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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.

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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.

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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

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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?

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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

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David Carpenter

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

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Last Updated on May 25, 2020

10 Best Task List Apps to Boost Productivity in 2020

10 Best Task List Apps to Boost Productivity in 2020

Organizational drag is anything that eats up time and keeps people from getting things done in time. Companies that wish to boost productivity do so by creating more efficient processes.

This also applies to individuals, freelancers, and entrepreneurs. Whether you work alone or as part of a team, it is important to use the right tools to boost productivity, and having an accessible and easily manageable task list can go a long way.

Here is a list of the top ten productivity apps that you can use to achieve more.

1. ToDoist

    ToDoist is an awesome to-do task list app that is used by over 10 million people. To use the app, you just have to write down all the activities that you plan to do. The software will then interpret these activities and categorize the tasks accordingly.

    For instance, if you create a task to go for lunch at noon with a friend, the app will automatically categorize this task as a meeting and will send you a reminder at the right time.

    However, this app is more than a personal activity planner. You can use it to plan activities for the entire team. It is also good for planning entire projects, discussing details about the project, and monitoring the deadlines.

    The basic functionality is free, but you can unlock premium features for $36 or $60 a year for full access.

    Available on iOS and Android

    2. monday.com

      This productivity app lets you manage your workflows and tasks. It is a great tool for creating a task list and helping you have a clear view of your work and the status of each task.

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      The app is a bit similar to a spreadsheet. However, it looks much nicer, and it allows you to toggle between multiple views. It gives you alerts and notifications, and it allows you to attach files as well as communicate with colleagues.

      The features of Monday.com include a task board that can be customized to manage due date, hours spent, task status, and much more. Users can upload and attach files, make comments, mention members of their team, and more. It can also be integrated into Google Drive, Slack, GitHub, Jira, Dropbox, and many other platforms.

      If you have problems setting it up, you can contact the customer via email or phone.

      Available on iOS and Android

      3. CloudApp

        CloudApp is a great app for boosting productivity. It offers highly intuitive communication, which can help you save up to 56 hours a week. Your only problem will be deciding how you can utilize all the extra time.

        Whether you are talking with a customer, colleague, or client, this app has all the features you need. With GIFs, screenshots, and image annotation, you no longer have to write lengthy emails. Instead, you can show people what you want them to do.

        The app has over 3 million users. It has proven quite reliable when it comes to helping users to boost productivity. You can opt for the free version or you can opt for a $9 a month upgrade to access premium features.

        Available on iOS

        4. Quip

          If you are working closely with members of your team, Quip is a great app for team activities. The platform combines spreadsheets, documents, slides, and chat. Its main strength is that it comes with a suite of Live Apps. You can use them to increase the functionality of Quip.

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          Moreover, you will waste less time by being able to streamline the use of various tools. Quip is one of the most adaptable productivity apps in the world.

          There are options to use connected tools to track time, manage work, and much more. Some of the integrations of Quip are Dropbox, Github, Slack, Salesforce, and much more. The app costs just $30 a month for 5 users.

          Available on iOS and Android

          5. Trello

            Trello is an app that makes managing projects an easy task. This is made possible by the app’s Kanban philosophy. It is a visual and intuitive platform.

            Users can break huge tasks into small chunks, making it useful for creating a task list. This is made possible by creating cards for each task. The cards can be organized into different columns, which are representative of various stages of the project. Once a task is complete, a card is moved from one column to the next.

            The app is free but it comes with a premium plan with $9.99 a month.

            Available on iOS and Android

            6. Focus Keeper

              This app is perfect for those who wish to improve their work habits and minimize distractions while maintaining focus on current tasks. Focus Keeper is based on the Pomodoro technique. This method utilizes timeboxing to ensure each task is complete.

              This is more than a task list app. If you wish to understand how you work best, the app delivers a suite of tools that you can use to set up your workday. It tracks your hours, analyzes, checks interruptions, and much more. Some of the integrations of Focus Keeper are Trello, Asana, Todoist, Basecamp, Outlook, Google Keep, and many others.

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              The app costs $2.99 a month for those who wish to access premium features. It is accessible on Linux, iOS, Android, web, macOS, and Windows.

              Available on iOS and Android

              7. Quire

                This app is designed as a professional and personal to-do task list manager. The app has a very efficient and optimized design due to the developers’ philosophy on visual task management. It allows you to easily get updates and work with your teammates.

                The app also allows users to customize and choose templates based on their preferences. It is easy to use, but it helps you get things done. The app is currently free.

                Available on iOS and Android

                8. Asana

                  This Kanban-style app is quite popular. It helps you visually organize your tasks. With this app, you can set deadlines, tasks, assignees, and visualize your workflow. It is quite popular and used by many people.

                  The app features a sleek clutter-free design and comes with several integrations. As a result, it can be adapted to a wide range of projects. The app costs $9.99 a month.

                  Available on iOS and Android

                  9. Toggl

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                    You can use this simple time tracker to help boost your team’s productivity. It works on different devices across several platforms, and it comes with numerous friendly reminders to ensure that you remember to keep it on. It usually sends you a report once you complete a task to help you make improvements next time.

                    The app is free and those who wish to access premium features pay $9 a month.

                    Available on iOS and Android

                    10. Omni Focus

                      This app is considered the gold standard of the to-do apps. Omni Focus delivers a huge number of features that can be used to sort, prioritize, and plan tasks. It features several ways to categorize tasks such as location, energy needed, and priority.

                      It is only available on Apple devices and it costs $39.99 for the standard package.

                      Available on iOS

                      Summary

                      All the apps above are great for boosting productivity. However, you will need to pick one that best suits your needs. Try a number of them out before you decide to settle on one.

                      More Tools for Productivity

                      Featured photo credit: Bram Naus via unsplash.com

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