It’s important to dream big when you’re running your own business but you also need to be realistic. As the end of the financial year comes to a close, now’s the perfect time to get ready for the new year by setting new business goals. The question is, where do you start? Here are five tips to help set your business up for success in the new financial year.
1 Reflect on the past year
The best way to determine what you can achieve in the new year, is to see what you achieved the previous year. Did you meet your expectations? Did you exceed them? Take a look at the growth of your business, the revenue, the cash flow, the number of customers. Consider where you could improve and what areas you need to focus on. Understanding your current strengths and weaknesses will help you prioritise moving forward.
2 Set your priorities
Small business owners can often be pulled in many different directions as they manage multiple areas of the business. While it can be tempting to have a variety of goals, you may be better off channeling all your energy into one or two areas. Write down all your ideas and projects and then prioritise them according to importance. Align your goal setting with your top priorities to ensure you’re making the most of your time and resource.
3 Divide into small steps
It can be easy to set big goals for your business but still be unsure how to reach them. Creating goals can be exciting but to make them more achievable and realistic, break them down into actionable steps. Even a big goal can be tackled if its broken up into four or five steps that can be accomplished over time. Once you delve deeper into what each goal entails, you’ll also be able to see what you need to complete each one. Perhaps you will need to hire an expert, buy extra equipment or learn a new skill.
4 Decide how to measure your goals
Once you decide what you would like to achieve and the steps it will take to get you there, you need to figure out how you are going to measure your goals. Whether your goal is expanding your client base, increasing your sales or revenue, or growing your website traffic, you need to write down what the actual results of your goals will be. Turn your goals from words into numbers and be specific, so you can determine exactly when you’ve reached your goal.
5 Set time frames
The final step in creating achievable goals for your business is setting realistic time frames. While you may want to reach your overall goal in one year, it’s wise to attach timing to each step so you can remain accountable throughout the year. You are far more likely to achieve your goals if you can continually track the progress of each one. And if you’re falling behind at any time, you can adjust your time frames accordingly.