When you think about the new year, setting goals is one of the most talked about things. Here are 7 worthwhile goals you can set for your business.
1. Have a Specific Sales Target
Saying I want more sales won’t cut it. How much more? $100? $5000? The more specific your goal is, the more focused you will be on achieving it. Many times we shy away from being specific with our goals because:
-we feel they are too big or unrealistic. Let me tell you right now that there is no such thing as unrealistic goals, only unrealistic deadlines. So what if the deadline comes and you have not yet achieved it? Just extend the deadline but by all means, have a SPECIFIC target. You cannot hit a target that is not even there.
2. Create a Line of Credit
Cash is king
“Never take your eyes off the cash flow because it is the lifeblood of your business.” –Richard Brunson
Even if you are profitable on paper, running out of cash can kill your business. Maybe you have just purchased some inventory or your big clients haven’t yet paid you but month end is here and you must pay wages and some bills.
Sometimes, you just need some quick access to petty cash.
What is your plan for such situations? Do you have a line of credit? Creating a line of credit for your business is a worthwhile goal.
It can be something as simple as MTN Kongola or Zidisha, both of which I sometimes use. (You can send me your email for a Zidisha invitation) It can be also done by creating a better relationship with your bank through consistent deposits and disciplined withdrawals. Having multiple options of where to get cash if you ever need to give a certain piece of mind. Be mindful of the interest rates on this one.
3. Pay Yourself More
Most micro and small businesses underpay the owner. If this is the case for you, I would like you to set an amount for how much your business should pay you. Then every day, work towards making this a reality and yes, having a solid sales and marketing strategy is crucial because that’s what brings the money into your business.
4. Have an Accountability System
It’s easy to set goals and say I will do this or that but the truth is we are creatures of habit. This is why it pays to closely associate with people who are on the same path and can help us to stay accountable. This can be a mentor, a coach, a fellow entrepreneur, a mastermind group or a larger community of fellow entrepreneurs. Don’t work in isolation. Spending time with people who are driven will help you to stay focused.
5.Know Your Numbers
“What gets measured can be grown.” These are words that have been echoed by the best of business people around the world and throughout history. Do you know your most important numbers and how they are changing? Sales per week or month, breakeven point, what is your monthly working capital? How much exactly are you paying on your loan
6. Identify and Stop Doing Low-value Tasks
What is a low-value task? Anything that you do by yourself when you could easily pay someone else to do it cheaper and faster. It’s like me taking time to mow my lawn or wash my car or do my own hair. In business, it can mean being the one to deliver goods to all customers. This should only be done in cases of a high-value transaction. All those tasks that consume so much time but don’t have a good direct impact on your business revenue are low-value tasks you should delegate as soon as you can. Picture someone who doesn’t know graphics spending hours on end trying to design a company logo? You are better off paying someone to do that so that you go looking for customers.
7. Build a Strong Team
“The team makes the dream work.”
Now, I know that the idea of having a team has many people thinking, ‘my business is too small for that.’ But even if you work alone, you still have a team.
This includes your vendors or suppliers, your customers, your assistant(if you work from home, this could even be your maid), any friend or family you sometimes ask favors from. Your business is as strong as the team you have.
Here is a bonus. I just couldn’t leave this out. Read every single day. Make that a habit.
Here is to a super-productive 2018.