When the New Year dawns we set ourselves personal resolutions like getting fit and healthy. However, very often small business owners tend to neglect their business ambitions.
Larger organisations often undergo strategic planning that cover their year’s ambitions, these may include yearly and quarterly strategic planning sessions. Yet small business owners and sole traders often fail to put their goals and plans in writing, resulting in a failure of keeping their eye on the ball.
The Department of Industry, Innovation and Science (2019), published an article about setting business goals. It covers how to set goals to grow your business, achieve objectives, improve teamwork and set your business direction.
The three key areas to consider when planning Business Goals are;
i – Your business’s Strengths and Weaknesses
ii – Your current and potential Customers
iii – Your Competitors
When setting goals, it is important to set top level strategies and then setup objectives at a lower level that are “SMART”. SMART goals are Specific, Measurable, Achievable, Relevant and Timely. It is important that you set realistic goals from the outset so that you can achieve the goals you set. Not all businesses achieve their business goals, so breaking down your goals into manageable portions help you to better achieve your next success.
Make sure you track your progress as you go along. Establish processes that will help you systematically manage your workflow and help achieve your goals.
Consider having a support system to bounce off your thoughts and ideas. Industry groups are a great place to start. LinkedIn and Facebook groups are ideal places to ask questions.
Constantly evaluate your business direction and be flexible enough to make changes to your plans as you progress throughout the year.
Most importantly celebrate your successes and evaluate what you can do better when setting your next set of goals.
Department of Industry, Innovation and Science. (2019, Jan 5). How to set goals and objectives for your business. Retrieved from www.business.gov.au: https://www.business.gov.au/news/how-to-set-goals-and-objectives-for-your-business