The early months and years for any business are about survival. In fact, that might be your only goal! Getting through the first few transactions and building up a loyal customer base are pretty good priorities to focus on. Of course, over time, you’ll need to shift your focus to sustainability. Most entrepreneurs work very long hours getting their business off the ground. Once you’ve got the engine ticking over, you need to consider how you can drive your business forward toward growth and profit.
Achievable goals are quite hard to define in the beginning. Who knows what you can achieve when the market is on your side? Still, it is important that you set objectives that are realistic, so you have something worth working hard for. They’re great motivators, but they’re also useful to show to potential investors. After all, you have no past sales data to rely on. Each time you meet your targets, set new ones. Push yourself on and on to achieve those little wins one at a time.
After a few months of meeting those objectives, you’ll be better equipped to focus on the big picture – your long term future. If you’re looking for a cash injection, it’s worth considering financial capital goal setting as a continuous project to keep you on track. Planning your journey or path to your goal can help you establish the route you need to take. You might need to hit so many sales or develop a new product to boost profits. Maybe you need to invest in more employees to cope with orders or develop customer relationships?
Now we’re starting to drill down into the finer details of your plan. Each of these tasks should also be achievable. Make sure you know how and when you will achieve them. Who will do the work, and what tools or data do they need to get it done? When you have all of those answers, you’ll be able to identify how much that will cost the business. Now you can start to adjust your pricing strategy too! The more you break your goals down, the more you’ll understand them and their impact on your business.
So what are you investing in? Growth can stem from an increase in sales. It can also be driven by an increase in customer value. Maybe you can streamline your business with greater automation and smaller premises? That will reduce costs and boost profits too. The time and money needed to achieve your goal must return. What’s your return on investment to meet each of your objectives?
Lots of business managers use the acronym SMART when developing goals. This can be quite helpful as it offers a handy checklist for each of your objectives too. The objectives are the steps you need to take to achieve the overall business goal. They should be Specific and clear. You should be able to clarify when they have been achieved because they are Measurable. The Agreed objectives are also Realistically attainable in a specified Time frame. Have you planned effectively for the growth of your business?