How did 2019 shape up for you? Were you happy with your results? Did you hit your financial goals?
If you want 2020 to be your best year yet, it needs to start with setting your goals and creating the plan that will get you there.
We’d like to give you some guidance. Set long-term goals and short-term milestones. Make your 12-month goals your long-term goals. These need to be SMART – which stands for specific, measurable, achievable, results-oriented, and within a specific timeframe. Then break the 12-month goals down into 90-day increments and set the appropriate targets or milestones that will ensure you hitting the 12-month, longer term goals. Your 90-day increments should be thought of as the key activities and initiatives that will drive the results you need to hit your year-end targets.
We also recommend that you start with some personal introspection and decide what you personally want from the business in the new year. For example, how much more net profit do you need to set as a goal in order to have the business better serve you? Are you looking to take more money out of the business or do you need to invest in new assets? Maybe you need to hire more employees. Wherever your personal introspection leads you, now you can look to some key initiatives that will help you get there. Perhaps one might be to improve customer loyalty and retention or perhaps you need to increases the number of new customers you are acquiring. Another idea is focusing on employee engagement so the customer experience you are delivering is WOW. These are some ways in which your activities and targets help you achieve the personal results you want to see from your business.
One last point is that this is an ideal time to do a SWOT analysis on your business. These are your strengths, weaknesses, opportunities and threats. The idea is that you want to have strategies that minimize if not eliminate your weaknesses, and you want to look for ways to prevent or overcome the potential threats, which would be things like a recession or a new competitor entering your market space, for example.
Having this introspection and having your goals set as you move forward into the new year will allow you to properly budget for the new numbers you need to achieve in 2020. We know budgeting isn’t necessarily everyone’s favorite topic. We’re happy to help you understand the value and importance of it and can help you plan for a successful 2020!