There are 5 functional areas of business— operations, leadership, team, finance and marketing. A thriving small business pays attention to each part and finds a balance between all five. What goals can you set for each one to see positive changes in your small business?
Business goals can include sales targets, profitability margins, size of team, new product development, increasing market share, upgrading technology and team training. Goals also include leadership and personal growth to gain greater personal life balance.
I’ve written through-provoking questions for each functional area of business. For every question that challenges you, write down your goal for that topic and how you plan on reaching your desired result.
For example, if I asked “How confident are you as the leader of your company?” and your response is, “I’m not confident at all.” What do you wish you could’ve said? How do you want to feel as the leader of your company? What’s the desired result? Maybe you think, “I want to feel secure as a leader”. That’s your goal. How are you going to reach that goal? Write out those steps!
- How confident are you as the leader of your company?
- In what ways do you plan on rewarding yourself for all your hard work?
- Why are you even doing this?
- Whose vision is everyone following?
- Are you inspired to do your best every day?
- Are you spending too much time working as an employee instead of leading?
- How much time do you spend time every single day/week doing something strategic to move you and your company forward toward your goals?
- Are you getting the right price, the right products and the best terms with your suppliers?
- How efficient are your operations?
- Is everything that happens in your company written down (in a consistent format so that the next person who has to do that task understands exactly how to do it)?
- Are you charging enough? Should you raise your prices?
- Which of your products earns the highest profits?
- How do you get your clients to pay you on time?
- What’s your bookkeeping system?
- How much is your business worth if you want to sell it?
- How do you inspire and motivate your employees when money is often so tight?
- What is your system for hiring new employees?
- How often do you practice delegation?
- Are expectations and tasks clear for all employees?
- Have you reviewed your organizational chart recently?
- How much time do you need to be spending every week on generating new business?
- What are your benchmarks for successful marketing?
- How can you best distribute your product?
- Where might you get new customers from?
- Are you keeping your current customers happy?
What are your small business goals?
What was your experience doing this exercise? I hope it helped you think about your business in new ways and set goals that will bring you the results you want. Sometimes a little inspiration goes a long way!
Will you share one of your goals in the comments?
Until next time, enjoy your Entrepreneurial Journey!