Small Business Goals for the Second Half of 2020
Start with Your Employees
Let’s say you’re a new business owner, one of your main short term goals is going to be identifying and hiring the perfect employees for your firm. It may not involve massive hires either — odds are, it’ll just be a few individuals, an assistant perhaps or depending on the industry, cashiers and/or a wait staff. That said, whomever you hire, you want to ensure that they are a good fit for your company…after all, they are the ones who will help you grow in the initial phases. When you do find those superstar team members, make sure that all receive the same training, relevant to their position of course. The training phase also gives you as the owner a chance to outline roles and delegate responsibility so that those employees do come to better understand the job at hand and can consequently define their goals within the context of that job.
Establish a Marketing Plan
Marketing should be essential for any business owner. If no one is aware that the company exists, then there’s a pretty good chance it’s really never going to get off the ground. One short term goal in this respect is to develop a marketing plan/strategy. On a longer term and larger scale, you want to come up with a couple of different and far broader marketing initiatives that will take the company through at least the first year. Starting with a smaller short term plan though enables you to see where adjustments need to be made so that you can tweak accordingly.
Up the Quality
Regardless of whether you’re a product-based business or a service-based one, there is always room for improvement as far as the company offerings. Clients, especially nowadays, are in fact searching for top quality given that this is what they’re choosing to spend hard earned money on. Are you offering optimal quality? A long term and ever evolving goal could be to assess the quality of your product/service and come up with ways to improve it — be it switching manufacturers or finding new vendors and suppliers for raw materials. The main takeaway here is never stop trying to improve what you are putting out there as representative of your business.
Aim for Overall Business Growth
Perhaps the most important long term goal that you can have as a business owner is to strive for business growth. This may mean opening more locations, hiring on more staff; it could also include the purchase of new and updated equipment or buying company vehicles. There are numerous ways that you can reach for and realize that growth. Put together a business plan to this end. Have it outline your five year objectives. Always keep your monetary goals in mind as well — you’re not going to get very far if the company is not ultimately profitable.