Here are few business goals for your new year that should get you excited to kick into action
1. Maximize profits or reduce expenses
Increase your revenue by selling more or another easier way is to look at your expenses in more detail and see if certain fixed costs can be avoided or reduced. Trend analysis or budgeting can help you achieve this
2. Improve efficiency in your business
Efficiency brings profits. Earn more by doing less is the mantra. Defining Key Performance Indicators (KPI) for your employees which is linked with Financial results of your company (wherever possible) will help you identify the important parameters. Performance linked incentive shall drive efficiency.
3. Improve Customer Experience – wow factor
Retaining customers is very important and will lead to new referrals, improving customer experience through new software or process shall result in positive reviews and aid growth of your business.
4. Get involved in marketing and promotion of your business
Bringing in more leads and referrals for your organisation is what makes your business interesting. Creating attractive website, brochures, catalogues, advertisement in media, social media interaction are ideal marketing goals.
5. Hire Your First Sales Executive
Sales or Top Line improvement is paramount for every business. Is it time to hire your first sales executive? But you may struggle is to define targets and compensation. Do it scientifically by looking at product/ service mix and building attractive collateral.
6. Improve Cash reserve in your business
Having Cash at the right moment will define extent of success of your business. Build more reserves by cutting down unbudgeted cost, reducing receivables and investing in productive instruments. Read more on how you can do this.
7. Improve Credit control
Offering credit to your customers can create cash stress in your business. Implementing credit control policies and installing a recovery team should help you improve cash position. Read more on importance of cash here.
8. Introduce a New Product/ Service
New offerings to your existing customers are easiest way to bring in new revenue. You may have to perform a cost benefit analysis or forecast the trend to arrive at the right pricing model.
9. Expand your business to new location
Opening a branch office or franchising your business is next best option to grow your revenue. Again you need to conduct a survey and cost benefit analysis before you launch in a new location. Business plan and forecasting should help you stay on track of growth path and avoid any pitfalls.
10.Introduce professional training to your team
You and your team define success of your business. Team building through professional coaching shall instill sense of ownership and contribute to greater success. This will result in attracting best talent to your organization.
11.Add a new partner to your business or elevate employees to ownership position
Motivating your employees to perform better in your business can be a challenge. This is especially true for small businesses that do not always have the resources to offer financial incentives. Offering Stake in your business can motivate employees to take more responsibility and relieve you from routine work and focus on what is more important.
12.Capitalize your brand
Brand stays even after you leave. That’s what most successful businesses do. If you have built good cash reserve, brand building activities may be undertaken. Like registering Logo or Trademark, extensive advertisements and endorsements.
13.Create a succession plan or automate your business
Your business cannot die with you. Otherwise value of all your hard work is lost. Creating a strong succession plan is necessary. By bringing in best practices in the industry and delegation of responsibility and automation, you can create a business which runs by itself and generates dividends for generations.
14.Reduce debt in your business
Most of the businesses die or fail not due to poor operation but due to high loan or debt exposure. Follow a systematic budget to meet your commitments and try to close your debt by tracking forecast vs actuals and changing directions before it gets too late.
15.Get Private Equity Funding
Attracting private equity (PE) funding is fascinating goal. Attractive business model and innovation is what PE’s are looking for. Standardized business process and easy scalability of your business is the key.
16.Get Listed in Stock Exchange or raise public funding
Ultimate goal of a business can be establish operations, which can attract public funding. However to generate public interest, organization should project strong internal controls and best corporate governance and successful business model. Consistent goal setting and tracking achievements through strong KPI process should help your business achieve that.
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