Whenever someone starts a business, the goal isn’t to simply stay small – growing a business is a true key to success! Even the largest of multinational corporations once started as a handful of people -or maybe even one- in a tiny office. Of course, growing a business takes time, effort, and -most importantly- planning. Setting reasonable and obtainable business goals is one of the true keys to growing a business. Here are some tips to get you started!
Five Tips for Setting Business Goals That Can Grow Your Business
- Your business goals should be concrete and measurable.
Be as precise as possible when setting goals. Don’t simply say “Increase revenues.” Make it more specific, something like “Increase revenues by 10% in 2018.” You want a clear, obtainable target where you can consistently measure your progress towards it, as well as a timeframe.
- Challenge yourself.
Don’t be too conservative with your goals. Perhaps 10% higher revenues seem too modest. Try for 20% or even 50%, if you think it’s obtainable. After all, if you shoot for 50% and “only” make it to 40%, you’re still much better off than you were!
- Have real commitment.
Your goals aren’t just a bunch of words in a DOC file – they’re your map towards future success and financial independence. Be dedicated to doing your absolute best towards achieving them. If you have employees, encourage them to share your dedication.
- Measure your progress frequently.
If your goals are your map towards success, your progress checks are the mile markers. At a minimum, look at your numbers and check your progress every quarter – and it’s probably better to look at them monthly, or even weekly.
- If the goal is complicated, chunk it.
You might set a goal that involves multiple parts. For example, “Increasing customer satisfaction” might mean improvements in several areas, both pre-sale and post-sale. Break the task into smaller chunks, and measure the progress of each (i.e., satisfaction with checkout, satisfaction with post-sale support, etc.).
Building A Business in The Leeds Grenville Area? LGSBEC Can Help!
The Leeds Grenville Small Business Enterprise Centre is a publicly funded non-profit organization dedicated to helping small businesses in the area take off. We offer a variety of training courses, one-to-one counseling opportunities, and other resources all aimed at helping you grow your business. Contact us today to learn more!