There is no better time than the New Year to reassess your goals and start afresh. As a business owner, there is always plenty of growth to be made. But setting goals can be hard, and a little vague. We have come up with a plan to make it all that little bit easier.
Before You Set Goals for your Business in 2020
Complete a SWOT analysis
First, you should complete a Strengths, Weaknesses, Opportunities and Threats (SWOT) analysis to help you determine where your challenges are in the business. There are plenty of templates online for you to follow if you need a little help too.
Run market analysis and competitor benchmarking
Keeping an eye on trends will help your business be innovative and determine where you want to be. Additionally, take a look at what your competitors are doing to see if there are any trends you should be on top of.
Get insights from employees
Your team can offer alternative perspectives and insights into issues you may have overlooked. Any issues can be added to your SWOT analysis to help you during the goal-setting exercise.
During your goal-setting exercise for 2020
Make your goals specific and realistic
Vague goals are a recipe for failure. For example, 'I want the business to make more money' is a common objective for many owners, but it’s not very clear and recognising any achievements will be difficult to come by. Instead, stating that you want the business to make a set amount by a certain date is much more achievable and actionable. However, it’s also important to be realistic, because if your goal is to make $1 billion in two weeks, for example, you’re setting yourself up for non-fulfilment.
Determine the actions required to achieve the goals
As we mentioned above, actionable goals are achievable. A lot of people can struggle in terms of not knowing where to start, so writing down an action plan can help you get on track. Creating bite-sized chunks will also make your goal seem less daunting. Using the above example, you could set mini-goals such as reducing ongoing expenses by adopting new technology by a set date to achieve your goals.
After you’ve set the business's goals
Communicate your objectives to the company
Since these goals are for your business, you need to notify everyone and be as clear as possible. Communicate what and how you plan to achieve them and allow for any questions – as they may help nut out any issues.
Measure your 2020 business goals
Monitor your actions and how well you’re going in comparison to your action plan. If any bite-sized goals aren’t achieved, don’t give up just reassess your action plan and try again.
Reward your staff and yourself
Be sure to recognise achievements and reward all those involved. Every employee should be awarded for their contribution as it will boost the success of the company and renew motivation.