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Setting your business goals for 2020

Is your business prepared for the upcoming year? Keep reading to find out how to set your business goals for 2020.
Setting your business goals for 2020

Setting your business goals for 2020

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A new year means a new opportunity for your business to set and identify opportunities for growth and success. You can’t achieve your biggest goals without a great plan, so why not create one now?

In this blog post, Esme Loans will take a look at the best ways to set business goals for the upcoming year 2020 and how you can take your small business to the next level. Keep on reading if you’d like to find out more.

How to set a business goal

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If you want your business to be more successful in 2020, it’s a good idea to set clear and manageable goals. Decide exactly what you want to achieve and when you want to achieve this by. For example, are you looking to expand your small business or do you want to increase its profits? Or both? By outlining your priority goals you can begin to create a timely plan on when to achieve them by.

Setting new goals is a step by step process that starts with consideration of what you want to achieve followed by time and effort to create the success you planned for. Knowing the stages involved allows you to better accomplish your goals.

If you’re thinking big when planning for the upcoming year, divide these larger goals into smaller, manageable portions. This way, you and your staff can handle the big projects as a team meaning you could be more successful when it comes to achieving goals.

Set SMART goals

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Setting ‘SMART’ goals for your business refers to Specific, Measurable, Attainable, Relevant and Time-Bound goals. Having SMART business goals allows you to break down large yearly goals and targets, putting you on the right track for the upcoming year. So what is a SMART business goal?

Specific: Be very specific when setting your 2020 business goals

For example, if you want to expand your business by hiring 25 new members of staff, your smaller, specific goal may be to ‘hire 5 employees by February’ which gives you a good place to start. Setting smaller goals for each week or month could make your long-term goals easier to manage and achieve.

Measurable: Make sure your goals for 2020 are measurable. If you set a goal where you can’t measure its success, such as ‘sell lots of X product’ you will not know how close you are to achieving it as the year goes by.

An example of a measurable goal would be ‘My company will sell 100 X products in its first month of business’, this way you will know how far or close you are from your target goal.

One way to remain motivated when setting goals is to have a whiteboard which details monthly or quarterly goals. This will act as a reminder to keep focused on the targets you set at the beginning of the year. Keeping your team well informed on your 2020 goals and offering rewards if they meet them can also be a great way of achieving your goals and targets.

Attainable: Setting yearly goals which are optimistic but at the same time attainable is important for success. It is difficult to transform your business overnight or in a few weeks, so your business goals for 2020 need to be attainable.

For example, it may be an unattainable goal to expand your small business internationally even though you haven’t made great local success yet. By setting goals which are unachievable or too optimistic, you may harm team morale and your own confidence.

Relevant: Having relevant and focused goals could take your business in the right direction for success. A relevant goal is one which is well-thought-out, realistic and will make a change.

For example, if your goal is to completely redesign your company’s website think about how and why this will benefit your business. If you are rebranding because you think it will increase sales and how often users visit your site, then it would be relevant. However, if you want to rebrand simply because you think it’s a good idea, it might not be relevant or give you a good ROI.

Time-Based: Setting time-based goals motivates you to achieve them. For example, if you plan to find 10 more clients in 2020, split this goal in half. Find five new clients by June and five more by the end of the year, this way you will push yourself all year long and be much more successful in making progress.

Track your progress

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Other than putting the effort in, the most important part of achieving new goals is tracking your success. To be successful you need to set goals as well as writing them all down. By doing so, you could be positioning yourself to achieve your goals faster throughout the year.

One way to track your success is to write your goals down in a diary or journal. This is a great way to get all your thoughts down in one place where you can highlight priorities and tick off checklists. Writing down your goals and plans for the year could help you to be more mindful of them.

If you spend a lot of time on your phone or laptop instead of a journal, there are a number of apps made specifically for recording, tracking and monitoring your upcoming goals for the year. For example, Goals on Track allows you to create and track SMART goals and sub-goals. The app includes a vision board, goal journal and reports based on your progress.

Track allows you to create and track SMART goals and sub-goals. The app includes a vision board, goal journal and reports based on your progress.

Another great tool for kick-starting your goals in the New Year is Way of Life. This app allows you to track your goals within an organised, charted and colour-coded system. Way of Life has a built-in diary as well as a tracker where you can break negative habits and replace them with new ones.

Set motivating goals

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When you are setting goals for yourself and your business, it is important to make sure that they motivate you. This means your goals must matter to you and your staff. If you think your goals are unrealistic or uninteresting, then you will likely not be motivated when trying to achieve them.

If a goal is valuable and important to you, write it down alongside your plan to achieve it. Think about why it is important to achieve your goal and how you will feel when it is complete. This is a great way to motivate yourself as it gives you the opportunity to imagine achieving your goals. You can read more about motivation in our helpful blog post.

Business goals for 2020

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Stuck for ideas on how you can improve your business? Read on to find out about some popular goals which you can implement to take your business to the next level in the new year.

1.Improve employee benefits: If your goal is to improve workplace morale or motivate your staff in the upcoming year, reviewing your current employee benefits might be a good place to start. Using the SMART goal format, you could implement flexible working options or career development opportunities for your staff and track the success throughout the year.

2.Change location: If your business is currently in a bad location, where you are not maximising your footfall, it might be a good idea to change locations to a busier part of town. If it is not an option to change locations, you could set a goal to make your business more discoverable online.

3.Improve sustainability: As the world makes more of an effort to become sustainable, why not plan to improve your business’ sustainability throughout the next year? For example, you may want to reduce your company’s environmental footprint by 25% or aim to reduce plastic and paper waste in the office.

4.Take advantage of a business loan: If you have a long list of business needs and plans, it could be useful to source business finance to help you get there faster, while repaying the loan gradually over a chosen period of time. Get in touch today for an instant quote. Alternatively, you can fill out our 10-minute application form or try our business loan calculator to get an idea of how much your monthly repayments could be.

How could Esme Loans help?

To qualify for a business loan with Esme Loans, you must; be a sole trader or director of a UK Limited company, actively trading for at least 3 years, and registered with Companies House for 3 years (limited companies only), with an annual turnover of £50,000. The minimum age for applying is 18 years old, and you need to be a UK resident.