Growing a small business takes significant effort, and it’s certainly not for the faint of heart. Small business owners must take a strategized approach when setting goals and creating actionable plans.
Once you make these thoughtful decisions, you will have an easier time reaching your desired success.
What Are Small Business Goals?
A small business goal should cover both the long-term and short-term success of the company. Whether it’s increasing revenue, expanding the customer base, or improving efficiency.
Small business goals can grow your company to be more efficient and successful. For example, a small business may want to “reduce customer complaints by 30%.”
Or if they hope to improve the quality of their products, they might “ramp up quality assurance and testing by 25%.”
Whatever it is, small business goals encourage organizational growth and development. There is real power in setting effective goals for your business, so don’t underestimate it.
11 Small Business Goals Examples
It would be a regret to avoid creating goals for your business to thrive. Here are 11 small business goals to set for this year and beyond:
1. Increase Productivity
You’ve likely heard of the saying, “time is money.” So it’s all the more important to be as productive as possible for your business.
To knock down more of your tasks and projects, take a moment to assess your current workflow. Are there any bottlenecks that are slowing you down?
Once you identify any problem areas, try to streamline your process by eliminating unnecessary steps.
This is when it’s essential to use the most efficient tools and technology for the job. There’s no point in struggling with outdated equipment when there are modern alternatives that can save you time and hassle.
Lastly, make sure to delegate tasks when feasible. Trying to do everything yourself will only lead to burnout.
By delegating tasks to others, you can focus on the most critical aspects of your business and ensure that everyone is working at their full potential.
2. Reduce Your Stress
Chances are you’ve felt stressed at some point (or maybe even all the time) while growing your business.
You’re constantly worrying about money, whether you’ll make your next sale, and if your employees are happy. It can be tough to stay afloat.
But did you know that reducing stress can actually be a legitimate business goal? It’s absolutely true.
Freeing time to recharge your energy can be immensely beneficial, even if it’s only 10 minutes. From walking in nature to meditation, have some downtime to relax and unplug from your business.
3. Minimize Business Costs
Any small business owner will tell you that minimizing business costs is a top priority. After all, the less money you spend, the more profit you can make.
There are plenty of ways to reduce costs. For instance, Google Docs is a free tool that helps organize and assist with project management. No need to squander money away when managing your business.
Hence, you should know that there is likely room to cut out unnecessary expenses. You just might not have explored all the alternatives.
So start saving money moving forward. And at the end of the day, your business profits can skyrocket.
4. Hire New Employees
As you scale your small business, you should always seek talented and passionate people to join your team.
Finding and hiring new employees can be time-consuming and challenging, but it’s crucial to find the right fit for your company. You also want someone who has the skills and experience that you need.
Once you’ve found the ideal candidate, they will surely contribute and make an immediate impact on growing your business.
5. Improve Marketing Strategy
You should constantly pursue new ways to improve your business, and one area worth considering is your marketing strategy.
With more and more people spending time online, consider digital marketing. It can be a marvelous way to reach your target audience.
You can also look into social media marketing, which allows you to connect with potential and current customers. But no matter what you choose, you need a detailed plan for your marketing strategy.
Set goals and objectives for your campaign and track your progress along the way. You’ll be able to take your business to the next level.
6. Create a Company Mission Statement
A company mission statement is its reason for existing—it defines what the company does and why it does it. For small businesses, a mission statement is especially significant.
That’s because a clear mission can help guide decision-making, keep employees focused on goals, and attract customers who share the company’s values.
Crafting a mission statement may seem like a daunting task, but it doesn’t have to be. Start by brainstorming what your business does and why it exists.
Once you have a few ideas, distill them into a single, concise statement. Believe in what you do, and let your mission statement reflect that. Keep it positive, avoiding words like “no” or “not.”
And remember, your mission statement can (and should) evolve as your business grows. What matters most is that you have one—and that it guides everything you do.
7. Provide Better Customer Support
Good customer service is the lifeblood of any business. Whether you’re a one-person operation or a multinational corporation, your customers are the ones who keep you in business.
That is why providing excellent customer support should be one of your top priorities as a small business owner.
There are many ways to improve customer support, like offering more convenient payment options or responding quickly to inquiries. By making your customers feel valued, your business will thrive for years to come.
8. Become an Eco-Friendly Business
Any business, no matter its size, can benefit from eco-friendly practices. There are many reasons to go green, from reducing operating costs to improving your brand image.
Here are some tips on how small businesses can operate in a more eco-friendly way:
- Switch to energy-efficient lighting. This can reduce your electricity bill and help to protect the environment.
- Invest in solar panels. This renewable energy source can save you money on your energy bill and give your business a boost in the eyes of eco-conscious consumers.
- Reduce waste by implementing a recycling program. This will cut down on the amount of rubbish your business produces.
- Encourage employees to carpool, take public transport, or cycle to work. This will reduce your company’s carbon footprint and help to improve staff morale.
Taking steps to become more eco-friendly is fantastic for businesses of all sizes. It’s a win-win situation for both the environment and your bottom line.
9. Assess a Plan for the Future
Without a clear vision to guide you, it can be easy to get caught up in the day-to-day grind and lose sight of the big picture.
If you’re a small business owner, then assessing your plans for the future should be one of your top goals. You should first ask yourself whether your current goals are still relevant.
As your business grows and changes, it’s natural for your goals to change too. Make sure that your goals are still in line with your overall mission and vision for the company.
Next, take a look at your resources. Do you have the financial resources in place to achieve your goals? Are there any other resources that you need to acquire?
Resolving these key questions will help you make realistic plans for the future. Then, you can better assess the risks involved in meeting your goals. You’ll be better prepared for any unexpected happenings.
10. Build Your Company Brand
When you’re first starting out, it can be hard to get your business noticed. Countless other companies are vying for attention, and it can be challenging to stand out from the crowd.
However, you shouldn’t neglect to build your company brand. A strong brand will help you to attract customers and build loyalty among your existing clients.
It is worthwhile to develop a well-thought-out branding strategy that reflects the unique personality of your company.
Consider everything from your logo and website design to the way you answer the phone and interact with customers. Every touchpoint is an opportunity to reinforce your brand and leave a lasting impression.
By putting forth a consistent message, you’ll effectively communicate what makes your business special, setting yourself apart from the competition.
11. Add New Services or Products
Adding new products or services can expand your customer base and boost sales. But before you start offering new products, make sure you have the necessary staff and resources to support the new venture.
You also need to research and ensure there is demand for the new product or service in the market.
With careful planning and execution, adding new services and products can help you achieve your growth goals for your small business.
Setting and reaching small business goals is vital to the success of any company. While it may seem overwhelming, goal attainment doesn’t need to be a complicated process.
Whether it’s following a goal framework like SMART or breaking down goals into milestones, there are plenty of tricks to help you achieve small business goals.
With a bit of directed effort, you can finally achieve long-term health and prosperity for your company. And take small steps here; baby steps if you have to.
Developing a successful business cannot be done overnight. It’ll likely take years of hard work and perseverance to see tangible, worthy results. So don’t expect an easy way out.
This post may feature products and services that we think you’ll find useful. Please read our disclosure for more information.