7 AMAZING WAYS TO SET ACHIEVABLE BUSINESS GOALS THIS YEAR
s• Run internal and competitive bench marking.
These exercises will help you compare performance in various areas across your organization, and across your competitors’ or peers’ organizations. This information will be helpful during the business goal-setting process by showcasing where you are strong or weak.
• Complete a SWOT analysis.
SWOT is a high-level strategic planning model that will help you identify where your organization can improve and where it’s doing well. It’s an acronym for “Strengths, Weaknesses, Opportunities, and Threats.” This detailed SWOT analysis template provides the details of how to conduct the analysis. Doing the analysis first will help you think through your strategic challenges and opportunities before trying to set targets.
• Do a market analysis.
Where do you see your industry headed? What is trending for organizations in your space? A thorough market analysis will help you answer these questions.
• Review your past performance.
Without knowing where you’ve come from, it’s hard to decide where you should be heading. Past performance can help inform a number of your future business goals.
• Solicit input from employees.
Gaining insight from employees is a smart strategy, as it will give your leadership team insight from those on the “ground floor” of the organization. But if you do ask for input, be open to actually using it—otherwise, employees will be less likely to offer up their opinions in the future.
• Determine who will participate in the goal-setting exercise.
Determining who should be a part of this conversation is largely based on the size of your organization. Will you involve mid-level managers, or just senior leadership? What about your board of directors?
• Give all participants some pre-reading homework so they can come prepared.
You want everyone in the room to be on the same page and ready to go once the meeting begins.
• Specific : Each goal specifies your target exactly. For instance, increasing sales may be your goal, but it’s not specific enough. Increasing sales by 10 percent is much more specific.
• Measurable : One of the big problems with setting goals is knowing when you have met them. In other words, you must be able to evaluate your success. Increasing sales by 10 percent is measurable if you have the data on present sales.
• Achievable: A goal that is within your reach increases motivation and those brain chemicals that keep you and your team motivated. If you wanted to increase sales by 50 percent, your sales staff may see that goal as impossible to achieve and give up before they begin. The 10-percent mark, however, may be very possible for the sales team if they have a reasonable amount of time to achieve it.
• Realistic: A realistic goal is one that your team has the resources to realize. If the team has the skills it needs to increase sales, you have enough of the product to sell, you have plenty of customers in your sales area, and you have time to get the job done, the goal is realistic.
• Time: SMART goals are written with an end in mind. Increasing sales by 10 percent by the end of the next fiscal year provides a deadline. If you don’t have a deadline, the goal is too vague and the target is unclear. Time is a motivational factor in achieving goals. (I want to lose ten pounds is a goal. But I want to lose ten pounds by Christmas provides a deadline.)
• Examine who will be responsible for each of your goals.
Who will ensure everyone stays on track? Who will ensure that reporting on progress takes place each month or each quarter? Consider the roles and responsibilities required to assure continuous advancement.
• Identify the resources you’ll need to achieve these goals.
For example, if one of your goals is to develop and use a customer relationship management (CRM) system, do you have the funds appropriated for it? Budgetary limitations should also be considered during the goal-setting process.
Example of strategic goals increase share of market ,
Growth percentage of sales from new products
Balance the budget
Increase share of market
1. Write a Business Plan
You can’t successfully start a new business without setting goals, so if you’re just starting on your entrepreneurial journey, you probably have a number of business goals on your list, with writing a business plan certainly being one of them. Despite its reputation, business planning doesn’t have to be a long and painful process. These resources will help you get started:
• How to Write a Simple Business Plan
• Business Plan Outline for Small Business
2. Improve Your Bottom Line
It’s probably safe to say that most small business owners would like to increase their profit, making it a very common small business goal. Unfortunately, it can also be a challenging one. Improving your bottom line usually requires two approaches — raising rates (or selling more) and reducing expenses. If this is a relevant business goal for you,
3. Become More Productive
Many small business owners struggle with finding enough time to get everything done; it’s a common challenge for small business owners who wear multiple hats. You may feel like you’re constantly being pulled in different directions, or that business administrative tasks are eating up all of your time. If this sounds familiar, then a productivity goal may be the right one for you.
4. Use Technology to Do More
Technology can not only save us money, but it can save us time, too. And since it’s constantly changing, business goals for using technology in new ways are almost always relevant. Even if you’re successfully using technology in your small business now, there are new tools being developed every day that can help you do even more in your business. These articles will inspire you to think of new ways to use technology:
Most people picture a beautiful, fancy hotel whenever they imagine their ideal vacation, and both local and international, tourists are the backbone supporting these hotels. For proper running it is necessary to have a workable system so that you are able to quickly clear your guests from the front desk and actually identify the vacant rooms from just a glance Hotel or Accommodation Management system, is an application providing the right set of tools to manage a hotel’s day-to-day operations. It facilitates a hotel’s reservation management and administrative tasks. From check-ins and payment processing, to handling special offers and room rates, the most important functions include front-desk operations, reservations, channel management, housekeeping, rate and occupancy management, and payment processing allowing you to keep things in order.
Save hours on administrative tasks that can be automated with software. Billing, marketing, guest communications and more.
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Prevention is better than cure, right? Alot of chaos and frustrations brought on by difficult clients especially to small or medium sized businesses. Lucky for you below are a set of tips to help you identify difficult clients before signing a contact to work with or for them that will really come in handy in your entrepreneurial journey. To help identify difficult clients before they even sign a contract.
If we go back to psychology for a moment, think about this: it’s much easier to impress a client if you first give yourself the room to provide exceptional service.
For example, you could close with, “What day do you want to receive your installation?”
We spend half our lives at work and before that we spend years studying and preparing to fit into the business world. At our workplace we literally part with piece7 of ourselves since we spend most of our time there. It therefore goes without saying that since we have made so much preparation that it should be a place worth going to everyday. A place that we feel proud of, where we learn, grow, make meaningful and long-lasting professional relationships and a place we most importantly, look forward to go to every morning.
It is therefore correct to conclude that any workplace that does not provide these things to its employees, will see a negative employee culture such as poor performance, lack of motivation, theft, employees being disgruntled and most importantly, employee leaving for better working environments. High employee turnover is a major occurrence in unhealthy work environments which is a major loss to the particular organization because of loss of the investment done on the employee by the company, loss of experience and expertise among many others. The following are some major factors that may lead to this.
This is not a negative thing to do as a company but problem arises when employees are overworked and asked to multi task in order to accomplish objectives that would otherwise need more than one employee. The stress mostly seeps in when they do not get enough time at work to accomplish their tasks and therefore compromise their time with family and friends. This ranks among the major factors because it touches on one’s health. An employee would rather quit work and dig themselves and early grave from workplace stress.
Employee selection is therefore a very important task as a company. Finding the right fit for the right position so that they can freely and competently work is as vital as improving the company morale.
We all get nightmares once in a while and it can be so scary until you wake up and discover it was just a dream. As for entrepreneurs, the nightmares they have are more real than most people would like to admit. If you are not worried about low sales that year or month is more on how are employees behaving, are they getting the job done well, is your market outreach and brand awareness growing.
effectively handle difficult situations and equipped with the necessary tools. The key is paying a little more attention to hiring, motivating, training and managing your customer service team. In the end, happy employees mean happy customers may sound cliché’ but it has never been more accurate in this day and age.
Lack of innovation has resulted in the death of many young and mature businesses. When all you end up offering your visitors is “same old, same old”, you risk scaring them away. Innovation isn’t something you can set and forget. It requires close attention and constant maintenance and attention.
products, information etc. This type of 24 hours a day, seven days a week service definitely generates more profits than that of a traditional storefront especially with an automatic reply system.
