Here’s some hot tips BUSINESS buddy recommends with their business advisor hat on.
1. Know where you are
Use software liketo track current business performance. This will ensure you know things that are going well and what can be improved.
Check in with your staff to see what is making them happy or hassled in their job. New Zealand is currently experiencing skill shortages and you don’t want unexpected resignations.
Review equipment, plant, resources, vehicles, software, furniture to see what needs an update in the coming year.
2. Prioritize essentials vs nice to haves
Determine the not-negotiable goals that must happen. Essential items should be those that have a direct impact on profitability, such as sales forecasts, and people and equipment that generate income.
Next, consider goals that get you out of bed in the morning. There’s not a lot of point in setting goals that do little to motivate you or your team.
Also, consider goals that ensure your business remains competitive in an ever-changing market. For example, retailers have less need for bricks and mortar shops, and growing need for online shopping tools. In a similar way, builders have less need for a slide rule and more use for a calculator app on their smart device. Consider goals that support business evolution or risk extinction.
Then, set goals that may be less essential but will make your day better. It could be buying a new vehicle or training that won’t directly impact on your business but will make you better person.
3. Break goals down into manageable tasks
We say this often, but you can never hear it too much – planning is essential, and goals will only be achieved with a plan.
Break your goals down into smaller tasks with a timeline and identify who is responsible for completing tasks on the to-do list.
Then commit to checking that the steps are completed. You may need to appoint an independent advisor – like BUSINESS buddy – to keep you accountable.
4. Build in flexibility
Business resilience is all about accepting the things that don’t go as expected and having a back-up plan to bounce back.
Allow yourself time to reconsider how you are going to achieve your goals, and if you even need to change your goals.
In today’s fast-paced world, your business will encounter challenges you don’t even know about yet. Therefore, plan for your plans to change.
5. Celebrate success
Give you and your team a pat on the back when you have nailed a goal. Hard work is just hard work if you don’t take a moment to reflect on your accomplishments.
In fact, sometimes you can be so busy racing onto with another goal – you can overlook just how much you have achieved.
Get cracking now, while you have that back to work enthusiasm. If you need a hand with goal setting, get in touch with your BUSINESS buddy.