As a small business owner, setting goals is an important part of your success. Without clear, measurable goals, it can be difficult to determine your progress and make necessary adjustments to your business strategy.
Here are five tips to help you create goals for 2023:
- Set SMART goals. SMART is an acronym that stands for Specific, Measurable, Attainable, Relevant and Time-bound. Using this framework can help you create goals that are clear, achievable and aligned with your business objectives. For example, a SMART goal for a small retail business might be: “Increase online sales by 20% by December 2023 by improving website design and offering free shipping on orders over $50.”
- Make your goals measurable. It is important to set goals that can be tracked and measured, so you can see whether or not you are making progress. This might involve setting specific benchmarks or targets, such as a certain number of new customers or a certain amount of revenue. For example, a small restaurant might set a goal to “Serve 50 new customers per month by offering a new vegan menu option and promoting the restaurant on social media.”
- Be realistic. While it is important to aim high, it is also important to be realistic about what you can accomplish in a given time frame. Setting unrealistic goals can lead to frustration and disappointment, and may even discourage you from trying to achieve them. Consider your resources, such as time, money and staff, as well as any external factors that might impact your ability to reach your goals.
- Make your goals relevant. It is important to set goals that are relevant to your business and its overall mission. This will help you stay motivated and focused on what’s important. For example, a small accounting firm might set a goal to “Improve client retention rate by 10% by offering a new monthly newsletter with tax tips and resources.”
- Set deadlines. Giving yourself a timeline can help you stay on track and ensure that you are making progress toward your goals. Be sure to set specific dates for when you want to achieve each goal, and make a plan for how you will work toward them. For example, a small landscaping business might set a goal to “Launch a new website by June 2023 by hiring a web designer and creating a content marketing plan.”
By following these tips, you can create meaningful and achievable goals for your small business in 2023. Remember to be specific, measurable, attainable, relevant and time-bound, and to give yourself deadlines to help you stay on track. With clear goals and a solid plan in place, you will be well on your way to success in the new year.
EDGAR RAFAEL OLIVO is a bilingual business educator, economic advisor, and contributor for several media outlets. He’s a nonprofit executive who is passionate about education. He is certified in finance and data analytics and holds a business degree from Arizona State University.
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