Advertising
Advertising

Published on April 15, 2019

10 Simple Yet Powerful Business Goals to Set This Year

10 Simple Yet Powerful Business Goals to Set This Year

We often times think of goal setting as something done when we first start a business or a new job. But the reality is, we need to be regularly setting new goals as well as monitoring the progress of past goals.

I personally like to assess and establish business goals during the first quarter of the new year. This allows for both you and your employees to have a clear understanding of what the expectations are over the coming year.

View the Forest, Not the Trees

When deciding on what goals you will have for the year, don’t get bogged down in the minutia of figuring out every last detail of how you plan to get there. This is big picture stuff, your vision for what the organization should look like in a year.

This long term goal setting will serve as an overall framework for your short term planning. That short term planning is where you will lay out the individual steps necessary for achieving the goals.

That’s a long winded way of saying that you first need to figure out where you want to go before you plan the trip.

10 Powerful Business Goals to Set for This Year

While no one list could apply to all businesses or all situations, these 10 goals have been a part of every successful business that I’ve been involved in.

1. Maintain a Healthy Budget

This trips up a lot of entrepreneurs. I’ve seen so many people start businesses without a financial plan.

Academics have coined a new technical term for this type of financial plan, they are calling it a “budget”. And if you don’t have one, then that’s your number one goal for the year.

Having a budget not only helps with tracking where your money is being spent, but it also allows your to analyze things like what type of advertising is working best for you.

How do your payroll expenses compare to the industry average? Are you spending too much or too little in commissions and bonuses? And God help you if you decide you need to get funding.

Going anywhere for funding (Bank, Investors, VC firms) without a professional budget will get you booted out of the office without a second look.

Advertising

2. Hire a Certain Number of Employees

If you don’t have any employees, maybe now is the time to consider hiring some. Trying to do everything yourself is the curse of the entrepreneur. We all try being the “Jack of all trades”, but we forget the rest of that saying, “but master of none”.

You can start by hiring someone to do all of the little tasks that have to get done but don’t contribute to the bottom line. These tasks take your attention away from growing the business.

One caveat here, don’t put anyone else in charge of marketing! You should always do the marketing and be the face of your business. Turning that part over to someone else is just asking for trouble.

3. Reduce Expenses

Running a lean business should be the goal of every entrepreneur. After all, every dollar saved in business expense is an extra dollar in your pocket. The problems arise when you begin to cut into areas that affect the bottom line.

For example, it’s always tempting to look at payroll first because it’s such a big expense in most businesses. But will cutting sales staff hurt sales? What about the shipping department or customer care? You might not feel the effects of those cuts right away, but if your not giving the customer the experience they expect, you will feel it down the road.

Try looking for other ways to reduce expenses. Try new software, change the implementation of your processes, and most of all, reduce debt!

4. Refocus on Your Customer

You should always be re-evaluating your relationship with your customer. You need to know what areas are working right and what areas need improvement.

Look at the entire customer experience. Are your customers happy with the product or service? Is your refund / exchange process easy to understand and use? If they have questions or need help is it easily accessible? Are you delivering your products in a timely manner?

No matter how good you currently are, vow to make the customer experience even better.

5. Get More Traffic to Your Website

There is never a reason you shouldn’t want more traffic going to your website. Even if you’re not generating sales from a website, increasing traffic is great for brand awareness.

If you haven’t updated your website in a while, now’s the time. Make sure it’s pleasing to the eye with all the latest information and helpful hints.

Advertising

6. Evaluate and Refine Your Social Media Marketing

This dove-tails nicely with the previous suggestion. Social media marketing, when done right, will generate traffic, leads and sales for your company.

Notice I said “when done right”. I see a lot of companies (especially smaller ones) using a shotgun approach to their social media marketing. They end up throwing a bunch of stuff up on their Facebook, Twitter or Instagram and hope that something works.

You need to have a strategy for social media. Your posts need to be consistent and on-message. It can be a lot to handle all at once. If you are not sure what you are doing, there are companies and individuals that will set up and manage your social media marketing for you.

7. Conduct a Marketing Audit

Marketing along with payroll and rent are the biggest expenses most businesses have. You want to make sure you are getting the most bang for your marketing buck.

Analyze and evaluate every aspect of your marketing budget. Eliminate the worst performing (in terms of ROI) 20% of your marketing effort’s and use that money to expand your top 10% of your best performing assets.

8. Develop or Improve Your Employee Incentive Program

Your employees are the lifeblood of your business. Employees are the ones implementing the company’s policies and procedures. They are (usually) the ones interacting directly with the customer.

Keeping happy and motivated employees is the only way your business can thrive. Unfortunately, too many small businesses neglect this issue because of the perceived expense involved.

And while money is certainly a motivating factor for your employees, most people will respond to other types of incentives as well. Things like public recognition, lunch with the boss, flexible time off can all be used as incentives. Check out this article for 17 Proven Tactics for Motivating Employees.

9. Evaluate Your Company’s Mission Statement

This should be done on a yearly basis. Depending on how long your company has been around you may have not have even looked at your mission statement in years (if you even have one)!

Take the time to get it out, dust it off and make sure that it’s still relevant. I’ve consulted with companies that, when asked to do this, discover that the original mission statement described a completely different organization!

Over the course of years, as the business climate evolves and technology changes, there’s a good chance that your mission statement needs to be updated. If you want to know why a mission statement is important, see this article: How to Write a Powerful Mission Statement for Your Business

Advertising

10. Strive to Create a Better “Work Life Balance”

Being a successful entrepreneur means making sacrifices. You sacrifice the stability of a regular paycheck, time with your family, sleep and more, and while the rewards can be great, just make sure the costs aren’t too high.

Things like stress and anxiety will take a toll on your physical and mental health. Time away from spouses and family can cause tension that only adds to the stress level. You need to take evasive action before it can cause irreparable damage. If your not eating right and exercising start taking an hour out of your day. That hour won’t kill you but a heart attack will.

Carve out “family time” whether it’s one day a week, or an hour a night, your family needs to know that they are a priority. Have a scheduled “date night” with your spouse. Chances are you’re not the greatest company after working a 12-14 hour day, and making your spouse a priority is just part of the deal.

Making a conscious decision to prioritize your home life is like brushing your teeth. If you do it, they stay strong and healthy, if you ignore it, they go away. See these tips for maintaining a good work life balance: 13 Work Life Balance Tips for a Happy and Productive Life

Set S.M.A.R.T. Business Goals

When setting goals, we always recommend using the S.M.A.R.T. technique as it’s a very efficient way to both communicate and monitor your organization’s progress in achieving the goals you set. S.M.A.R.T. goal setting stands for:

Specific

What exactly do you want to achieve? The more precise you can be, the better. When answering this, ask yourself the following questions:

  • What is the end goal?
  • How will achieving that goal translate into higher profits, increased market share, a better customer experience?
  • What resources will it take to achieve the goal? Money, Staff, Time, Training.
  • What is the specific number (or percent) that I want to increase sales, market share, profit, productivity?

Measurable

You should be able to break down your goals into individual steps or milestones that are easily qualified. There should be a way to concretely measure the success or failure of the goal.

  • Goal – Increase sales in Q-2 by 10%
  • Goal – Decrease year end expenses by 5%
  • Goal – All employees will have completed training in “X” by June 30th

Attainable

Having unrealistic or unattainable goals is just setting yourself and your employees up for failure. Now, if you are a one person operation, then by all means go ahead and set a goal to double last years sales. If you only increase sales 1.5 times, that’s still pretty good.

But putting unrealistic expectations on employees will only do one of two things. Either it will crush morale when goals can’t be met, or if you do this too often, your employees won’t take you seriously.

So think twice about setting a goal to double sales every month for a year.

Relevant

Is the goal something that you really want? Will attaining the goal actually help your business? Is it really a good idea to double your business if you’re already struggling to service the clients you have, or would you be actually hurting the business?

Advertising

And don’t forget about your personal life. Will attaining a goal mean more time away from family? Are your relationships already strained?

Know what’s important to your life as a whole.

Timely

Deadlines are important to motivation. I know from experience that if I’m not under a deadline to get something done, then I’m just going put it off as long as I can.

Setting deadlines solidifies the goal, after all, a goal without a deadline is just a wish.

Setting deadlines is really the only way to measure the success or failure of a goal. With that being said, deadlines must be reasonable otherwise you’ll run into the same problems we see when goals are not attainable.

The Bottom Line

Setting, evaluating and reassessing goals is a constant theme in business. Knowing the right places to allocate the right resources will keep your business thriving in an ever changing world.

Lou Holtz, the famous football player and coach said

“In this world, you’re either growing or you’re dying, so get in motion and grow.”

That statement is certainly true in today’s business climate. You need to be constantly on your toes looking for new and better ways of doing things.

Technology is moving a light speed, bringing new, better and faster ways to deliver products and services to the consumer. If you’re not innovating, you can be sure your competition is.

More Practical Tips for Entrepreneurs

Featured photo credit: Ruthson Zimmerman via unsplash.com

More by this author

David Carpenter

Lifelong entrepreneur and business owner helping others to realize the American Dream of business ownership

The Secrets of High Performing Teams: 9 Tips from Top Business Leaders 10 Essential Skills to Become a Successful Team Leader and Manager 10 Simple Yet Powerful Business Goals to Set This Year How to Write a Powerful Mission Statement for Your Business The Surefire Method to Set Long Term Goals and Reach Success

Trending in Smartcut

1 15 Best Entrepreneurs Books to Start Reading Now to Be Successful 2 17 Best Careers Worth Going Back to School for at 40 3 Is Memory Enhancement Possible? 12 Ways That Actually Work 4 How to Increase Brain Power, Boost Memory and Become 10X Smarter 5 The Average Retirement Savings and How to Save Wisely

Read Next

Advertising
Advertising
Advertising

Last Updated on June 13, 2019

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

15 Best Entrepreneurs Books to Start Reading Now to Be Successful

Knowledge is power, and you’re going to need a lot of it if you’re going to be able to steer your business to success.

Without further ado, let’s take a look at the 15 best entrepreneurs books to get inspirations about success and grow your business.

1. Think and Grow Rich by Napoleon Hill

    This book has been dubbed the Granddaddy of All Motivational Literature, and it was actually the first book that gave a prescription of what it takes to be a winner.

    Napoleon Hill draws from the stories of millionaires like Henry Ford, Andrew Carnegie, and Thomas Edison to illustrate the principles he put forth.

    Get the book here!

    2. The Lean Startup by Eric Reis

      A lot of startups end up failing, but many of these failures are actually avoidable. The Lean Startup provides a different approach that is now being adopted all over the world and changing the way that companies are developed and products are being launched.

      In The Lean Startup, Eric Reis describes what is required for a company to penetrate the fog of uncertainty in order to discover a path to a sustainable and successful business.

      Get the book here!

      3. The E-Myth Revisited by Michael E. Gerber

        In a revised edition of the 150,000-copy bestseller, The E-Myth, Michael Gerber refutes some of the myths that surround starting your own business and shows just how commonplace assumptions can end up getting in the way of being able to run a successful business.

        Gerber succeeds in walking the reader through the steps that occur in the life of a business, from infancy, through the pains of growing as an adolescent, to the perspective of the mature entrepreneur.

        Advertising

        Get the book here!

        4. Rework by Jason Fried

          Most of the business books that you get today will give you the same advice: draft a business plan, study the competition, look for investors, and all that.

          However, Rework shows you a more effective, easier and faster means of succeeding when running a business. By reading it, you’ll be able to know why some plans are harmful, why you don’t really need to get investors, and why you’re better of shutting out your competition.

          Get the book here!

          5. How to Win Friends and Influence People by Dale Carnegie

            This is one of the most successful motivational books in history, selling well over 15 million copies since it was released in 1936. The book is timeless, and it appeals to businesses, self-help startups, and general readers.

            Carnegie believes that a lot of successes come from an ability to communicate rather than having brilliant insights. In his book, he teaches how to value others and make them feel appreciated and loved.

            Get the book here!

            6. Outliers: The Story of Success by Malcolm Gladwell

              Through this amazing book, Malcolm Gladwell is able to take the reader on an intellectual journey through the world of ‘outliers’. He asks the question of what truly differentiates high-achievers.

              His answer to this question is that we tend to pay too much attention to what successful people are like, and less attention to where they are actually from.

              Get the book here!

              Advertising

              7. Rich Dad, Poor Dad by Robert T. Kiyosaki

                This is the best personal finance book ever written. It tells the story of Kiyosaki and his two fathers; his real father, and that of his best friend (his rich dad), as well as how the two men helped him shape his opinions on money and investing.

                It refutes the myth that you need to earn high to become rich, and it distinguishes between working for money and having money work for you.

                Get the book here!

                8. The Ascent of Money: The Financial History of the World by Niall Ferguson

                  Niall Ferguson, in this book, follows the money to tell the story behind the evolution of the word’s financial system, from the beginning way back in ancient Mesopotamia to the latest occurrences in what he had dubbed Planet Finance.

                  Fergusson also reveals financial history as the backstory behind our very own history, with an argument that the evolution of debt and credit is as significant as the history of technological innovation and the rise of civilization.

                  Get the book here!

                  9. Liar’s Poker by Michael Lewis

                    Michael Lewis landed a job at Salomon Brothers after getting out of the London School of Economics and Princeton within three years, he had risen to the rank of bond salesman, making millions for the firm and cashing out steadily.

                    Liar’s Poker is the amalgamation of these years — a look behind the scenes at one of the most turbulent times in American business. His book is Lewis’s account of an era where greed and gluttony were the order of the day.

                    Get the book here!

                    10. Drive: The Surprising Truth about What Motivates Us by Michael H. Pink

                    Advertising

                      A lot of people see money as the best motivator. Michael pink says it’s a mistake.

                      In this provocative book, he asserts that the secret to high performance anywhere is the need to direct our lives, to learn and create, and to do better by our world and ourselves.

                      Get the book here!

                      11. Getting Things Done: The Art of Stress-Free Productivity by David Allen

                        Outdated methods don’t work in today’s world. In this book, Allen shares some awesome methods for stress-free performance that he has shared with thousands of people all over the world.

                        His premise? That productivity is proportional to your ability to relax.

                        Get the book here!

                        12. The 7 Habits of Highly Effective People by Stephen R. Covey

                          In this book, Stephen Covey presents a holistic approach for overcoming both professional and personal issues. With insights and anecdotes, Covey presents a way to live with integrity fairness, service and dignity.

                          Get the book here!

                          13. The 4-Hour Workweek: Escape the 9-5, Live Anywhere, and Join the New Rich by Tim Ferriss

                            In this book, Ferriss dishes on the tips he has learned from studying the New Rich, a subculture of people who did away with the deferred life plan and mastered time and mobility to developed luxury lifestyles for themselves.

                            If you’re looking to make your way in this revolutionary new world, this here is your compass.

                            Advertising

                            Get the book here!

                            14. Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh

                              The CEO of Zappos shows how a unique kind of corporate identity can help deliver a huge difference in the way results are being achieved — by creating a company that values and delivers happiness.

                              Get the book here!

                              15. Losing My Virginity: How I Survived, Had Fun, and Made a Fortune Doing Business My Way by Richard Branson

                                From Virgin Atlantic Airways, Virgin Records and V2 to Virgin Cola, Virgin Megastores and a wide array of other companies, Richard Branson is the rockstar billionaire that a lot of us want to be.

                                Branson, however, did business by following a simple philosophy:

                                “Oh, screw it, let’s do it”

                                Losing My Virginity is an unusual, borderline outrageous autobiography of one of the greatest business geniuses in the world. Branson and his friends named their business “Virgin” because that was what they were — virgins at the game.

                                Since then, he’s written his success rules, creating a global business that has no headquarters, no management structure no corporate identity as it were.

                                Get the book here!

                                More Inspirations for Entrepreneurs

                                Featured photo credit: rawpixel via unsplash.com

                                Read Next