Setting Business Goals For 2021
If your brand doesn't have some concrete business goals in place, how do you plan on achieving greatness? The good news is that it's not hard to get started.
Having a ten year plan in regards to your business goals might seem both daunting and time consuming, especially if you’re just starting out. However, if you have a clear plan of attack as to how to actually hit those goals, then it may actually help to get you there faster. There’s no denying that it’s been a tough year, so use this time to evaluate what you hope to achieve out of your brand or business?
Defining Your Business Goals
When it comes to setting some tangible business goals, for most operators it usually boils down to increasing sales and reducing costs - but where do you start? One of the easiest methods is to analyse the key areas of your business to identify any potential roadblocks, as well as possible growth methods.
Productivity - Maximising productivity in business means working efficiently to control costs and stay on schedule. Projects that are completed ahead of time usually get higher profit margins, so are you or your team adding unnecessary steps to your daily routine?
Communications - Looking back, did your business have any miscommunication that may have resulted in a project taking up more time than it should have? How your team communicates internally, as well as with customers, has a huge impact on productivity.
Sales - Did you maximise the potential profit from every single new and existing customer that used your brand this year? If not, you want to focus primarily on the services you’ve noticed your customers need, frequently request or services your competitors do not offer.
Training - The shift in how we do business left many brands exposed this year, primarily regarding gaps in education and training. Instead of ignoring an area of your business that you know needs work, invest in staff training or outsourcing (if needed) to cover your bases.
Marketing - How do you engage with your existing customers, and put the feelers out to source new ones? A brand strategy for advertising has never been more important, particularly when it comes to securing your brand’s presence and identity online.
Key Steps To Start Setting Business Goals
It’s important to remember where you’re heading and why. Your vision, and in turn business goals, should act as your north star for everything you do as a brand. The good news is that getting there is much more achievable than most people think, and can be broken down into five simple steps.
Step 1: Know Your Vision - Do you want to have sold $50 million worth of products within five years, or perhaps have zero carbon emissions with a remote workforce? Whatever your long term goals are for your brand, get them all down on paper as your first step.
Step 2: Set Annual Macro Goals - BIG business goals can be daunting, which is why they often get ignored. Instead, break each down into realistic “mini” goals, or what you need to do in 2021 as the first step to get you moving, such as a 5% increase on your sales.
Step 3: Identify KPI’s - How do you intend on tracking the performance of your macro goals? To save you from “going in blind”, metrics are an excellent way to measure progress over time and understand what is working and why.
Step 4: Set Priorities - Despite popular opinion, we can’t do everything at once - and when we try to do so, it’s usually when things start falling apart. Consider the time and resources that you have available, and prioritise your macro goals accordingly.
Step 5: Build A Strategy - A weekly plan or micro breakdown is where the magic starts to happen, as you realise what will break or what needs to shift in the business to get to that level. To keep yourself motivated, break big goals down into digestible, achievable actions.
A Professional Insight On Hitting Business Goals
If understanding your finances or the in’s and outs of doing business isn’t your strong point, then it may be reassuring to know that you’re not alone. In fact, many businesses (big and small) enlist the services of an accountant and business advisor in order to free up their time while knowing that their financial obligations are already taken care of by the professionals.
At Muro, we are more than just accountants. We offer our clients strategic business advice and ongoing support to help them reach their business and financial goals. Get in touch with us at Muro today to ensure that you’re on the right path for success and hitting your business goals for 2021.