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Opinions - January 4, 2021

5 Small Business Goals You Should Set this Year

One of the most important things you can do in your small business is to set the right goals this new year, regardless of how old your business is, where you are based, how lucrative it is, or what you offer. Goals help you remain focused, and they will keep your business from stagnating. Your business goals keep you moving forward and set the stage for continued achievement.

Here is a list of new year goals that have the potential to change your business for the better. Choose one or two that are suitable for your small business, translate them into smart targets and create a strategy for the coming months to achieve them.

Do an In-depth SWOT (Strength, Weaknesses, Opportunities and Threats) Analysis

A SWOT analysis is a method that allows you to recognise the strengths and weaknesses of your business. At any stage of operation, it can be used to help you decide what makes your organization special, find untapped potential new areas of the market, and discover what your competition is doing better than you are. As part of a broader process to improve your decision-making capacity, do a SWOT review this year.

Increase Traffic on Your Business Website or Blog

More website traffic also translates into improved customer satisfaction and sales, making this a vital goal for small businesses. On your website or blog, there are many ways to get more exposure. Start by developing a plan to ramp up your strategy for content marketing. Then, try one of these five ways to drive targeted website traffic once you have appropriate and engaging content ready to share on your website or blog.

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Create a New Product

If you have not updated your product line in a while, developing a new product to add to your offerings is one way to give your company a new life. As you get started with this goal, remember the input you have got from clients and their purchasing actions. You can also try changing the way you market an existing product since a new spin can also add new life to an older product.

Go Paperless

If it is done effectively, removing or reducing the amount of paper you use in your small business will cut costs and increase productivity. But bear in mind that going paperless doesn’t work for some businesses. Consider the pros and cons of a paperless office to determine if this will work in your small business.

Set Measurable Goals

It will make a huge difference when you change every target in your business into SMART goals. These are more specific, observable, attainable, appropriate and time-based.  For instance, a goal to increase your market share becomes a smart goal when stated like this: increase market share by 5% before the 4th quarter of 2021.

 

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