Creating Business Goals For 2022
Having goals for your business will help give clarity on where you are, where you’d like to be, and how to get there. Today we’re talking about creating business goals for 2022.
What are business goals?
Business goals are targets for your business. They can measure money (turnover or profits), customer retention, the amount of reviews you receive in a given time period, or anything else you can think of. When used correctly, they’re a measure of success.
Why business goals are important
Having business goals will not only help you keep the business heading in the right direction, but give you something measurable to track. This will help with daily decision making within the business.
For example, let’s say one of your business goals is to increase sales of a particular product by 10%. If you’re given the opportunity to have one of your products reviewed on a large scale blog with thousands of subscribers, that’s the product you should put forward.
Goals also make you accountable for what you do, or don’t do. If you’re constantly missing your goals then you need to analyse the business decisions you’ve made to see why. Sometimes it can be as simple as not putting enough effort into a certain area, other times you may need to look a little deeper. It could be that the goal isn’t relevant.
Business goals can also help to give a sense of achievement. If you hit a goal you know that you’ve done something well. That feeling of accomplishment will help with confidence and motivation when it comes to the business.
Setting business goals
We all know by now that goals should be SMART (specific, measurable, achievable, relevant, time bound). But how do you decide what those goals should be?
In order to set goals you need to know what you’d like to achieve. Setting a goal to increase your profits by 5% is all well and good, but why would you like to achieve that? If a 5% increase will allow you to take on another employee, move into different premises, or even help to get new equipment then you’re much more likely to achieve it than if it’s just an arbitrary number.
Looking at your business and determining the areas you’d like to alter or improve is also a good way to choose your business goals. If you’d like to improve customer satisfaction, you’ll need to look at where mistakes have been made previously and put systems in place to stop the same mistakes happening again. By keeping a record of customer satisfaction both before and after the changes you’ll see what has worked and what still needs to be improved.
Everyone loves a reward, no matter how big or small. When a goal is achieved make sure to celebrate! If it’s a large goal it could be that there’s a large reward to go alongside it. If it’s a smaller goal a sticker will work just as well.
Rewards will help you to stay motivated and feel positive about your work. (Now we’ve finished writing this, it’s time for a cup of tea!)