16 Nov Small business goals for 2023
It’s time to set your small business goals for 2023 (if you haven’t already). If we have learned anything about navigating business in the past few years we know we need to be prepared for anything! And being prepared for anything means setting goals so we have set a foundation for success. As we move forward in 2023 we need to reassess what we’ve done well, identify opportunities and plan for success.
Why should we set goals for our small business?
We need to set our small business goals to capitalise on our ambitions. Goal setting theory demonstrates setting goals helps us focus our energy in a specific direction and helps us formulate strategies for overcoming any obstacles that get in the way of us achieving our goals.
Bask in the success
Is there anything more gratifying than the feeling you get when you know you’ve accomplished something that really mattered to you? It’s tough to get those same feelings if you don’t actually set yourself up with something to achieve in the first place.
There’s some science to this as well. When we achieve a small business goal, our brains release dopamine, aka the “feel good” neurotransmitter.
Tips for setting your small business goals for 2023
Being courageous means planning for the expected and unexpected by setting goals.
Here are some tips to set goals for your small business in 2023
First – take stock. Evaluation of where you are now helps create a benchmark from which you can organise goals and set targets.
Second – set targets. What do you want to improve on and achieve? Specifically!
Third – plan and evaluate. Use your SMART goals and milestones to review your performance against your targets.
Take stock
- Evaluate the future – So many of our plans are based on our data analysis and past trends. Set plans and goals with a future focus rather than relying on what has happened in the past. We know the future is unpredictable, so predict your own future.
Set targets
- Set goals. The ‘achievable’ (easily done); and the ‘desirable’ (stretch targets you might take years to achieve).
- Identify what you have control over. Spend your energy on what you can control.
- Find the low hanging fruit. What is in front of your eyes that screams opportunity for your business?
- Focus on profitability. Your profit as a percentage of sales is something worth focusing on. Where can you make revenue improvements or cost savings?
- Review your productivity. Review systems and processes. Where can you improve time management, reduce wastage and build efficiencies?
- Improve communication. How would you assess your communication with all of your stakeholders?
- Evaluate training needs. What are your professional development goals?
- Assess your marketing collateral – are your messages still relevant, do you need a brand refresh?
- Promotional calendar planning. Create a promotional calendar for the first 6 months of this year.
Plan and evaluate – Set SMART goals
Make your small business goals matter and make sure they’re clear. Monitor your progress along the way until you’ve attained success by using SMART goals. SMART stands for Specific, Measurable, Aspirational, Realistic and Time-bound.
- Specific: Your goal must focus on one clearly defined metric.
- Measurable: You must have a way to measure the content you publish against that metric.
- Aspirational: Your goal must push you beyond the results your content will naturally or organically generate toward that metric.
- Realistic: In the same breath, keep your aspiration in check with what you can reasonably complete with the resources that are (or will be) available to you.
- Time-bound: Your goal must have an end date upon which you will achieve that metric.
After you’ve set your SMART goals you might want to create a visual diary/reminder – such as a Pinterest page or a poster.
It’s never too late to get organised with your small business goals for 2023 but it is best to start now before the end of the year hits!
If you need some extra help you know where to find us. Beyond Business Groups helps you focus on all of these areas and more.
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