New Year, New Business Goals
January is the perfect time to review and set your business goals for the New Year. Whether you want to capitalise on the growth you saw last year or increase market share in a specific industry, identifying clear business goals can help you stay focused for 2019.
Setting the right goals
It is essential that the goals you set are achievable and impactful. We have all set personal resolutions that go by the wayside, you don’t want the same thing for your business.
Make sure your goals are SMART:
Aligned with your strategy
Ensure that any goals you set are aligned with your overarching strategy. Otherwise, you could find your business heading in a different direction to the one you intended.
Whatever goals you set, create Key Performance Indicators (KPIs) to measure your progress. The data collated will allow you to see in real time how the business is doing and make any necessary adjustments over the coming weeks.
New Year, New Business Goals
Here are some business goal ideas to get you started:
1. Increase productivity
Do all the systems and processes aid your employees or are some having a negative impact? Do you need to streamline specific tasks or eliminate distractions? How can you utilise technology to improve the productivity of your workforce?
Increasing productivity can potentially have a positive impact on your bottom line.
2. Reduce costs
Take a look at last year’s expenses – are there any that are higher than you expected or are you paying more than is necessary?
Look for ways to reduce your costs such as buying in bulk, re-evaluating your suppliers or marketing in a different way, such as via social media instead of in print.
3. Training and self-development
New Year is an excellent time to consider what training needs your workforce may have. Not just to provide them with the skills required to carry out their role they currently do but also to aid their self-development and prepare them for taking on more responsibility or a promotion.
Also, consider your own needs, read business books, learn about emerging technologies in your industry or attend management courses. Speak to your teams and find out what support they feel will be most valuable to both them as a person and also their sector of the business.
4. Build your team
Have you been running the business on your own and now realise you need more support to maintain the success you’ve had? Whether it’s working with a Lifestyle Financial Planner (LFP), an accountant or taking on an employee, now is a good time to assess what assistance would benefit your company and you as a business owner.
Remember to consider all the costs involved, tax implications and the legalities of working with someone else to ensure that the new team members are a benefit to your company.
5. Improve the customer experience
Analyse customer feedback and look for the areas that are causing dissatisfaction. You may need to focus on ensuring that your processes facilitate an exceptional customer experience, handling customer complaints effectively or how you can utilise technology such as social media or live chat to improve the ways your customers interact with your business.
6. Increase traffic to your website
Getting more people to your website may be vital to improving your company profits, especially if you have an online store. Make sure the goals you set are also aligned with your marketing strategy.
7. Start using social media
Want to introduce a new marketing tactic for 2019? Consider harnessing the power of social media. It will give you more immediate access to your customer base, give your ideal market a way to engage with your company and increases brand awareness.
Remember you don’t have to be on every social media channel, just the ones your potential customers are using. If your company is aimed at business to business sales the appropriate channel may be LinkedIn, or if you are a very visual-based business, perhaps Instagram would be more appropriate.
8. Create an employee benefits offering
Your workforce is one of your company’s most valuable assets. Having a relevant employee benefits scheme can help you retain and attract highly skilled talent. Your workforce will know that you value their contribution and employees that feel appreciated by their employer are likely to be happier in their work. In turn, employees who are happy at work are also more likely to be more productive, focused and a desire to succeed. All of this is a benefit to your business and its profitability.
9. Get a better work-life balance
As a business owner, it’s easy to let work take over your life. Plan your week so that it allows for downtime as well. Assess what areas are causing you most stress or concern and look at how you can reduce the impact on your life. Do you need to automate a process, outsource, train other employees to do specific tasks or introduce remote access to your systems, so you don’t have to be in the office for so many hours?
If you feel close to burn out, you are not likely to be making the best strategic decisions, so it is essential to maintain a good work life balance so that your business can thrive.
10. Seek professional support
A Lifestyle Financial Planner (LFP) or a specific business consultant, will provide solutions for your company – from helping you with your business concept, creating a plan and setting goals through to working with you to introduce strategic systems, concepts and processes to make your business more successful. Providing objective guidance, so that every part of the process locks into place allowing your entire company to move forward in an effective and integrated way.
MRA work with business owners to offer objective strategic planning support, meaning your resources are concentrated constructively, energies are focused creatively, and the outcome is fully profitable over the long term, allowing you to face the challenges head-on and look forward to profitable 2019. Contact us to find out more.
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