Blogs
How to Kick Some Business Goals this New Financial Year - 29th June 2017
The
start of a new financial year is the perfect time to dust off last year's business plan and
set some new goals for the future.
While some entrepreneurs love planning, others feel overwhelmed by the process.
How do you decide on just a handful of goals that take priority, with so many
moving parts that make up a business?
These tips can help you get started
brainstorming how your company can plan for greater success in the years ahead.
Redefine your brand
Is the elevator pitch you used a year ago - even six months ago - still accurate? Unless you are crystal clear on who you
are as a company, whom you're here to serve, and what you hope to achieve in
the next one to three years, it's going to be hard to come up with meaningful
goals.
Take a look at your company vision, mission
statement, and core values. If they need tweaking to reflect where your
business is today and where you want it to go, start there. Then you can move
on to setting some useful long and short term goals.
Big picture planning
Entrepreneurs dream big - and they should! Thinking big can lead to ground
breaking products and services that become the foundation of innovative,
successful companies.
When it comes to goal-setting, thinking big is great, too. But in order to make
those big ideas like "increasing market share" or "growing profits" happen, you
need to break them down into smaller, specific goals and strategies tied to a
budget and timeline.
For instance, while your overarching objective may be to "grow profits by 50% by December 31", your smaller goals might include:
- Launching a social media campaign the first week of March to attract 2,500 new prospects by months' end; or
- increasing total sales by 40% with the opening of an online store by July 1st.
The key is to define goals that are measurable
and achievable.
Define smaller goals
With all the relevant information at hand and
everyone at the table, you can come up with strategies that align with your
company vision, assign deadlines, and get buy-in on what everyone needs to do
to see your ideas through to completion.
Final tips
Of course, coming up with business goals is
just one part of the equation. You'll also need to monitor your progress,
noting milestones and sharing your company achievements with your team on a
regular basis. Tracking your results will help your employees stay motivated - and it also gives you the chance to adjust your goals and strategies in time to
achieve the best possible results by year's end.
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