How to refresh and reset your business’ goals for 2020
Next year might feel far away, but weeks and months move fast in business. Before you know it, your invoices will have 2020 on them!
Some of 2019’s goals are probably out of date. If there are things you want to change, focus on more, or focus on less, now’s the time to put those plans in place. This is how to reset your business’ goals for the next 12 months.
Reflect on the last year
To find out which goals you’ve been meeting, and which aren’t going quite as well, look back over the last 12 months in detail. The fuller the picture you have, the more informed your decisions will be about what should change or stay the same.
- Calendar/weekly planner. However you schedule your own time. This will show you how much of your week is taken up with meetings, practical work, and admin.
- Accounting software. Review profit and loss, cash flow, and which weeks and months have been busier than others. You’ll be able to spot important trends month on month and year on year.
- Customer/client comments. What do people like? What do they not comment on? What kind of problems have you solved for them?
Choose one big thing to achieve in 2020
Lots of little goals can be hard to manage, especially when they’re all quite different. If you were easily distracted last year, or constantly moving in different directions, one big goal could be a more productive way to go into the next 12 months.
Decide on one big, specific thing you want to add to your business or improve. It could be securing a client in a new industry, selling a new product or service, or a big rebrand.
Check your priorities (they might have changed!)
A lot can change in 12 months. Something you were heavily focused on in January could have been out of date by March. If time or circumstance has changed your business goals, it’s time to outline some new ones.
Are you keen to grow, or just want to keep doing what you’re doing? Do you want to gain more small clients, or attract one or two big ones instead? Do you want to automate things, or develop some important skills?
Tackle issues that have been getting bigger
When processes become gradually less effective, it’s not always easy to notice. Lead generation could have slowed right down, your digital marketing efforts could be bringing in fewer site visitors, and a competitor could be working faster than you.
Think about your biggest challenges at the moment. You might need to dig into data on Google Analytics, AdWords, social media marketing data, customer data, and more. This will show how results have changed over time, and what kind of action you need to take.
Create an action plan for saving more cash
Your business will have more choices and freedom if you have a comfortable pot of savings. We all wish we were better at saving money, both personally and in business.
If saving is hard to prioritise, set up a standing order that will take care of it for you. You could also start saving small amounts and gradually increase it over time. If motivation is the tough part, focus on specific saving goals to stay on track. Find a method that works for you, and the cash will grow.
If getting on top of admin is one of your 2020 goals, Solna can help. Get invoices paid faster with automated reminders and instant payments powered by Stripe (they’ll help you get invoices paid 3x faster on average!)