As the end of the year quickly approaches, one question that might be on your mind is “where is my company headed?” One way to not only figure out the direction your company is going in, but to also guide it in that direction, is to set a series of goals for it. A list of goals helps you compare where your business currently is to where it once was and allows you to make informed decisions about its future. Setting goals is just the first step. The next step is doing what you can to make them a reality.
Create a list of every goal your company hopes to achieve. Include small goals, such as moving into your own office space, and larger goals, such as purchasing another company, on your list. Once you’ve listed every possible goal, rank them in order of importance. For example, if might be more important that your business reach a certain level of profitability in the next quarter than it is to move into a larger office space. Prioritizing your goals lets you know which ones are the most important to focus on first.
Map Your Progress
Ideally, the goals you set for your company will be measurable, meaning that you will be able to see how it is progressing on them. Once you have a high priority goal or two, the next step is to break it down into steps and keep track of how you progress with each step.
If your goal is to raise your company’s profits by 5 percent by the end of the quarter, think about what you will need to do to get to that point. You might want to bring in one new client a week for six weeks, for example. Plan out ways to get those new clients. It can mean attending networking events weekly, asking current clients for referrals, or even cold calling potential customers. When you do land a new client, record what you did, when you did it, and how it impacted your company’s profits.
Be Able to Adapt
The world of business is always changing. New products and ideas become available on a semi-regular basis, which alter the way things are done or change the competitive landscape. That means you should always be ready and able to adapt to changes in the world around you.
Being able to adapt can mean several things. It means being flexible enough to rethink your plans and strategies when something new comes on the market that changes the landscape around your company. One example is online stores that offer free shipping at all times while other stores still charge a fee. Having competitors offer free shipping on all orders can make it more difficult for you to expand your customer base, as the customers might prefer to work with the company that ships items, as it reduces cost and risk to the customer. Instead of only focusing on ways to add to your customer base to increase profits, you might also want to find a way to offer free shipping that doesn’t affect your bottom line too much.
It can be easy to try to go it alone when it comes to setting goals. But, having a team to work with you and to offer you insight and perspective is often very helpful. A virtual CFO can help you understand your business’ financial details, for example. Using that financial information, he can help you create a plan to reach certain financial goals, whether those goals involve increasing your company’s profits or reducing its debts.
You can try to do it all yourself, but doing so often leaves you over extended, which creates a barrier to achieving your goals. The team at New Direction Capital is available to help you develop your company’s goals and to create a plan for action. To create a plan for your business’ future, contact us today.