Every business is launched with a mission – a goal – in mind. But once you have things up and running, goal-setting can quickly make its way to the backburner.
If you want your business to grow, setting goals and making plans to reach those goals is critical. Here are four long-term goals your company needs to set right now.
1. Plan for Growth
Expansion and revenue growth are the goals of every business, but do you have a plan in place to reach your targets? Do you even have a target?
To help you stay on track and set your business on the right course, make it a habit to create a blueprint, or road map, for the year. This plan should include the company’s yearly:
- Strategies to reach those goals
The plan should be in line with your budget and forecast, and quarterly milestones should be established. Revisit your plan on a regular basis, and make adjustments as needed to ensure that you’re on the right track.
Growth doesn’t happen by accident – in most cases. To realize the growth you desire, you need to set goals and put a plan in motion.
2. Improve Your Customer Service
Customer service should always be a top priority. After all, customers keep your business up and running.
When making your yearly growth plan, measure customer loyalty and consider how customers perceive your business. Feedback surveys are a great way to pinpoint company strengths and weaknesses. This information can go a long way in helping you improve in lacking areas and capitalize on your strengths.
Set goals to reach a certain percentage of positive customer feedback, and take steps to reach that goal. Ensure that you have a standardized way of handling customer service, and consider implementing new customer appreciation measures.
3. Create a Succession Plan
As a business owner, you’ve spent a considerable amount of time building and growing your business. Who will take over the company after you’re gone? Without a plan of succession, your company and all of your hard work may fall to pieces.
“You are paying employees on a salary, some may be growing in to their role, but how are they going to fund an eventual buy-out?” says Aaron Hessler, who offers Generational Partnership consulting services. “Can they be the person or people that eventually bring in all of the new assets and hunt for additional business opportunity the way you have as a founder?”
If you haven’t done so already, you need to consider your future replacement – someone with the leadership skills and passion to take your company forward.
4. Boost Brand Awareness
Increased brand awareness will facilitate natural growth, but it’s important to remember that this is an ongoing process that never truly ends. Improving brand recognition takes time, but it also builds trust and helps position your company as a leader in the industry.
After all, people are more likely to make a purchase with a company they know.
Boosting brand awareness is as simple and as complicated as getting your name out there. Post regularly on social media, participate in community events, create viral content that catches the attention of consumers. Most importantly: create a logo that stands out – and use that logo in all of your marketing material.
Every business needs to set goals and create a plan to reach those goals. Growth is always a top priority, but setting targets for customer service and brand awareness can also go a long way in helping you reach those revenue targets. Creating a succession plan can help ensure that all of your hard work lives on after you leave the company.