As you settle into the New Year, you've likely made a few personal resolutions for yourself. Maybe you've set a goal of quitting smoking by April, or dropping a few pounds before swimsuit season. These are great goals, but you should also take time to focus on what you want for your business this year.
While setting financial goals for your business, it is easy to set your sights too high. Thinking and dreaming big can certainly motivate you to take your business further than ever before, but remember that good goals are achievable. If you aim for dramatic changes, you may be disappointed once the excitement and motivation of the new year start to wear off. Instead, focus on setting reasonable goals that will keep you on track all year instead of fizzling out come March.
Write It Down
Document your most important financial goals, making them as detailed as possible. Instead of writing down “get out of debt,” for example, jot down “pay off $5,000 of debt by the end of the year.” After your list is complete, post it in a visible place. Seeing the list of your goals each day will help you stay on track.
Create a Solid Game Plan
Go back to your list and prioritize it. Think about which goals are the easiest to reach, which are most urgent and which will help your business's long-term growth the most. Then, create a game plan for reaching each one of your goals. For example, if you want to attract more clients this year, write down the steps you will take every month to bring them in. Your game plan may change over time as you learn what works and what doesn't, but it is important to create a map for your progress.
Adjust When Needed
Industry trends and market changes can alter you business plan, and it is important to remain adaptable. For example, if you own a restaurant and want to increase sales but live in in area where people are just not eating out as often as they did last year, you'll have to focus on creating a strong marketing plan to bring in more consumers more often.
Think About the Side-Effects of Growth
As you reach your goals, your revenue will likely increase. With that may come an increase in expenses as well. If sales are booming according to plan, you may need to invest in more supplies, equipment or staff. As you set expectations for your business, keep in mind these side-effects of growth.