There’s a clear relationship between setting goals and being successful. People who make New Year’s resolutions, for example, are 10 times more likely to achieve them than those who don’t make any resolutions.
As an entrepreneur, you’re probably wondering whether setting business goals will improve your chances of running a profitable business. The answer is a resounding yes.
Though, setting goals for the sake of it and hoping to find success won’t cut it. You must set smart goals.
To help you get started in the right direction, we’re sharing examples of good business goals and what you can do to achieve them.
1. Expand the Company’s Digital Presence
At a time when almost everyone in the U.S. is shopping online, or at least starting their search for a product/service on the internet, businesses have no choice but to be online.
You’ve probably taken a couple of steps to digitize your business, such as setting up a website and creating social media pages. That’s a good start, but it’s barely enough to get you noticed in a crowded online space.
It’s for this reason one of your business goals should be to expand your company’s online presence.
For example, you can focus on tripling the number of people who visit your website in a month. To do this, invest in search engine optimization. SEO is a growth marketing strategy that focuses on link building, content, and other high-impact techniques that will increase your website’s visibility on search engines like Google.
Millions of people use various social media platforms every day, so focus on growing your company’s social presence as well. The secret is to find the platforms that are popular among your target audience instead of trying to build a presence on as many platforms as possible.
If your business mainly targets Gen Zers, for example, you have little business being on Facebook and Twitter. Youngsters love TikTok, Snapchat, and Instagram, and that’s why your business should be.
PPC advertising, email marketing, and online reputation management are other effective strategies businesses use to expand their web presence.
2. Improve Brand Awareness
If somebody awoke you from a deep slumber and showed you the Swoosh (Nike’s logo), Nike will immediately come to mind. Or, if somebody says “just do it” in a conversation, you’ll probably start thinking they’re on Nike’s influencer payroll!
Well, that’s the power of brand recognition.
This brings us to the second example of a good business goal. As a business owner, you want your company to have a similar level of recognition. That can happen, but you must be deliberate about improving its awareness among consumers.
Visual branding essentials like the logo, typography, color palette, and imagery are the cornerstones of every brand. However, these alone won’t do enough to improve your brand awareness, especially considering the high number of brands consumers interact with every day.
So, what else can you do?
Tell the story of your brand. You can shoot videos highlighting how your company started, the inspiration behind it, and what your mission is. Post this content on various channels.
Running social media content and being involved in your community will also go a long way in making your brand more recognizable.
3. Improve Operational Efficiency
Did you know businesses lose about 30 percent in revenue annually due to operational inefficiencies?
It’s easy to see why. Operational inefficiency has a direct impact on customer experience and satisfaction. If, for instance, a customer has to wait for 10 minutes in line to be served, that’s a good reason for them not to show up in your shop again. A lost customer means lost revenue.
This is why improving the operational performance of your company should be one of your top business goals.
There are several strategies you can implement to increase efficiency, but a lot will depend on the nature of the business. If it’s a manufacturing plant, for example, the most high-impact way to increase efficiency is to automate as many processes as possible. If you’re a rapidly expanding retail business, hiring more customer representatives can make the business more efficient.
Therefore, it’s prudent to start by auditing your current processes and identifying areas that need improvement. You can then implement the right solutions.
4. Reduce Employee Turnover
2021 was the year of great resignation in the U.S., with over 40 million workers quitting their jobs. While it’s normal for employees to leave, a high turnover rate will hurt your business. Your operating costs will increase and the workplace could turn irreparably toxic.
Make it your goal to reduce employee turnover at your company.
A good place to start is to find out why so many of your workers are leaving. Is it because your compensation isn’t meeting their expectations? Are they getting better offers elsewhere?
Run an anonymous survey to collect their feedback. Use the information to make the necessary changes.
Beyond that, though, strive to build a positive workplace where employees can thrive. Your organizational policies should promote fairness, openness, equity, and diversity in the workplace.
Setting Business Goals Will Bring You Success
Goal setting in business shouldn’t be something you do as an afterthought. It needs to be one of your top priorities; otherwise, business growth will be difficult to achieve.
We’ve fleshed out some examples of good business goals, especially for small enterprises. Use them as a goal-setting blueprint, but ensure they’re relevant to your business.
Running a business is hard work, so hang around our blog for more business advice.