Ayodeji O. Babatunde
We kicked off with “identifying your business” current state last week (you can check the previous post if you missed it), it’s pretty simple, this simple assessment not only shows you how your business is doing but the potentials of growing your business.
Now that you have analyzed the current state of your business for the past year, it’s time to set your primary business goal for this year. Break it into shorter versions for every month, week and day, along with specific action plans.
This goal must be SMART (Specific, Measurable, Action-based, Realistic and Time-bound)
Your goal must be Specific. You must state in clear terms what your business must achieve at the end of the year. Be very precise.
The goal must be Measurable. Set milestones to signify that your plan is being actualized.
Now take some Action. A well written goal without action steps will only remain a written document. Start doing what needs to be done in order to achieve what you have projected for your business.
Be Realistic! It makes no sense to set a 12 month goal that will obviously take you 10years to achieve. It is important to make sure that this goal can be achieved in one year.
Your goal must be Time-bound. Make a habit to have deadlines to accomplish each task.
Here’s a good place to start;
- Check that you have the right legal documents for your business.
- Take time to do your inventory. Your inventory is the actual sale per product/service. (How much is the cost of production per product/service, what is the cost of delivery e.t.c.)
- Scale up your sales. Deploy efficient marketing strategies to boost your sales.
- Take advantage of technology to better reach and serve both your existing and intended customers
- Define your profit. Make sure that the revenue stays ahead of the cost of production, operation and customer acquisition.
Don’t forget to make some money this week!