Updated: Feb 26
No matter if you have owned your business for five months, five years or 25 years it is important to set goals to keep your business successful. The new year is a perfect time to look back on the year and recognize what did not go well and create some goals to reach during the upcoming year. But setting goals can be a little overwhelming. Here are a few goals that are good for small businesses and ways to attain them.
Reduce business costs. This may seem like an obvious goal for all businesses - who wouldn’t want to reduce cost? But it can be harder than it seems. A few small steps to reduce business costs include, going paperless, cutting back on software, looking for a less expensive location, and creating a business budget.
Increase productivity. Again this can appear to be a simple and straight-forward goal to set, but it is harder than it seems. Like our own personal goals we set on January 1, the motivation is there is the beginning but can slowly fade away until we are right back to where we were December 31. Write down ways to be more productive in your work day such as following a daily or weekly schedule, and keep it at eye level. Tell colleagues about your productivity plan and have them help keep you accountable.
Increase traffic on your website. Your website may be an incredibly important part of your business or it may be the most neglected. Either way, increasing traffic can be an efficient way to not only raise awareness of your business but boost your profits as well. Make sure the content on your website is relevant and up-to-date. Blogs and videos drive traffic to your site so make them fun and change them regularly. Also make sure your website is mobile friendly so clients and customers can access your site on any device.
Fully understand your financial situation. If you are not a numbers person, looking and spreadsheets, bank statements and financial reports may be the last thing you want to tackle, but it is important to know what money is going out of your business and what you are spending it on. Do a marketing analysis to see where you advertising dollars are going and if it is worth the cost or is you should look at new ways to promote your business.
Find new networking opportunities. Is your business out in the community? Are you taking advantage of the opportunities your community offers? Join local business groups or chambers. Attend a conference specializing in your business. Meet new people both in your field and in your community.
Once you have created a list of goals for your business, make sure you can attain them. The Balance Small Business suggests using SMART (Specific, Measureable, Attainable, Relevant, Time-based) goal setting to give you and your business the best chance of success in achieving your goal.
Create a monthly or quarterly check-in to make sure you are staying on track with your goals and 2020 is sure to be a time of tremendous growth and success in your business!
Sites referenced: www.thebalancesmb.com