How to Set Business Goals for The New Year

New Year’s resolutions aren’t just for personal goals but also for business goals. A new year gives your business opportunities to explore, adapt to positive changes and bring great results throughout the year. 

One great thing about setting new year goals for your business is to highlight the potential milestones and intentionally keep track of its progress till it is achieved. The first step to manifesting your goals is by backing them up with actions and not just intended planning. 

With these few steps, planning ahead and setting goals for your business can become more guided and a tad easier. Here are some steps that can help in setting the right business goals for the new year; 

  1. Plan Ahead

It’s easy to get caught up with the business of the new year, but it is important to set aside some time to plan ahead. Start by reviewing past goals and updating them to reflect current business needs. List key milestones to attain and be specific about them. In addition, identify current and future obstacles wherever possible, so that you can better predict and avoid potential risks.

  1. Set Realistic Goals 

Resolve that the goals you set will be achievable, not so far out of reach that they only lead to frustration. If you have trouble setting realistic goals, there are ways to map out a formula that makes sense for you and your business. One of these ways is recognizing what works for your business and dropping what doesn’t. Instead of putting your energy and resources into the things that aren’t working and making plans around them focus on what worked the previous year and put more into it, and try out new strategies to get it to where you want. 

  1. Delegate and develop goals together. 

Backing up plans with actions can be hard to embark on alone, and that’s why having some extra support from someone or a team of people can go a long way toward setting and achieving goals. Having employees or coworkers that put their heart and sweat into their work is necessary for success, and with a team vested in the success of the business, delegating tasks and responsibilities becomes easy. Delegating goals can foster a good competitive spirit within the company, and give workers a rewarding sense of accomplishment when milestones are hit and this goes a long way to making sure the company is accomplishing a lot simultaneously.

  1. Prioritise Marketing

This is especially important for SME business owners who may have a lot on their plate, and overlook the importance of marketing. The first step in a consumer journey is awareness – simply put, people can’t buy or use what they don’t know about in the first place.

Set aside time to establish a proper marketing strategy. Otherwise, engage a marketing expert or agency to provide advice and devise a solid plan to act upon.

  1. Make space for upgrading 

Upgrade your service, inventory, internet speed, tech gears, machines, equipment etc if necessary. Starting a new business year with new upgrades gives your business a sense of newness. Think of it as a fresh sheet in an old writing journal, where you can write or say something differently. 

Doing this also reduces/ eliminates the possibility of slowed progress and achievements within your business. You don’t want faulty gear or customer service to hold you back from achieving more out of your business. 

  1. Manage Your Cash Flows

For businesses, it is one thing to make money, but it is another to know where the money is spent on. Is it time to change some vendors or suppliers? It is important to constantly review your past expenses and shed the excesses for your company to maintain good financial health.

One useful method is to create a financial plan for the year ahead with monthly cash-flow projections to avoid cash shortfalls. Doing monthly updates to compare your projections and spending will help you track your cash flows and keep to your budget too. 

Keeping track of the progress of goals you’ve planned out for the year is a vital and necessary part of achieving them. Make planning and reviewing weekly a habit and make sure there’s accountability around your business to foster the growth you want to see. This will not only give you guidance but also help avoid costly mistakes and stay on track. As you start the year with limitless possibilities ahead of your business, I wish you fruitful results! 

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