How to Set Business Goals for the Year

If you want to see increased growth for your business online this year, you’ll need to set the right business goals.

The New Year is great time to set personal resolutions, but also to set business goals as well. However, you can set these goals anytime you want.

I’m sure you want improve in your business this year.

But what do you do? What should you do differently? What should you keep the same? What goals do you actually set?

I manage a few of my own businesses and also have been a part of numerous others. There are two main reasons why I see business stay the same or decline year after year.

One is that their goals are extremely generic or non-existent. The other is that they don’t do anything differently – they just stick with the same tactics hoping something will change.

You don’t want to plateau. You don’t even want to see slight growth.

You want to see significant growth.

When goal-setting for the year, here are some guidelines to follow so you can be sure you business explodes rather than fizzle out:

 

1. Be Clear with Specific Business Goals

Be Clear with Specific Business Goals

Most businesses fail to reach their goals because they’re no clearly defined.

Some can be generic like increase sales or get more web visitors. Without a clear end in mind, you don’t know what you need to do. Success is then up to whether or not you “feel” like you did better, as the hard numbers go flat or downhill.

Be specific with numbers. Don’t just increase social media engagement – increase it by a 20%. Don’t just do better with your email marketing – commit to an email a week with a 10% click-through rate.

While you’re adding hard numbers to your goals, add a deadline. When do you want to achieve them by? First quarter? Mid year? End of the year?

Define your goals – you can only succeed if you clearly know what success is.

[bctt tweet=”Define your goals – you can only succeed if you clearly know what success is.”]

 

2. Understand Progress by Creating Milestones

Understand Progress by Creating Milestones

You’re not going hit your goals the first month, and you’re not going to hit them consistently. It’ll take time.

Say your goal is to have 20,000 web visitors each month. You’re not going hit that the first month. If you only have 10,000 web visitors a month, it’ll take time. Maybe the first month, your goal is 10,500. Then it’s 11,000 the next month. Then maybe it’s 11,750. Then it’s 13,000.

Or maybe your goal is to hit 10,000 total email subscribers at the end of the year, and you’re at 4,000. Broken down that’s 500 new email subscribers each month. But again, don’t start with that first month goal. Maybe your first month is to hit 4,200. Then then next month you hit 4,500.

Gradually increment your goals to show a progression in your growth. This is the key to milestones. Many businesses fail because even if they have milestones, those milestones are unrealistic.

Set reasonable and achievable milestones towards the beginning, and gradually increase them towards the end.

 

3. Remember the Bigger Picture of Your Business

Remember the Bigger Picture of Your Business

It’s so easy to get tunnel vision when planning business goals for the New Year.

You see all the areas you need to improve in and create specific goals to address those areas. Whether it’s online performance, or customer service, product quality.

Then throughout the year, you zero in on those goals. You may succeed in those goals, but it doesn’t impact your bottom line.

Always have the bigger picture in mind.

Your business depends on income. Your business has multiple facets, but without income, you can’t continue doing business.

As you set your goals, make sure they’re tied directly into your end goal. Don’t set goals because you “feel” like they will help your business. Make sure you can link it directly and measure it.

[bctt tweet=”If what you’re doing isn’t directly growing your business, it’s wasted time.”]

 

Areas of Growth for Business Goals

There are a lot of goals that you can focus on, but since this is an online business blog, I’ll list a few areas to help your business online, that I’ll focus on as well.

These are goals with hard numbers that you can measure on a weekly or monthly basis, or set a year end goal and break it up into monthly milestones.

Website

  • Number of sessions (visits)
  • Time on site
  • Number of pages visited per session

Email

  • Number of new email leads
  • Conversion percentage on email landing page
  • Open rate and click-through rate

Sales

  • Number of units sold or total revenue
  • Click-through rate on sales emails
  • Conversion rate on product landing page

Take some time to think through the goals that matter most to you, or the ones that need the most growth. Remember that to take them through the filter so that they become goals that you can succeed in and will actually move your business forward.

 

 

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