Are you unsure where to start when it comes to business goals?
Here are my top 5 goals every business should have… big, or small… that’s very important that I say that, because I have seen many smaller businesses fail because they weren’t paying attention to key areas in their business.
The goals I’m outlining are S.M.A.R.T. goals. Wondering what they are? Read The Beginners Guide to Business Goals.
1. Increase business profitability in the first quarter of business.
This is a no-brainer for financial concerns and it all starts with looking inward. Work out what you are doing now and how you are making/delivering your products, or services.
Are there systems you can tighten, or upgrades that might save you time and money in the long run?
Are there expenses you are paying that you don’t utilise?
Is your pricing right?
Do you have a good range of products for every entry level? Are they still relevant in your market, or do they need tweaking?
Are you getting good sell through on the higher profit products, or services? If not, is that a marketing, or product/service issue?
Are you seeing a high number of returns, or losses in your business?
Watching what you spend and how you spend it is very important, but more than that it’s how that reflects against your income. This is the point where you can see profitability in your business.
2. Create a more engaged social community over the first quarter.
Every on-line business should have this high in their minds these days, as it is getting harder and harder to be ‘heard’ on social media. So look at the content you have been creating, how can you adapt this?
Are you asking followers to engage with you through your message?
Are you providing value that followers will listen too?
Understand how your industry competitors are using social media and look at brands outside of that, which are doing amazing things to engage with their followers. What can you learn from this? Need I say ‘don’t copy’?!
3. Grow the email subscriber rates by ‘x’ emails per month.
How are you currently marketing your email list to potential customers/readers/followers? Here are some ideas on this topic that I discussed in my Free Goal Tracker blog post;
Tasks could be;
Advertise my email list on my social media.
Create a free opt-in incentive.
Create a link to my newsletter in my sales and shipping emails to customers.
Include a sign up box on my blog posts.
Ask my newsletter readers to share my newsletter link with friends.
Research and consider a website pop-up.
Guest post on an industry related blog.
Get interviewed on a podcast/vlog.
How are others in your industry marketing their email lists? What opt-ins do they offer?
4. Complete relevant market and industry research each month.
Market and industry research is paramount to knowing where you fit into it all. It helps you understand if you are making the right products, or services, at the right price and how your customer service racks up.
It also shows you trends… how they form, how they take off and when they are waning. Being on top of your research can help you spot those trends and relate them to your business.
5. Review the product or service range plan every quarter.
Range plans are really important. It doesn’t matter if you are a product, or service based business, a good range plan should offer your clients a number of entry points.
I would say there are 3 distinct types;
Bottom entry – low price, low margin, but quick sell… usually a taster of your offer, which progresses the buyer to your mid-level range.
Mid entry – mid price, good profit and your ‘bread and butter’ pieces.
Top entry – signature piece, high price, excellent profit and more occasional sales.