The purpose of goal setting in a small business is to increase profits and decrease spending. There are several small business goals you can achieve this year to improve your profit flow through elimination, additions, and creativity.
Technology
In today’s business world, technology is truly your friend, no matter what the busines is. Make sure you are using it to your full advantage.
If you have a few employees, it may seem like a money saver to do all employee tracking, including payroll, yourself. The reality is just the opposite. Time is money, and the time you and your employees spend using older styles of clocking in and managing payroll is wasting yours. It may be time to consider a time tracking system for your business. A tracking system will do the work for you, allowing you to enjoy your days off instead of using them for payroll.
If you’re worried about the cost, consider buying refurbished computers from a reliable supplier. Refurbished units can perform just as well as brand-new computers, and they can save your business up to 40 percent in hardware costs. Make sure to find a reputable supplier to ensure you get your money’s worth.
Office Space
Many businesses have recently discovered their office space is a waste of space. Employees are working remotely and happy with it. If you can do the job from home, don’t waste rent on offices. Even if you can’t do away with an office completely, you may be able to reduce to a smaller space.
Reduce Debt
Eliminating debt is the ultimate goal in a business, but for a short-term goal, reducing it is a step in the right direction. Whenever possible, throw extra money that comes in at your business’s debt. A small goal like this every year will soon lead to a debt-free business.
Website and Social Media
You likely have a website up and running for your business, along with a social media page. If you don’t, you should. Customers expect the convenience of products online and the ability to find the business they are searching for.
Make a goal this year to increase traffic to those sites by using a digital marketing company. Much goes into increasing traffic, such as keywords and search engine optimization. Let the experts handle that area for you. It will be worth the money in the long run.
New Products
Has your product line or menu been stagnant since you started? Maybe it’s time to spice things up a little and show your customers you are constantly keeping up with the times and paying attention to their needs. Get creative, and surprise loyal customers while attracting new ones with new ideas.
These are just a few small business goals you can achieve this year. Add more to the list as you think of more ideas—just be careful to not set yourself up for failure by setting the bar too high for one year.