Goal setting is the process of deciding what one wants to accomplish and devising a plan to achieve those desired results. For entrepreneurs, goal setting is an important part of business planning.
For effective goal setting, you need to do more than just decide what one want to do; one also has to work at accomplishing whatever goal he/she has set. For many people, it is the second part of the goal-setting definition that is problematic. They know what they want to do and they are perfectly willing to work on it, but they have trouble creating a plan to get there.
Business goals are typically set on an annual basis and should be aligned with the company’s long-term goals. These goals should be worked into the business plan and, when appropriate, specific areas like sales forecasts.
Throughout the year, the company might have weekly, monthly, or quarterly sessions where they review their progress towards the annual goal. Examining results is essential for staying on track when they are working toward achieving a goal.
Speaking, the managing director of Lancelot Ventures Limited, Mr Adebayo Adeleke, said now is the perfect time to set new goals for your business.
“Looking back at the year behind us, most of us were caught off guard and many goals failed to be met. Still, setting goals is one of the most important steps when creating any kind of strategy.
“You may not have been able to meet many of the goals you set for your business in 2022, a tumultuous year that brought a lot of the same challenges as 2021. Regardless, there are still ways to get back on track and prepare for a better 2023,” he said.
Guaranty Trust Holding Company (GTCO) Plc in a write up titled: ‘2023 Resolution: Take Your Business to the Next Level’ said, “New year, new you. But will you say the same for your business too?
“Welcome to the year 2023, a new opportunity to achieve goals to take your business to the next level. With this in mind, here are New Year’s resolutions to guide you in 2023.
Refresh Your Business Plans Models such as SWOT & PEST analysis can help you prioritise and know what to review to yield beneficial results.
Set Achievable Goals
One of the resolutions you should also consider is setting achievable goals in the new year. Be careful that you do not set unrealistic goals.
Boost your online presence to connect with more customers online and stay relevant. This can be achieved by mastering SEO or even engaging with your followers!
Listen To And Implement Customers’ Feedback
This shows them that you value their opinions and see them as a part of your business, and helps you build brand loyalty. Get feedback from After Sales Surveys, comments on your social media, and in-person.
Prioritise a positive work culture to keep your employees happy and more productive. Achieve this by promoting respect, allowing lightheartedness and social interactions.
Expand your network to find new leads, learn valuable trade secrets & boost brand awareness. Start by attending events and conferences for startups or businesses in your field.
Prioritise Work-life Balance
Schedule leave days during the year and let them know it is okay to take breaks or ask for help when required. Segmenting daily tasks into urgent vs. important is a great way to start!
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Make the switch from cash to digital with SquadPOS, Squad Virtual Accounts and Squad USSD.
Improve On Your Marketing
Marketing is the livewire of any business. You must look into improving your marketing skills in the new year to attract more customers and expand your business. There are tons of marketing strategies to choose from including email marketing, online marketing, referrals, among others.
Appreciate Your Customers
Appreciating your customers shows who you are as a person. Make your customers feel loved. If you have not been doing that before, then you need to look into it in the New Year. Send them heartwarming messages to their emails, Whatsapp, Instagram, Twitter, or any other social media platform where you both communicate. Tell them how grateful you are to them for choosing your organisation over your competitors. You could come up with new year sales at a discount to all your loyal customers. This will help you retain customers and also get new customers.
Meanwhile, the beginning of the year is a time for new beginnings and opportunities. Do not let all that energy the holidays gave you run out and leave your New Year’s resolutions half-finished.
