Small business owners are feeling positive about the future, according to the September 2018 NFIB Small Business Optimism Index. Twenty-three percent of business owners polled planned to increase hiring in the months ahead, while another 23 percent expected real sales to climb. If growth is your primary focus, try setting these 9 goals for your business.
1. Make it personal
Eighty percent of consumers say they’re likely to make a purchase when a brand offers a personalized experience. Some of things you can do to bring more of a personal touch to your business include:
- Offering a loyalty or rewards program
- Personalizing email and paper mail communications
- Reward customers for their feedback
- Offer exclusive sales or deals to loyal customers
The goal is to make your customers feel connected to you and your business so they’ll keep coming back.
2. Grow your digital presence
Digital marketing can attract new customers or clients, but only if you’re using it to your full advantage. That includes making sure your business is represented on the social media channels your target customers frequent the most; create content that’s designed to attract and hold their attention (including social media posts and blog posts if your business has a blog); measure results so you know what’s working and what’s not; and make sure that all of your marketing is focused around a clear call to action.3. Reduce inefficiencies in your business systems
From accounting to payroll, there’s a lot that goes on behind the scenes in your business. When those systems aren’t operating efficiently, that could be costing your business time and money. Take time to review your systems to see how well they’re working. Use tech tools and resources to streamline systems that are slow or clunky. For example, if tracking projects has been unruly, you might try an online project management tool that all team members can access. If you’re still doing payroll manually, consider automating that process with a payroll software so you’re free to focus on other tasks.4. Enhance employee training
Your employees are critical to your success and making sure that they’re trained properly is yet another way to reduce inefficiency. It’s also important for ensuring that your customers’ needs are being met. Schedule a training meeting to review basic company policies. Be sure to address any skill or knowledge gaps employees might have.5. Measure customer satisfaction
Do you know how happy your customers truly are with your products or services? Understanding their level of satisfaction can provide valuable insight that you can use to boost sales. A simple way to assess customer satisfaction is to ask customers to complete a survey. If you’re not sure what to focus on, include questions that are designed to measure:
- Overall satisfaction with the quality of goods and/or services you provide
- The likelihood of a customer recommending your business to someone else
- How well your products and services meet customer expectations
- The likelihood of them frequenting your business in the future
These metrics can give you a foundation for gauging how happy customers are with your business, and what adjustments you might need to make to improve satisfaction.
6. Step up your email marketing game
Email can be a highly effective way to generate leads and potential sales. Some simple ways to improve your email marketing strategy include:
- Rewording your messaging to make it more personal and friendly.
- Fine-tuning your call to action for each email you send.
- Integrating your social media profiles into your emails.
- Segmenting your email list so you’re only sending your subscribers the content they want to see most.
Be sure you’ve addressed all regulatory and compliance protocols when implementing an email marketing program.
7. Set quantifiable goals
Goal-setting can be a powerful motivator for driving growth, and how you approach it matters. As you set goals to grow your business, be sure to make them:
- As specific as possible, with clearly defined objectives.
- Measurable in some way, so you can track your progress.
- Achievable and realistic for the amount of time and/or money you’re able to invest in reaching them.
- Time-bound, meaning they have a set deadline.
Commit to the goals you’ve set and revisit them at least quarterly to see how you’re doing. Also, consider whether your goals need any adjustment based on how your business has changed as the year goes on.
8. Give back
Giving back, whether it’s in your local community or on a broader scale, can directly influence your business’s growth. A 2018 Cox Business Survey found that 71% of consumers spend more money at businesses that support social or environmental causes. Some ideas for giving back include:
- Sponsoring a local charity event or fundraiser.
- Donating your products or services to charitable organizations.
- Increasing efforts to “green” your business by using sustainable materials or reducing energy use.
- Giving your time regularly to local volunteer groups (and encouraging your employees to do the same).
9. Make self-development priority
Business is always changing, and as the head of a company, it’s important to stay on top of the latest trends and developments. At the same time, you may need to learn new skills to remain ahead of the competition. Taking a course, attending a conference or subscribing to an industry trade journal are all ways to stay tuned in. As you plan out your year for growth, pencil in at least one self-development undertaking each quarter.
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