Setting goals for your business is an important step in making sure it thrives. While some people might think this is a simple task, it can be more complicated than you may think. This guide will walk you through the process of setting goals and provide tips on how to make them actionable, achievable and measurable. Why Are Business Goals So Important? Business goals and objectives are important and should be established for a number of reasons. If you don't define what success looks like, the chances are that your business will never achieve it. You need goals to measure growth by comparing them from year to year or month to month. If you're not seeing the results that coincide with your expectations, then it's either time to adjust your goals or get to the bottom of why you cannot meet them. Goals are also important because it shows that you're organized and have a plan in place, which is especially helpful when raising capital for growth. It lets potential investors know what milestones to expect throughout the process of investing into your business. Goals keep you and your team focused, and provide a clear benchmark against which to measure your success. Clear goals enable you to prioritise the most important tasks and focus on the things that matter most. Step 1: Identify Key Areas Of Focus First things first. What are the top areas you want to focus on in your business? Of course, this depends on your unique business and industry, but some examples to consider include: ● Improve customer service ● Reduce costs by 10% ● Grow sales volume by 20% ● Be the first mover in your industry with a new product or service offering ● Increase employee satisfaction to 75% ● Improve customer retention rate by 5% ● Reduce company debt and interest expense below a certain threshold, e.g. $40,000 ● Increase profit margin by 10% ● Reduce time required for product or service production by 12% Step 2: Set SMART Goals In order for your goals to be effective, you need them to meet a specific criteria. They must be SMART. This means: ● Specific - very clear and easy-to-understand. ● Measurable - determined by the numbers or data. ● Achievable - your goals must be realistic, or else you are simply setting yourself up for failure. ● Relevant - each goal should be pertinent and directly beneficial to your business. ● Time-bound - the deadlines must be clear and reasonable. "Increasing profit margins" is not a good goal because it's far too vague. However, "increasing our profits by 10% in the next 12 months by reducing costs and increasing efficiency" is an example of a SMART goal. Step 3: Set a Timeline Your goals need to have a timeframe. This is important because it helps you think about which resources are required, how much time your goals will take and what milestones must be reached along the way. For example, you won't increase your profits by 10% overnight - it will happen in much smaller increments. Therefore, you should set milestones that will be reached along the way. For example, you might aim to increase profits by 4% by the end of Q1. Then, you can adjust your goals against real-time progress. Step 4: Review Your Goals Regularly It is crucial that you regularly review your goals to ensure they are still relevant and helpful. You may find that the market has changed, or that new opportunities have emerged based on customer feedback which would alter some of your original plans - this means it's time for an update. Maintaining four or five year goals is a good idea, but you should also create one-year and quarterly plans to ensure your business stays on track. Step 5: Accurately Track Your Goals You cannot measure progress unless you are measuring against something specific - that's where SMART goals come in. You need to establish metrics and benchmarks against which you can measure your progress. This way, it's easier for everyone to see whether they're on track towards achieving the goal and when adjustments need to be made. Final Thoughts Clear goals provide a clear direction for your business and keep everyone on the same page, working towards achieving something that is meaningful and beneficial to all. They can be used as an effective tool when pitching to investors or potential partners to give an idea of how the business will progress over time. No matter how well your business is doing, there are always areas for improvement and new heights to reach. Setting goals is the first step on the journey to success..

A competitive edge is what will set your business apart from the rest and skyrocket you to success. But how do you create that edge? It all comes down to developing the right marketing strategy. Let's take a look at the seven most powerful options for small businesses to consider. 1. Prestige Pricing Pricing is a vital element of an effective marketing strategy. By using prestige pricing, you're playing into the old adage of “you get what you pay for” and communicating to customers that your products and services are superior in quality or they deliver greater value than competitors' offerings. Of course, you will need to articulate this value clearly so that your customers understand exactly why your prices are higher. When executed properly, prestige pricing has a very positive effect on both your sales and your profit margins. 2. Speak at Industry Events Speaking at industry events - or even organising events of your own - is a huge opportunity for your business to gain visibility and establish credibility. It’s an excellent way of putting yourself out there and establishing authority in your field. Industry conferences are also ideal places to network with other professionals that could help you expand your customer base even further down the road. 3. Work with Influencers Influencer marketing is one of the most powerful ways for businesses, both big and small, to promote their products or services. Creating long-term partnerships with influencers within your niche is a great way to not only increase your visibility but also build trust and authority. There are many ways to work with influencers, including sponsored posts, creating video series, delivering webinars or conducting interviews. Don’t necessarily limit your focus to influencers with huge follower counts, either. The best influencers to work with are those with an engaged and loyal audience; even micro-influencers with under 10,000 followers could help you to make an impact. 4. Become an Influencer Yourself This doesn't mean transforming yourself into a Kardashian - it's about becoming an industry influencer. This means delivering valuable content and becoming an authority within your niche so that you are seen, heard and respected by a large audience. This will help you stand head and shoulders above the rest, and build trust among potential customers who are looking for guidance. 5. Narrow Your Niche You can't be all things to all people. In order to stand out, you need to narrow your focus and clearly define who you are serving. This means being hyper-targeted in the market and addressing a very specific need. This is one of the most effective marketing strategies to help your business gain a competitive edge because once you know exactly who your ideal customer is and what they need, your message, offer and tactics will fall right into place. This is an especially powerful strategy if you’re targeting an under-served niche who doesn’t feel seen and heard by other businesses. If you can identify such a niche, you will be able to secure a large market share and cultivate a very loyal customer base. 6. Invest in Customer Relationships Customers are the lifeblood of any business, so nurturing them in the long-term is one of the smartest moves you can make. You should always be working to build stronger relationships with those who have already invested in your product or service because when you become known as a business that puts its customers first, you won't struggle to sell. 7. Engage Online Communities One of the most effective ways to build a positive online presence is by engaging in relevant communities, whether that's on social media or other platforms where your target customers are spending their time. This will drive traffic back to your website and create opportunities for people to get to know you and your business. Facebook groups, Slack channels and forums work especially well for this. Conclusion The marketing strategies discussed in this post can help you gain a competitive edge and attract more customers. Every business is unique so not all of the above strategies will apply, but by honing in on one or two that are suitable for you, you can make your business stand out and enjoy greater success. Ready to take your business to the next level? Book in a call...