Small Business Goals for your local business in the new year.
Achievable small business Goals
1. Reduce Ongoing Business Expenses
A new idea right… ha ha. This is a goal that is fitting for most small businesses but as you set this goal for the year, be specific about how you will reduce business costs
a few tips — using more technology or reducing your annual/monthly digital servies, reducing debt, or changing up your operations — there are so many ways to reduce your expenses and have a more focused budget that helps you make your money work for you.
2. Create a New Customer Service Process
Set a goal that focuses on making your customer service process exceptional by communicating more thoroughly with your customer. Handling customer complaints more effectively, or incorporating customer service into your social media practices, or highlighting reviews.
3. Think about your business from the customer perspective, not just yours.
There’s an internal perspective and an external perspective. Spend some time thinking about the external perspective of your business and take stock of how your customer perceives your day-to-day practices.
4. Create a New Product
If you haven't changed up your product line in a while, one way to give your business new life is by creating a new product to add to your offerings. This can be rewording or retooling an existing service or developing a new service all together. Consider the feedback you have received from customers and their buying behavior as you get started with this goal.
5. Start Effectively Using Social Media Marketing in Your Business
It is never too late to add a new marketing tactic in your business, and if you have been resistant to social media, it’s time to just dive in.
6. Improve the Financial Health of Your Business
Do you have a handle on what money is coming in and going out of your business every day? Do you have an ongoing budget to guide your expenditures? Make this year the year you lock down your spending and improve the fiscal health of your business.
7. Do a Thorough SWOT Analysis
A *SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and of the competition. It can be used in any stage of business to help you determine what makes your business unique, identify potential new areas of the market that are untapped, and explore what your competition is doing better than you are. Do a SWOT analysis this year as part of a larger process to improve your decision-making ability.
*SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. Strengths and weaknesses are internal to your company—things that you have some control over and can change. Examples include who is on your team, your patents and intellectual property, and your location.
8. Find New Opportunities for Networking
If you are not actively networking in your small business, set a goal this year that gets you in front of more people and expands your business network. It’s an odd year for in-person networking but there are plenty of ways to connect with fellow business owners in your area. The Clubhouse App, Instagram or Facebook are great one-on-one conversation tools to build relationships.
9. Work on Your Personal Brand
Many times in small business, success is reliant on the business owner and his or her ability to stand out in the crowd. This is why it is so important to develop a personal brand. If you have not spent time on creating your own brand yet, make it a goal for this year, and boost your credibility at the same time.
10. Use SMART Goal Setting
Once you have some ideas about goals you can set in your small business, it is time to take the next step and turn each goal into a SMART goal. Clearly define what you want to accomplish. A SMART goal is one that is specific, measurable, attainable, relevant and time-based.
SMART goal setting Measurable: You have identified targets and milestones to track your progress. Attainable: Your goal is realistic and manageable. Relevant: You have identified a goal that fits with your business model. Time-Based: You have identified a specific period of time for the goal.
Good luck in 2021
