goal setting is something done at the start of each year, like resolutions.
However, that is not always case. Remember the distinction between short-term, medium-term, and long-term goals? This is the exact distinction that you should have for your business. Short-term ones equalling the daily goals. Medium-term being the monthly goals and the long-term being the yearly goals. This can the help with tracking your progress and refining the strategies you are following to achieve your goals on an ongoing basis.
To help with your small business goals setting, here is a list of goals that have the potential to change your business for the better:
- Reduce Ongoing Business Expenses
This is a goal that is relevant to most small businesses. Expenses are what could be killing the chance of your business profits. At the end of the day every business owner would like to reduce the costs of running his or her business. Therefore, when planning the year’s goals be specific with the financial plan as well and cutting off unnecessary costs — using more technology, reducing debt, or changing up your operations.
- Ramp Up Productivity in Your Business
The level of productivity directly impacts your bottom line. Hence, it will always the best idea to set a goal to boost your productivity and the productivity of your team. You can become more productive by eliminating distractions during the workday, improving the way you use business tools such as email, and by incorporating the use of productivity apps. Monitoring what you and your team have managed to achieve makes the next day better.
- Start Using Social Media Marketing in Your Business
New marketing tactics are what gives you agility in the business world, and if you have been resistant to social media, now is the time to dive in. Learning more about social media marketing for small busines can go a long way. It is a digital space meaning more potential clients. However, the trick is to know your brand and its digital interpretation.
- Create a New Customer Service Process
How do you communicate with your employees and ensure their satisfaction with your business and products and services? It is very important for your employees to be the primary brand ambassadors of the company brand and image. This then makes relaying the ideas to the clients effortless and impactful.
It is also very important to build a rapport with your clientele. Set a goal that focuses on making your customer service process exceptional, handling customer complaints more effectively, or incorporating customer service into your social media practices. The major step is asking your customers for feedback to identify what your business can improve on.
- Find New Opportunities for Networking
Exposure is everything, especially is small businesses. If you are not actively networking in your small business, it is time to intentionally do so. Set a goal this year that gets you introduced to more people and allows the growth of your business network. You can attend networking/business conferences, amplify your online networking on platforms and trading expertise with others at small business events.
- Conduct a Marketing Audit
Sometimes we get caught up in the doing and forget to check if what we are doing is worth the time and money, we are investing in it. At Dcon-Consulting we take stock of all the marketing activities we are doing in our business and measure the level of success of each of them. Committing to doing a marketing audit each year helps improve the effectiveness of your marketing investment.
- Do a Thorough SWOT Analysis
A SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and of the competition. It is used in any stage of business to help you determine what makes your business stand out, identify potential new areas of the market that are untapped, and explore what your competition is doing better than you are. Practice having a SWOT analysis every year as part of a larger process to better your decision-making process.
- Use SMART Goal Setting
Once you have some ideas about goals you can set in your small business, it is time to take the next step and turn each goal into a SMART goal. Each letter in the SMART goal acronym highlights a different aspect of your desired outcome. Writing them down helps you achieve them and ensures you do not miss any critical goal-setting details. This process allows for a clear understanding and objective setting when worked on with a team of several people. A SMART goal is one that is specific, measurable, attainable, relevant, and time-based. This in simple terms means realistic and possible goals. This then includes having a timeline and planning out them out literally.
At Dcon-Consulting we are all about quality services and empowering you to proficiently communicate your brand. As a way of doing that we look forward to #DconSharesKnowledge Fridays on our Blog. This of course will not only help you but our team as well as this is information is shared amongst us then to you.
Lets get goal setting!!!