Chamber Chat - New Years Business Goals

Jan 14

By Meg Moss

 

Although you probably should have reevaluated your business plan prior to the New Year (you know, those New Year’s Resolutions to start fresh), it’s never too late. So let’s think about your goals -- maybe it’s expanding to an additional location, introducing a new product or even hiring staff in order to have more time with your family.
 

You did a business plan when you started your company. It’s equally as important to reassess that plan, and your goals. Hopefully you have achieved some of your initial goals….you are still in business, aren’t you? So keep raising the bar. Either increase your goal, or change it all together. But you need a plan to get there.
 

Once you’ve determined your goals, break them down into smaller, more manageable tasks so it doesn’t seem so overwhelming. It will also help you feel successful along the way as you’re able to check off the “completed” boxes on the small goals as you are working towards the big ones.
 

First things first. Where do you stand now? Other than “I’m still in business, right?” Where do you stand financially? What are your current expenses, and do you expect them to change with your changing goals? If your goal includes hiring a new staff member, then of course, expenses are going to be adjusted. What goals have you already achieved – where are you succeeding, and where do you still need to focus your attention? It’s important to know where you are.
 

Now that you’ve taken a look at yourself, what does the environment around you look like? What outside factors could influence the success of your business? Are there any large competitors getting ready to start business close to you? Anything else that could be a potential threat? Do you expect any of your staff to leave you this year? Staff turnover can be tough, especially in a small business setting.
 

There seem to be more questions than answers when developing a plan for the New Year. But that’s really what business plans are. Asking yourself tough questions forces you to consider all aspects of the business.
 

The Jaycess, the Junior Chamber of Commerce, utilizes a “Chairman’s Planning Guide” (CPG) that every program director must complete prior to starting a project. It is a project plan to guide them, and consists of questions to consider before starting their project. Many Jaycees have gone on to use this CPG as a business planning document as they grow professionally and begin to start their own businesses. CPG’s are made up of questions, and they are as follows: (replace the word “project” with “business” and you have a guide to start, or reevaluate, your business plan: What is the one reason you want to successfully run this project? (This is the why of your business) What are the specific goals to be accomplished by this project? What are the specific manpower requirements? What materials, supplies and resources will be needed? What are the potential problems and their possible solutions to successfully complete this project? What is the proposed budget showing all anticipated income and expenses?
 

By answering these questions, and having a great plan in place, you’ll be able to start off 2018 confident in the direction your business is heading. Cheers!



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