Goal Setting for Your Small Business
It’s the beginning of the year, which means you likely have or are planning on setting some goals for the year. It’s the most common time of the year to plan ahead and think about all that you want to accomplish. While you’re taking a step back and evaluating your business, we wanted to share a few goal setting tips to help you have your most successful year yet!
Set S.M.A.R.T. Goals
You’ve likely heard of this acronym before, but in case you haven’t: Specific, Measurable, Achievable, Realistic, Time Bound. It’s a good idea to run each of the goals you’re thinking about through this process. For example, if your goal was to increase sales this year. Running it through the S.M.A.R.T. process, you would be specific about what you want to accomplish, make sure that there is a measurable quality, that it is feasible for you to be able to accomplish, and that you give yourself a deadline.
So instead of just saying that you want to increase sales, it’s better to say that you want to increase overall sales by $20k by December 31, 2018. And before setting this goal, I would want to examine the financial trends in my business from 2017. Were sales increasing steadily over time? Would $20k even make sense? While of course you want your goals to be a stretch (you don’t want to set it for something you will obviously meet), you want to make sure that it is realistic given your circumstances.
Diversify Your Goals
One of the first goals that many of us think about our financial. It makes sense, it’s what allows us to get a paycheck. But think about other ways you could grow your business this year (that may even help you grow financially). This will help your business to better well-rounded. Some examples could be:
- Growing your referral network by x%
- Attending # of conferences or networking events
- Hiring a graphic designer, virtual assistant, or marketer by xx/xx/2018
- Better work-life balance (ie: not working on Saturdays)
Last but not least, remember it’s not too late to set your goals. You can start in any month and any day of the week.
Have you set some goals for this year? We would love to hear!
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