For most people, the New Year is a time for new starts and new challenges. For small business owners, it is also the perfect opportunity to make a few positive changes to create a more profitable new year. Here are four areas to consider when developing your business goals for 2015.
Your Progress
You can’t look forward without reflecting on where you’ve been. Spend some time with the reports from your website and financial software system and review your weekly, monthly, and quarterly numbers. Did you miss your sales goals for 2014, or did you surpass them? Either way, what marketing strategies were effective? Knowing what efforts and actions worked (and which ones didn’t!) should help you focus your goals in 2015.
Your Product
If you want to be more profitable in this year, look at your product. Are you meeting the needs of your target audience? Or is there something you can change? For example, the new transportation company Uber has become an almost overnight success by meeting a simple need of its consumers: fast, reliable transportation. Products and services are only profitable to the extent that they address a current problem. Use a survey or focus group to better understand your customers. Then, tweak your product to give them what they want. Also, don’t forget that a new year is a fine time to reassess your relationships with your vendors and suppliers and make new (better) deals for your company.
Your Staff
True entrepreneurial success does not happen within a vacuum, and effective leaders know how to foster talent within their workplace. Consider developing a system that allows your staff to gradually take on new responsibilities. Then, create a system that rewards their success. Build your employees up, and they will pay you back in kind. You will be amazed at the benefits this simple philosophy will yield. Don’t forget to cross-train your key employees this year, so you’re prepared for any employment curveballs that 2015 may have in store for you.
Your Goals
Believe it or not, goal-setting should be at the top of your goal list for 2015. Many business owners set lofty, year-long goals and watch them pass by every year. Instead, create smaller, realistic milestones. Then, review your progress every quarter. Not only does this give you more opportunity for success, it gives you time to change your strategy if something isn’t working.
If you’re a small business owner, you already have the tenacity and commitment to make a business grow. Use that internal drive to set your company on a path of growth in 2015.