As we approach the end of March, it’s a great time to think about setting goals for the next financial year. With so many moving parts to a business from infrastructure, to investment in technology, business development and staff retention – deciding on what to prioritise can feel overwhelming.
What do you stand for?
Take time to consider who you are and what you stand for. Now you are a few, or perhaps many years in from drawing up your initial business plan to having a functioning business, its important to think about the company vision and values, and whether your mission statement needs an update. Only then you can work on short and long term goals.
Break it down
Chances are some of your goals will be to increase sales, boost profits or win new business – but these are big goals. Break the tasks down into smaller jobs, exploring the mechanisms to make each one happen. Is it through a new PR strategy, investment into machinery, or reducing staff turnover? Create sub-groups for each big goal that help build your overall plan.
It’s easy to get swept up in profit margins and sales figures at the end of a tax year. Use this juncture to consider the overall morale of your task force. Are they happy and motivated, or could your staff turnover be better? Think about how investing in more face-to-face time and resources could improve their job satisfaction. It is likely that a happier team will improve your figures – increased productivity and reduced costs of recruiting and training new staff.
If you would like to start targeting a new customer or reaching a new market, then consider outsourcing some expertise to companies who know how to do that. Perhaps a PR, marketing, or social media agency can help implement a new strategy that drives real change.
What’s going on outside?
As robust as your company practices may be, it doesn’t hurt to consider how external factors may affect your business. Recently the business world has seen the effects of GDPR tightening, Industry 4.0, Brexit, and tax digitalisation. Whether the effects have been good or bad, it is worth considering what is changing in the business landscape, and what impact that will have on your business, so you can be properly prepared.
Onwards and upwards
Whatever goals you set, make sure they are realistic and manageable. There is no point feeling even more overwhelmed with an unobtainable wish list, instead of a realistic action plan. Assess how things are going three or four times a year, and have no shame in modifying your goals as you go to stay on track.