Setting Up Your Small Business Goals for 20/20

Seven small business goals to make 2020 the best year yet.

  Your business will only be able reap what your business sows. Therefore, setting business goals for the new year is a great way to make sure that your company is still on track and focused on the overall direction you wish to grow. When discussing goal-setting it is crucial to begin by understanding the currently state of the company and where that is in relationship to the direction where you would like your business to go. Goals should be set with a specific time frame of completion and there should be various measurements established to allow a way to revisit and redefine those goals based on the success and momentum built over time. Here are the seven small business goals to make 2020 the best year yet: 1. Revisit your previous small business goals. As we get a new year started goals should be revisited and reviewed to ensure that there is a clear plan of action implemented and all parties involved are aware of the part they play in the achievement of those goals. Creating an overview of what was accomplished the previous year will help you determine what should be removed, changed or added for the new year. Goals should be broken down in a way that enables you to clearly determine what specific tasks are needed, what individuals are necessary to implement them and the specific length of time it should take to implement them. Setting your company up this way for the new year helps build confidence in your team and begins to build momentum in the right direction. 2. Create SMARTER goals. When setting goals the acronym SMARTER can be utilized to help you make sure they are appropriate and measurable. As you are setting goals keep the following concepts in mind; Goals should be:

• Specific and Simple
• Measurable
• Attainable
• Realistic and Relevant
• Timely and Time Bound
• Evaluated
• Revised

Make sure you have considered all of these variables when creating your goals in order to create a more successful implementation and possible revision of these goals. 3. Make sure your goals align with the overall mission and vision of your small business. Often as businesses grow and expand new projects and goals are established that are not completely aligned with the mission and vision of the company. Get clear on the objectives of the company and make sure all parties involved in creating that vision are still current and on track. In order for a business to reach success action plans must be created that clearly show proper formation, implementation, measurement and support towards the overall mission of the company. Having markers to measure the successful direction of goals can serve as a type of motivation that may help you and your company grow and potentially improve on weaker areas of implementation. 4. Have an action plan established for properly meeting your goals. As you get a clear vision of your goals you are able to determine the tasks that are necessary to complete each goal. A proper business plan should be laid out by week, month, quarter and year to help the entire team remain focused and gaining momentum through the year. As tasks are broken down and steps are determined to meet each goal, clarity will arise that will allow you proper delegation of tasks which in turn will help build confidence in your team. Consistent revision will help foresee potential challenges that are arising and current factors that may be slowing down the progress towards completion. 5. Be flexible to challenges that may arise. In any business, circumstances change, and progress may dictate additions or variations to the overall goals. As these unforeseen challenges arise, it is important to have a way to proactively prepare for and remedy these challenges so you can make proper corrections and continue making progress in the right direction. Being proactive in this manner will help your business overcome weaknesses and potential derailments as situations are pin pointed and addressed before they lead to possible setbacks. 6. Have success measurements in place. Equally crucial to reaching your business goals, is to have in place a proper means of continuously measuring the progress made along the way, as well as the success of your team. Having tools in place to measure the achievement of small business objectives and goals, will be a useful way to monitor the company’s progress and challenges while moving forward with the goals of the business. Proper measurement will assist you in identifying the team’s current performance level, the progress being made on the business objectives, how the goal is helping fulfill the mission and help determine whether or not what you are working towards is driving your company’s growth. 7. Keep in mind your company’s past to drive your company’s future. When you are clear on what growth opportunities are available, conducting a review of the company’s previous accomplishments, strengths and weaknesses can establish the context needed for understanding where the company stands today. Looking at your profits and losses, finding data on service or product history and researching the history of the market, can allow you a competitive edge within your business and versus other players in your market. Different measures will be appropriate for different industries and companies, so finding the specific marketing research metrics that will be useful for you to monitor progress will be crucial to obtaining the correct information to make changes or alterations to your corporate goals. Our goals help us take charge of our businesses and our lives. As you set out to grow your business this new year, proper goal setting will ensure that your small business has a direction worth moving towards. Related articles:

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