The beginning of a new year is when many people set themselves new resolutions or personal goals. This is also an ideal time for setting company goals and focusing on your company and new targets you want to achieve in the coming months.
Christmas has been and gone. You have enjoyed time off work and probably spent a lot of money. Now is the time to switch your focus back to your business and consider where you want to take the company next.
Like many business owners, you may have been putting off tasks over recent weeks or thinking about starting a new project in the New Year. This may be launching a new product or implementing a plan to effectively increase turnover, sales or profit. It may be several months or years since starting a company so January presents an opportunity to take action and make plans for the future.
What do you want to achieve?
Simply saying ‘I want my business to make more money’ is not going to focus your attention. The first thing you need to do is to define some clear goals. What is it that you really want to change?
- Increase customers online or through the door
- Create a new website or improve your existing site
- Increase profitability from existing sales
- Reach new global markets
- Develop a new product
- Attend more networking events
- Improve social media communication
- Move to a new office, factory or shop
These are just a few examples of the resolutions or business goals that you may focus on. Having chosen one or two key areas of development you need to consider how you will achieve these new goals. This can be done by writing down all of the objectives you will need to work on to achieve the goal. It may be a well-used mnemonic amongst larger business, but your objectives need to be SMART.
Specific – Be very clear in what you want to achieve. If you want to ‘reach new markets’ which areas are you going to target? Who are the customers? What is the demographic or geographic area?
Measurable – What is the target? What are you aiming for? If your goal is to increase sales, set an amount or a percentage increase. You need to set a quantity or quality that you aim to achieve.
Achievable – You know your business and the market. Could you really make a social network to rival Facebook or a search engine to rival Google? Your goals need to be achievable with the resources at hand.
Realistic – It is OK to set yourself high targets if it motivates you to achieve results. Setting the bar too low may not inspire you to work towards the goal.
Timely – When will you reach the objective? Are there milestones to reach along the way. Deadlines will help to focus your attention.
Whatever goals and objectives you set for your company we wish you every success in the first months of the year. If you need any support services from SFS do not hesitate to contact one the team for assistance.