Planning for success requires a systematic approach to achieve the outcomes your organization desires. Whether you are in the private or public sector, it is vital to review the recommendations below when developing a strategic approach to goal planning.
1. Increase Market Presence
Market Presence is how you compare to competitors in brand recognition, customer satisfaction, and price point. A simple way to increase your market presence is to know what your competition is doing. Follow them on social media, sign up for their emails, and develop a plan to always be a step ahead. It may seem a little backwards to follow your competition, but knowing what they are doing will allow you to always stay a step ahead.
2. Budget for Marketing
Marketing is one of those things every business owner knows they need, but they don't always want to spend money on. Consider your annual revenue and use this amount to guide your budget for marketing. 3% or less of your annual revenue will not allow your business to grow, 3-5% will allow for stability and slow to moderate growth, and above 5% will increase the likelihood for growth. If funds are limited, put everything you can into your digital marketing. It is nice to sponsor events and attend tradeshows, but if money is tight, the top priority is to make sure consumers can find you online.
3. Reduce Expenses
There are two ways to make money: increase revenue and reduce expenses. It would be great to do both, but the reality is reducing or eliminating unnecessary expenses is a reliable way to increase your revenue. Take time to analyze each of your line items and determine what return on investment they are providing the company. Unlike revenue that can be projected but not guaranteed, reducing expenses is a dependable approach for expanding revenue.
4. Invest in Employees
With a dwindling workforce, housing shortages, and increased migration, no company owner can afford to not invest in their employees. Training, advancement, and financial rewards are good ways to acknowledge employees, but acts of appreciation and being heard can be worth even more. Consider writing notes to your employees loved ones. Praise their efforts and thank them for sharing them with your team. Perform check-ins with staff and ask questions about them and the things they value. Recognizing if you do not care about your staff then they likely won't care about your company is a game changer.
5. Set Objectives
Goals are generally broad ideas where objectives are specific and measurable. Wanting to increase revenue, open a new location, or gain new customers are desirable goals, but they won't happen without objectives. Objectives have 3 necessary components: specific language, measurable results, and a timeframe. Let's say your goal is to increase traffic on your company webpage, by converting that to an objective "Increase number of users on Google Analytics by 10% per month for the fiscal year".
6. Look for Opportunities
Research your industry, know your market, and listen to your customers. There are always opportunities available for the business owners willing to look. If you are not currently a student of your industry, become one. Reading research about changes and trends in your industry is essential to knowing what opportunities may exist. Know your market on all levels from the demographics of your community to the intentions of your local government, choose to be an expert in your market. Listen to your customers because they have likely already told you about your next great opportunity, seek their feedback and listen for consistent themes.
7. Become a Leader
Be a resource for information. When customers are making buying decisions, customer service, reputation, and trust always rank at the top. Sharing knowledge, answering questions, and being available will allow you to become a leader in your industry and gain more customers. Consider speaking locally to audiences who are interested in what you do.
8. Keep what Works
A misstep that some business owners make is thinking that change should happen for the sake of change. If you have a product or service that is performing well don't change it. Consider if you have ever had a favorite meal at a restaurant only to arrive one day and find out they took it off the menu. Review the products or services you provide and hold on to the ones that produce revenue and/or keep customers returning to your company.
9. Be Realistic
Your business may have been created based on a dream, but now that it is here be realistic with your goals. Imagine if you decided to start exercising, begin a diet, quit smoking, travel more, and go back to school all at the same time. It is a recipe for failure, and your business is no different. Don't attempt to do too many things at once or set goals that are unrealistic because it will lead to frustration and likely a loss of time and/or money.
10. Hold yourself Accountable
The saying "it starts at the top" could not be more accurate. Be willing to spend the time, energy, and resources to make your business goals a reality. Be aware of how your employees see you and your company. Don't be the boss who says everyone needs to work late, then leaves early. Instead collaborate with your team to accomplish goals. Let them see you are willing to roll up your sleeves and be part of the process.
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