For most small businesses, the beginning of the year is often marked by new initiatives, grand schemes and lofty projects to be embarked on. However, it is not long before distractions come and plans fall by the way side. By the time is mid- year, you find yourself far from where you had planned to be.
One easy way to avoid this deviation and bring your plans to bear is by setting goals. This will help you focus your energy, time and resources in the direction of your dreams. Once you have created the big picture, the next step will be to break down your goals to more manageable pieces called objectives and create action plans.
A good place to begin will be to review your performance from the last year. What went well and what did not? Then select specific areas of your business where you need to make changes for instance:
Marketing: How did you reach your target customers last year? What methods did you use? How effective was the engagement? How will you reach them this year? Who will be responsible for reaching them? How much will you spend in reaching them?
Finances: Where did most of your income come from? What did you spend on? Do you have working budgets (Cash, Expense, Capital Expenditures)? Was there a deviation from what you planned? What will you be spending most of your money on this year?
Human Resources: Are your current employees performing their tasks as expected? Do you need to hire new staff? What additional skills does your business need? How will you get these skills? Do you need to provide training?
Setting clear goals increases your chances of success in business. It helps you to align your energy, resources and people in one unifying direction. It also provides you with a yardstick against which you can measure your progress.
Click here to download a free goal setting template.