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How to Set Achievable Business Goals in 2017
  • 22 December 2016
  • Elvis Michael

How to Set Achievable Business Goals in 2017

As your small business matures, you are encouraged to expand in order to increase your overall success. And while thinking big is never a bad thing, you may not always be prepared to achieve those big dreams for a more profitable future. Embracing achievable, carefully crafted business goals over the next year will help you reach your desired results.

Visualize your goals

Every goal starts with a vision, which will help you to determine a realistic approach for tackling the problem at hand. Ask yourself: What is your main target over the next year? How do you hope to get from one point to the other without hindering your everyday operations? In an effort to lower the chances of unexpected results, you should write down everything you need and list any potential drawbacks. By laying out a meticulous and descriptive plan, you can create a road map to success.

Be realistic

Setting achievable business goals is only half the battle. Many entrepreneurs give up upon realizing the steps it takes to run a successful business, while others rely on products and services that may not be particularly desirable to customers. Both of these situations are problematic. As you set out to achieve your goals, you may run into financial and technical obstacles, but careful planning and a solid strategy will help you achieve the desired outcome.

Learn from your competitors

It is important to keep your competition in mind when you are establishing your business goals. After all, you want to strive to surpass your competitors' strengths and ambitions, which will allow you to remain one step ahead.

Study your past

Look back and think about your past successes and failures as a business. Ask yourself: Which aspects of my business need to be refined? For example, you may have failed to reach your audience with a particular marketing campaign due to a poor targeting strategy. With this in mind, you can assess your market and demographic more closely in the future.

Follow deadlines

Setting time-sensitive and realistic goals provides you with greater incentive to actually follow through. It is also important to make sure that all of your goals are measurable. For example, you can strive to improve online sales conversions by 10% within the first quarter. This type of approach will help you analyze the strategies necessary to accomplish said goals, and increase the chances of meeting, or even exceeding, your expectations.

Be accountable

As a small business owner, you may sometimes feel like you do not have enough employees to help assist you in achieving your goals for the company. But it is important to remember that you are not on this journey alone. Feel free to rely on your friends and family members for advice, or recruit a professional business consultant to help you plan a solid strategy for success.

Take smart risks

Setting achievable goals sometimes requires digging into uncharted waters. For example, have you ever considered investing in paid advertising through sources such as social media platforms? This may be the time to do so. Consider constructing a business plan to better help you visualize your next move, especially if there is the potential for favorable results.

Track and optimize

When it comes to business goals, it is important to track the actions that could lead to your desired outcome. Write down every action you take and note how the associated numbers and figures compare to those before you made this particular change. Then adjust your strategy according to the given results or change your approach altogether. This process ensures that your goals are met in such a way that you can replicate similar steps in the future, if necessary.

Setting business goals is a delicate process, but it does not have to be a risky one. Start the New Year with a smart, actionable plan to take your small business to the next level.

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