It’s the end of the old year and the beginning of the new year came so quickly. As part of this transition period for the business owner, it’s a great time to 3 identify business growth as goals are set for the upcoming year. Goals that outline hopes, plans and strategies towards more success. You’ll need all these resolutions to grow your business so what should they be? Here are the questions you’ll use to define your 3 resolutions:
You want to make more money this year. What’s your Money Resolution?
You want more new customers this year. What’s your People Resolution?
What will you do about your products and/or services this year. What’s your Product Resolution?
It’s all well and good to have hopes, dreams and plans, after all most of us hold personal (new years’ resolutions, anyone?) and business goals. Before we get too deep in the weeds when we look at our business goals it would be wise to use high-level business growth categories where you can place the goals that support those categories.
These categories? They roll right back into to your Success Resolution. You can get the most effect by making sure these powerful categories support your:
- Money growth category
- People category
- Products development category
Step #1 in creating your Success Resolution would be to:
Define the 3 main resolutions. State the amount you want to make or exceed this year. State your intentions as to what networking events, business organizations you intend to become part of to grow your prospect/customers when you provide your pain-relieving services and products. Are you going to add, remove or update any of your services or products this year? Specify these items here.
Step #2 in your Success Resolution would be to:
Define your Categories and explain how they contribute to the corresponding resolution.
Start with the statement “My XXX category contains:” Add your main headings here (eg: Promotion, Planning, etc)
Step #3 in your Success Resolution would be to:
Define your goals under the appropriate category. Each goal should follow the SMART strategy (Specific, Measurable, Achievable, Realistic and Time-based). Consider adding these beneficial properties to your SMART goal. An element of challenge to get you out of your comfort zone. Make it motivate you to move you to the next step on the path you’re taking. One last reminder: make it doable so you can safely follow through.
Consider these goals when making your plans:
With your money resolution in mind, determine how you’re going to reach those goals. Are there items you will be adding or revising?
Promote your business – sometimes small businesses fail to properly prioritize this important activity. You will need to create your marketing plan or hire a marketing expert to take care of this task for you. If you are just starting out you can get started by finding low cost ways to promote your business. Remember the promotional opportunities you can access through your own website (it can serve you more appropriately with some review). Don’t overlook this resource!
Business planning (regular) – Make this a must do weekly activity. Doing this weekly means you are acting “in the moment” to understand what’s working and what’s not. Set aside time each week to reflect, adjust and look ahead. A suggestion might be to make this non-negotiable time in your business week.
Delegate weaknesses – It’s time to admit to those things you don’t do as well as your business needs, and to get help for those important areas of your business that can be better served by someone who is an expert in that area. It will serve you well to remember the adage. “Sell your strengths and buy your weaknesses.”
With your People resolution in mind, determine how you’re going to reach those goals.
Want new customers & prospects? When was the last time you reviewed your client avatars? Do you still interact with these identified customers where they are most likely to get together? Are there new avatars you can add that will open new doors for you?
Networking groups – Are there new ones you can investigate to help connect with your potential customers? Plan to attend their meetings for at least 3-6 months and add it to your calendar as “must-do” commitments.
Get out in your community and join causes you are passionate about. These are easy ways to grow goodwill as you give what you can. A side benefit is the goodwill shown to you and your business while you get to do something you love doing. Everyone wins with this strategy.
Use social media, email and your online presence to grow your connections. Serve value to your prospects the way they like to be served. When you take the time to plan out your online presence you grow an extra pair of hands that are focused on staying in contact with potential and current customers, making sure they received the message you intended.
Do you have new products or services created or planned? You need to plan, develop, cost, promote and price your new offerings. What does this mean to your customer? Have you researched the need for this offering, and the pain point will it address? Proper planning in this area can refresh a service offering or successfully launch a new one. More products or services finely tuned to your customers will grow your bottom line exponentially and possibly lead the way to other opportunities, such as passive income. Are you ready to take advantage of something like this?
What’s working & what’s not
You may have a tired, ineffective product or service you’ve not had time to evaluate. It may even be costing you in terms of branding, perception or relevance – all things that impact the buying decisions your customers are looking to make. Take the time to review and eliminate any product or service that no longer serves either you or your market. Look to your data (including any sales figures/download rates, etc. that inform you of the effectiveness of this item. Keep your product goals front and centre as you determine what’s working (and you need to keep/update) vs what’s not working any more. Be clear on what you want to achieve in this area.
So, there you have it – your 3 New Years’ Resolutions for your business. Each one is key to the success of your business and will bring you closer to your goals. Now’s the time to make a real difference. Start with your Resolution, identify the proper Category, and then finally break it down to the S.M.A.R.T goals you’ve identified. Doing this will help you work your magic and achieve your resolutions in a build-it for success strategy. Can you do it? Of course, you can! It will be Happy New Year to you because you have resolutions you can keep!
Barbara Jemmott is the founder and business strategist at Your Entrepreneurial Spirit. Her 4-point YES to Customer Acquisition Program (C.A.P.) allows her to work her passion which is helping entrepreneurial women grow their audiences and income, online. She got here through her 20+ years of experience helping business understand and implement systems, strategies and procedures to increase productivity as well as implement change and streamline operations. With responsibilities designing, developing and training small to large technology training initiatives for Fortune 100 companies, she brings “Big Business” expertise to the small business space. Learn more about Your Entrepreneurial Spirit and the YES to Customer Acquisition Program at www.yourentrepreneurialspirit.com