The start of a new year means it’s time to reassess your business by looking back at what you accomplished in 2018 and looking forward to what your business goals are for 2019. You want to answer questions such as:
- Did you achieve your revenue goals for 2018?
- What went well? What could be improved?
- Where do you want to be on December 31, 2019?
Review your success in 2018: The first thing that you want to do as you prepare for this new year is to evaluate how you did last year. Take a look not only at your income/revenue/sales goals, but also other aspects of your business:
- Did you have specific projects that you had hoped to accomplish? If so, how did you do?
- How well did you communicate with your customers – whether through email, your website, social media or other methods?
- What about business growth – did you add as many customers as you had hoped?
Another key area that you will need to evaluate before you start setting your 2019 goals is your expenses – where your expenditures higher than anticipated, and, if so, where? What could you do to streamline your operations, eliminate waste and/or duplicate efforts?
Once you’ve fully evaluated your 2018 performance, it’s time to set your business goals for 2019. Think along the same terms as you develop those goals:
- What is your revenue target?
- What is that one project (or two) that you want to tackle this year?
- How can you be better organized and streamline some of your operations so you save both time and money?
As you set these goals, be SMART about them. Make sure they are:
Specific. Be as clear and concise in your goal as possible. The more specific you are, the more likely you’ll be able to figure out how to achieve that goal. It’s the difference between “I want to be a millionaire someday” and “I want to increase revenue from $250K to $500K this year.”
Measurable. The question you are answering here really is how will you measure success? What are the milestones you need to set that will get you to your goal?
Attainable. This one is simple. Make sure your goals are realistic. No pie-in-the-sky goals that you have no chance of achieving this year. That doesn’t mean you set your goals so low that they are easy to achieve. You may want to set one level that you know you can reach and then have a “stretch” goal.
Relevant. Is the goal relevant to your business? How will it move your business forward? It may be a pet project, but if it takes your time, money and energy away from what would benefit your business, you might want to set a different goal.
Timely. When do you want to accomplish that goal? Putting deadlines on your goals or projects is a great motivator to get things done!
So, have you set your business goals for 2019? Make sure they are SMART, and if you need help making those goals a reality, give Business Relationship Edge a call at 732.859.8419.