A common concept for beginning-of-the-year business planning is to set new goals for your business to accomplish. This year is no different and setting goals for your company to allow you to establish a plan of growth, whether these goals are monetary, for your team, or for your personal progress.
When setting goals for your business, it’s important to remember their purpose – why are you setting this goal in particular? For example, if you’re setting a profit goal for the year, what is the reason behind the number you chose? Is it based on your “dream income” or is it based on your predicted income from your financial reports from the previous year?
Not all goals revolve around your profit. Your 2023 business goals could include bringing on a new team member, outsourcing tasks, setting up systems, launching a new offer or product, or even raising your prices.
One of the most common mistakes business owners make is to create goals that a not realistically achievable within a one-year time frame. While long-term goals are fine, ensuring that you’re giving yourself and your business enough time to achieve them is key to creating a work environment that thrives.
Many times, it’s hard to establish exactly where to look to see if your goal is achievable. Luckily, we’re here to help! The secret to creating achievable goals for your business is to consult your finance team. Your bookkeeper and accountant will have the greatest insight into the ins and outs of your business – and allow you to make goals based on accurate financial predictions for the new year.
To get the best results, here are 7 examples of goals your can create for your business in 2023:
If you haven’t already, we recommend creating a goal to outsource a task that you either spend too much time on or can not complete without specific training. Commonly outsourced tasks include marketing, bookkeeping, accounting, branding, business development, etc.
Based on your previous year’s profits, what is an achievable profit goal for your business? Set your goal then break it down into the four quarters of the year. If your business tends to perform better or worse in certain seasons, consider that when dividing your goal.
After a few years in business, it’s expected that you’ll experience changes in your offers, products, and sometimes even your target market. When this happens, it’s a good sign that you need to update your branding to align with your new offers and audience.
Did you know that every business can benefit from establishing systems in both its front end and back end? Systems ensure that your business is running smoothly and typically quicker than before you had systems in place. Systems can serve to both automate a process and create a process for teams to follow.
Marketing comes in all shapes and sizes so creating a marketing plan or marketing goal is one of the easiest to achieve. A marketing goal could be as simple as being consistent with posting or joining a new social media platform – or it could be something more complicated like establishing an advertising campaign or SEO strategy.
Don’t restrict your goals to just what your business can accomplish, choose a goal that improves your employee relationships. Create new employee benefits for the year. Launch a 401(k) plan, create a rewards system, and set a budget for raises or bonuses for the holiday season.
If you know that your business could be in better shape, a great goal would be to invest in an audit for your business. An audit, specifically one that covers your business’s finances, can help you get a better understanding of your cash flow and where you can invest or where you can save.Analyzing your business’s performance is one of the first steps in our CAS services at ModVentures, reach out to get started today.