If you are ready to finally achieve your business goals for the year ahead then you are definitely in the right place. Having goals and objectives play an important role if you want to have success in your business.
We all know having goals and objectives are important aspects of achieving your dreams. But what do we actually mean by goals and objectives and frankly, why are they even important. I mean, we have dreams right, we know what they are, so why do we have to go that step further to articulate our dreams into goals and objectives.
And just as Walt Disney said, if you can dream it, you can do it. But to do this, you have to put it down on paper. To make your dreams a reality, you have to take action, and you do this by having goals and objectives. Without having these two principles, you are pretty much flying blind and this is a dangerous thing to do when you have high expectations of achieving your dreams.
Aren’t they the same thing?
No, goals and objectives are not the same things. To put it simply, goals are overarching outcomes you intend to achieve for your business, whereas objectives are the measurable steps that you need to take to help you achieve your goals.
So, now that we have that distinction out of the way, let’s get down to the 3 essential goals and objectives you need to succeed in the year ahead.
1. Goal – Improve the effectiveness of your marketing campaign
Objective – keep track of your KPIs (Key Performance Index)
If you are a seasoned entrepreneur and you have intentionally launched a marketing campaign or you have just started your business and you have started posting on social media, then you have to measure the effectiveness of that campaign. The way you do this is by having key metrics in which you measure the performance of the campaign against, your KPIs.
Don’t let your posting be in vain
For example, let’s say you are posting on Instagram and your marketing campaign goal is to raise brand awareness for your business, then one of your objectives must be to start measuring your reach because this is what shows you how many unique accounts would have seen your post. This is because if new accounts see your post, then you are going beyond the accounts who already know about your brand and you are therefore increasing more awareness of your brand.
So, you can see how having this goal and objective guarantees success for your business because you are able to measure what is and isn’t working for your brand so you can repeat what works and learn from what doesn’t to make your marketing campaigns even better.
2. Goal – Complete a business SWOT analysis
Objective – Invest in systems/people to improve your strengths, tackle your weaknesses, test your opportunities and minimise your threats
As entrepreneurs, it can be very easy for you to get lost in the day-to-day running of your business and sometimes you miss what is actually working and not working for your business as a whole. So, in order to be successful in the year ahead, you need to keep track of the health of your business and a SWOT analysis will help you do this.
What is a SWOT analysis
A SWOT analysis (strengths, weaknesses, opportunities and threats) is a process that helps you buckle down on what you do well and take advantage of the opportunities you have identified for your business, whilst confronting your weaknesses and threats with the aim of minimising the risks it presents to your business.
By understanding what works for your business and what potential challenges you might face, you are putting yourself in a strong position to succeed because you are able to thrive doing what already works for your business and plan for what doesn’t, in order to minimize the impact it will have on your business.
Let’s see how it works
For example, when conducting your SWOT analysis you realize that you have developed a new way to engage with your customers on your Facebook account but at the same time, you discovered that your conversion rates from the engagement were low. This should already highlight to you that you may need to review your sales technique and your customer journey when it comes to Facebook.
So, you can see that by conducting this exercise and having this goal and objective for your business, you can identify and prioritize the actions that will help your business grow and ultimately succeed.
3. Goal – Invest in systems that automate some business activities
Objective – Automate parts of your marketing process
As a small business owner, you get pretty used to wearing all the different hats in the business because one minute you are the social media manager, and in the next, you are the accountant. However, there has to be a point in your business where you start automating some of your day-to-day tasks to free up time for you to focus on matters that generate sales for your business.
By automating your business activities you increase your business productivity, which ultimately means that you are able to focus on things that will actually grow your business in the long run. Ever heard of that saying “quality over quantity”? Well, this is where automation plays its part because it frees up time and recourses to help you focus on the quality of your services rather than just the quantity.
What does it mean in practice?
For example, rather than having to remind yourself to post on your social media platforms every day, you would be better off investing in an app like Later.com, that allows you to schedule your content in advance. So, the time it would have taken you to remember that you had to post, find the picture you want to post, copy the caption and the hashtag for the post, you could have used that time on a sales call with a client or working on your own self-development.
So, if you want to succeed in the year ahead, you have to invest in some sort of automation because it will allow your business to grow and serve more of your clients.
You now have all you need
As entrepreneurs, we have to take the time to reflect on our business activities and not get sidetracked by the day-to-day tasks. We can’t afford to simply try one thing and that’s the same thing we will always do because industries evolve, technology advances and our businesses must evolve as well. But no matter where you are now, whether you are a seasoned entrepreneur or you are a new entrepreneur, these 3 essential goals and objectives will help you succeed in the year ahead.
Feel free to send me a message or comment below if you have any questions.