Have you stuck to your New Year’s resolution? Harder than it seems, eh? Here are practical tips to set and achieve your Small Business goals in 2019.
Every year small business owners resolve to make changes as they head into the new year. Goals are important to have, but the following guidelines will ensure yours have impact and your planning efforts aren’t wasted.
- Determine exactly how much money you want to take home
Rather than grabbing a number out of thin air that’s higher than last year’s, Ivana Taylor with DIY Marketers advises writing down all your expenses, plus everything you’d like to buy in the next year to come up with a realistic estimate. “You’ll either discover that your financial goal was too high with no reason (other than your ego) to reach it, or you’ll discover that your number was too low to reach your goals and that you need to increase it,” she said.
- Pay your profits first
Taylor recommends using the Profit First system written about by Mike Michalowcz that involves paying yourself first, followed by budgeting for everything else after. After reviewing last year’s monthly income, determine a percentage to funnel into a separate “profit bank account.” Or, skimming a percentage off every invoice works, too. “The peace of mind and success that comes from paying yourself first and then budgeting accordingly is priceless,” according to Taylor.
- Set only one goal for the year
Pick a single goal with easily measured objectives, advises Taylor. This makes your goal easy to track. “For example, my overall marketing goal is to use advertising to support my online business,” says Taylor. “To accomplish this, I have to meet certain website traffic levels. To achieve the website traffic levels, I have to create specific types of content, and so on. You see, for one big goal, there are dozens of smaller strategies and tasks,” tied to it.