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Last Updated on June 2, 2020

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.

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.

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

Bonus Tip: 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 October 13, 2020

How to Get Promoted When You Feel Stuck in Your Current Position

How to Get Promoted When You Feel Stuck in Your Current Position

Have you been stuck in the same position for too long and don’t really know how to get promoted and advance your career?

Feeling stuck could be caused by a variety of things:

  • Taking a job for the money
  • Staying with an employer that no longer aligns with your values
  • Realizing that you landed yourself in the wrong career
  • Not feeling valued or feeling underutilized
  • Taking a position without a full understanding of the role

There are many other reasons why you may be feeling this way, but let’s focus instead on learning what to do now in order to get unstuck and get promoted

One of the best ways to get promoted is by showing how you add value to your organization. Did you make money, save money, improve a process, or do some other amazing thing? How else might you demonstrate added value?

Let’s dive right in to how to get promoted when you feel stuck in your current position.

1. Be a Mentor

When I supervised students, I used to warm them — tongue in cheek, of course — about getting really good at their job.

“Be careful not to get too good at this, or you’ll never get to do anything else.”

This was my way of pestering them to take on additional challenges or think outside the box, but there is definitely some truth in doing something so well that your manager doesn’t trust anyone else to do it.

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This can get you stuck.

Jo Miller of Be Leaderly shares this insight on when your boss thinks you’re too valuable in your current job:

“Think back to a time when you really enjoyed your current role…You became known for doing your job so well that you built up some strong ‘personal brand’ equity, and people know you as the go-to-person for this particular job. That’s what we call ‘a good problem to have’: you did a really good job of building a positive perception about your suitability for the role, but you may have done ‘too’ good of a job!”[1]

With this in mind, how do you prove to your employer that you can add value by being promoted?

From Miller’s insight, she talks about building your personal brand and becoming known for doing a particular job well. So how can you link that work with a position or project that will earn you a promotion?

Consider leveraging your strengths and skills.

Let’s say that the project you do so well is hiring and training new entry-level employees. You have to post the job listing, read and review resumes, schedule interviews, make hiring decisions, and create the training schedules. These tasks require skills such as employee relations, onboarding, human resources software, performance management, teamwork, collaboration, customer service, and project management. That’s a serious amount of skills!

Are there any team members who can perform these skills? Try delegating and training some of your staff or colleagues to learn your job. There are a number of reasons why this is a good idea:

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  1. Cross-training helps in any situation in the event that there’s an extended illness and the main performer of a certain task is out for a while.
  2. As a mentor to a supervisee or colleague, you empower them to increase their job skills.
  3. You are already beginning to demonstrate that added value to your employer by encouraging your team or peers to learn your job and creating team players.

Now that you’ve trained others to do that work for which you have been so valued, you can see about re-requesting that promotion. Explain how you have saved the company money, encouraged employees to increase their skills, or reinvented that project of yours.

2. Work on Your Mindset

Another reason you may feel stuck in a position is explained through this quote:

“If you feel stuck at a job you used to love, it’s normally you—not the job—who needs to change. The position you got hired for is probably the exact same one you have now. But if you start to dread the work routine, you’re going to focus on the negatives.”[2]

In this situation, you should pursue a conversation with your supervisor and share your thoughts and feelings to help you learn how to get promoted. You can probably get some advice on how to rediscover the aspects of that job you enjoyed, and negotiate either some additional duties or a chance to move up.

Don’t express frustration. Express a desire for more.

Present your case and show your boss or supervisor that you want to be challenged, and you want to move up. You want more responsibility in order to continue moving the company forward. Focus on how you can do that with the skills you have and the positive mindset you’ve cultivated.

3. Improve Your Soft Skills

When was the last time you put focus and effort into upping your game with those soft skills? I’m talking about those seemingly intangible things that make you the experienced professional in your specific job skills[3].

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Use soft skills when learning how to get promoted.

    According to research, improving soft skills can boost productivity and retention 12 percent and deliver a 250 percent return on investment based on higher productivity and retention[4]. Those are only some of the benefits for both you and your employer when you want to learn how to get promoted.

    You can hone these skills and increase your chances of promotion into a leadership role by taking courses or seminars.

    Furthermore, you don’t necessarily need to request funding from your supervisor. There are dozens of online courses being presented by entrepreneurs and authors about these very subjects. Udemy and Creative Live both feature online courses at very reasonable prices. And some come with completion certificates for your portfolio!

    Another way to improve your soft skills is by connecting with an employee at your organization who has a position similar to the one you want.

    Express your desire to move up in the organization, and ask to shadow that person or see if you can sit in on some of their meetings. Offer to take that individual out for coffee and ask what their secret is! Take copious notes, and then immerse yourself in the learning.

    The key here is not to copy your new mentor. Rather, you want to observe, learn, and then adapt according to your strengths.

    4. Develop Your Strategy

    Do you even know specifically why you want to learn how to get promoted? Do you see a future at this company? Do you have a one-year, five-year, or ten-year plan for your career path? How often do you consider your “why” and insure that it aligns with your “what”?

    Sit down and make an old-fashioned pro and con list.

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    Write down every positive aspect of your current job and then every negative one. Which list is longer? Are there any themes present?

    Look at your lists and choose the most exciting pros and the most frustrating cons. Do those two pros make the cons worth it? If you can’t answer that question with a “yes,” then getting promoted at your current organization may not be what you really want[5].

    The two most important days in your life are the day you are born and the day you find out why. —Mark Twain

    Here are some questions to ask yourself:

    • Why do you do what you do?
    • What thrills you about your current job role or career?
    • What does a great day look like?
    • What does success look and feel like beyond the paycheck?
    • How do you want to feel about your impact on the world when you retire?

    Define success to get promoted

      These questions would be great to reflect on in a journal or with your supervisor in your next one-on-one meeting. Or, bring it up with one of your work friends over coffee.

      Final Thoughts

      After considering all of these points and doing your best to learn how to get promoted, what you might find is that being stuck is your choice. Then, you can set yourself on the path of moving up where you are, or moving on to something different.

      Because sometimes the real promotion is finding your life’s purpose.

      More Tips on How to Get Promoted

      Featured photo credit: Razvan Chisu via unsplash.com

      Reference

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