As a business owner, you’ve probably gotten plenty of advice on how to reach your goals and on the importance of tracking your business’ growth and performance. But, if you aren’t sure what your company’s goals are, working on achieving them or on tracking its growth can be a moot point. The goals you set for your business do depend on what you hope to achieve for the year. You might wish to strengthen your team and to focus on reducing turnover or making the right hiring decision from the start. Or, your goal might be focused on the value and productivity of your company and on ways to raise or increase capital.
Who you hire can have a big impact on the health of your company. If you’ve had to deal with not-so-great employees in the past or employees who quickly find a new position and move on, taking a close look at your recruiting process and making it a goal to improve it can help save your company money and stress over time. You can also set a specific recruitment goal for each quarter or for the year. Your goal might be to hire a team of developers to improve your company’s website or to make it more user-friendly.
Part of your goal to improve recruiting might be to better screen candidates before you offer them a position. In the case of a team of developers, you might have them take a test to see if they really have coding skills and are actually able to do what they say they can do.
Keep Employees Happy
Along with setting a recruitment goal or a goal to improve your hiring process, your company can also benefit from having a goal to improve your current employees’ happiness and job satisfaction. Take a look at your company’s turnover rate. If it is higher than you would like it to be, find out why people are leaving. It could be that your company’s leave policy is less generous than that of similar companies and that employees are moving on because they need something more flexible. It could be that the benefits offered by your business are fewer or less satisfactory than what an employee can get a similar company. Employees might feel that they don’t have much room for growth with your company and might move on to a business that offers upward mobility.
There are a number of ways you can work towards the goal of improving employee satisfaction and happiness. If your team feels separated or cut-off from each other, your goal can be to build more camaraderie in the office by having the occasional happy hour or employee retreat. If people want to work at a company where they are able to grow and move up in their fields and positions, you can make it a goal to sit down with each employee and create a plan for where they want to be at the end of the year or at the end of several years.
Make Your Business Operations More Productive
It remains true that time is money, and increasing productivity at your company can help to increase its value, both to your clients and to your employees. Making your company more productive means that you do get more out of less. There are a few ways to go about boosting productivity. One is to set a target and goal for each meeting or project. No one should wonder why he or she is sitting in a meeting or what the end result of a project is meant to be.
Most likely, your company will need capital to reach any other goals it has or to continue to operate. Examining ways to raise capital and the best resources to tap into to get that capital are essential for the overall success of your business. Your goal can be to try to find a new source of funding during the year or to continue to develop a relationship with an investor or other source of financing.
Before you can work towards achieving your goals, you need to have a clear idea of what those goals are. If you are unsure what the next step to take is or how to clearly delineate your goals, the team at New Direction Capital can help. Contact us today and get started on planning your company’s goals.
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What are some of the things you’d like to achieve this year? Does it include raising capital or keeping employees happy? We’d love to start a conversation so feel free to comment below!