Every new business has to have a business plan, and every plan has to have goals if it is to stand any chance of being actualized. A business that has no goals is more likely to head down the wrong direction compared to a business that has clearly defined goals. Small businesses should have both small and big goals, but their goals should be as realistic as they are ambitious. Unrealistic goals more often than not lead to unwanted frustrations, while under-ambitious goals rarely give small businesses the required competitive edge. You have to find the right balance. To help you get started, here are 10 goals that you should set for your small business:
Gain a solid foothold in the global marketplace
With increased social media adoption and other prevalent tech advancements, entering the global marketplace is not as challenging for small businesses as it used to be a decade back. Today’s business environment gives both small and large enterprises an equal chance to operate in local, regional or international markets. However, you need a feasible global competitive strategy to guide you through your global expansion journey. You can liaise with an international PEO, such as Global PEO in setting specific, measurable, and actionable international expansion goals.
Expand your human resource
You cannot maintain a business on your own forever if you are an ambitious businessperson. If you have been operating a sole proprietorship, therefore, you need to start thinking along the lines of expanding your market reach and hiring a few skilled employees to help you stay competitive. You need an accountant, a few sales experts, and a customer care expert for a start. You will need to consult an attorney in regards to the regulations you need to abide by when hiring.
Boost your employee productivity
Employees’ productivity has a direct impact on your bottom line. That is why your primary objective should always be to boost your productivity and the productivity of your team. That means eliminating office distractions, making the office space as comfortable as it can get, and investing in modern business tools such as productivity apps, communication apps, and team collaboration tools. Adopting a flexible working schedule can also go a long way in boosting employee productivity.
Optimize your website
If you don’t have a professional website for your business, make it your goal to create one this year. You will also need to optimize it through SEO in order to make it more visible to your target audience. The higher the visibility, the higher the traffic the website gets, and if your content is engaging and convincing enough, the higher the conversion rates, sales, and customer loyalty.
… And your social media
SEO goes hand in hand with social media optimization. Social media is inarguably the biggest marketing space in the world right now. You need to conduct thorough research on which platforms your target customers are most likely to interact with your message, and which platforms align best with your brand.
Improve your employer brand
A strong employer brand will help you attract the best talents in your local labor market. You can improve how potential employees perceive you as an employer by improving the working standards for your current employees. You can start by offering more flexible hours for employees who enroll for further studies or bring-your-child-to-work policies for working parents. On top of their salaries, you can make it your goal to add benefits such as health insurance and gym memberships into your employees compensation package going forward.
… And personal brand
Your small business brand is reliant on your personal brand as the business owner. It is hard to divorce your brand from the business, so you have to stand out in the crowd if your business is to remain competitive going forward. You have to boost your credibility by taking part in community development programs and establishing yourself as a professional in your line of work.
Reduce overhead costs
You can do this by adopting a leaner business approach, eliminating unnecessary expenses, renegotiating expensive contracts, reducing energy wastage in the workplace, and reducing your debt. Closing as many expenditure pipes as possible is a key to boosting your profit margins.
Adopt more effective and more efficient marketing strategies in order to boost your competitiveness. Conduct a marketing audit to weed out the marketing campaigns that eat into your marketing budget without netting in the returns you desire. The audit will also help you to commit more resources to the marketing initiatives that will make your goals more attainable.
Design a sustainable growth strategy
Address the financial requirements of growth strategies before adopting them. Take your time to analyze the potential sources of capital each growth strategy needs. Prioritize growth strategies that are both ambitious and sustainable.
Setting goals is easy but actualizing those goals calls for unrelenting attitude and effort. As a small business owner, you need to trust your ability to achieve your goals and think positively when navigating through tough challenges. You also need to be flexible in order to withstand setbacks and unexpected changes.