If you’re a business owner, listen up! We know that you have so many things to juggle, think about, consider, and manage. But one way to ensure your business becomes everything you want it to be (and more) is to set realistic, obtainable goals.
Goal setting is one of our favorite topics because it gets people from thinking in the present to thinking in the future. Is it hard to forecast your business several months, even years out? Absolutely! But if you can set a goal to reach a certain milestone, then your path to achieving it will be much more driven.
While every business is different and will have different metrics and measurables, there are 3 concrete goal *types* we recommend each business should have (especially when starting out). We want to share our advice on these goal types to help kick start your goal setting process. With these in mind, you’ll be well on your way to making it the business of your dreams!
3 Goal Types Your Business Needs to Focus On
1. Goals that focus on generating positive revenue
Yep, it’s no secret that in order to run a successful business, you need money. Now, depending on your business will determine how much money you need.
One of your main business goal should be focused on generating cashflow, which is essentially the revenue you have after expenses. We always recommend to our clients that they set a realistic cashflow goal that takes into account seasonality, target demographic, and inventory (if applicable). While this varies from business to business, make sure your goal factors these things in and isn’t just a wild increase from one month to the next!
Generating cashflow isn’t effortless and typically comes with lots of hard work, marketing, and occasionally external support. If you do need business loans to get started, that’s okay! But by working to build up your capital and having debt paid off, you will be closer to reaching your dream business.
2. Goals that focus on opportunities for growth
We totally understand that not every business wants to be a major corporation with multiple locations and national recognition. This suggestion still applies to the little guys! Generating opportunities is something every business should have a goal to do because opportunities = exposure and exposure = increased revenue. See how this goal type works with the goal type above?
The types of opportunities we are suggesting include networking with other business (even virtually), collaborating on group giveaways or promotions, volunteering at worthy-cause events, and even business educational events. These are all opportunities for exposure and growth in their own ways, creating potential chain reactions that can boost your business higher.
While not every event or opportunity will yield tremendous results, it’s better to have it than be without it.
3. Goals around increased visibility
We live in an incredible age where you can market your business digitally basically for free. From website builders to social media, newsletter platforms to online directories, there are endless possibilities for visibility for your business. So why create a goal around this?
The truth is that you can do a lot for little cost or a small investment, but you won’t see the expansion of your business until you pour your efforts into increasing visibility. This sometimes means paying for ad space or buying a slot in your local businesses magazine.
These investments are sure-fire, quicker ways to increase your visibility and should always be considered when looking to grow. But the goal itself, and how it is measured, should be an emphasis for all business owners because you don’t want to deplete your current market. You need to always be open to different areas, different people, and different channels of increasing visibility so that you can always have a pool of customers to address.
Have we seen businesses focus on other areas in goal-setting and be successful? Absolutely. Have we seen businesses thrive when focusing on these goals? 100%. There are multiple ways to set goals for your business, but we hope these 3 tips guide you in the right direction and bring you closer to achieving your dream business goal!
Do you need help talking about business strategy and goals? Let us help you! Book a call with us to discuss all the ways you can be branding, marketing, and leveling up your business.
And don't forget to check out the following posts that share our best tips and tricks as fellow business owners!