Business Finance

Set Up Business Goals for the New Financial Year – Business 101

Setting business goals is one of the best ways to measure and identify how your business is doing. It enables us to monitor our progress, and of course, elevate it to newer levels. The criticality of such an exercise is underrated. To paraphrase author Terry Pratchett, “If you don’t know where you come from, how will you know where you’re going?”

As you intend to start the new financial year gracefully, especially after the crucial period of lockdown due to the covid pandemic, here are few business goals for 2021:

Business Goals for 2021

  • Build your team

It takes a committed and focused team for a company to grow successfully. It is good to have employees at all levels make suggestions about business goals and have active involvement in the development of the company. 

According to a study, employee goal programs can help in increasing the effort and performance across the board. This way, you can set new business goals for 2021 by letting all your employees actively take part in making their own set of business goals, and achieving them.

Team building and diversity training help employees work comfortably and provide them work satisfaction. They help employees speak for themselves and encourage creative, out-of-the-box behavior. If your company wants more input from lower levels, then this is important. Competition, bonuses, and recognition awards can bring a spark to any team, therefore, carve money out of the budget to build friendly competition among teams.

  • Consider new business power tools

On the top of your list of business goals for 2021 should be the usage of power tools for your business. Big data and business analytics can provide a major competitive advantage to your company. The big data and analytics market is expected to grow to $274.3 billion by 2022. They can help you measure all your business goals and by considering investing in these tools, you will be able to get valuable insights, which will help you make better decisions for your company. Many companies such as Google Analytics, IBM, Microsoft’s Power BI are offering affordable big data and analytics services.

  • Work on Customer Satisfaction

The idea is to focus on selling things that make customers feel they are getting the best deal. Irrespective of the price of your product, you need to highlight to your customers why your product balances value and cost. You also need to make sure your products are more reliable. By doing this, you can gain new customers, while maintaining the pre-existing ones.

To fulfill your business goals, along with just selling the product, you also need to assist the customers in the later stages by providing the best customer service. If your company doesn’t have one, then you should probably consider getting this on board as soon as possible. Good customer service results in good customer satisfaction, thus improving brand loyalty and custom retention.  

  • Set your accountability checkpoints.

To achieve your business goals for 2021, you must match each small step to weekly and monthly benchmarks. By measuring your progress constantly against timelines, the company can build a wildly healthy habit of focusing on its most important aspects. There come times when you will not hit all your targets throughout the year, but hard work and dedication pay off, so do not get discouraged if you fall behind your business goals plan. Things can go from 0 to 100 quickly in business, therefore, stay focused, make minor adjustments as needed, but do not give up.

  • Increase Market Share

This business goal is customer-driven. The main idea is to sell more products to your target consumers, thus, increasing the overall market share for your product for investors. For example, if you are operating a B2B company, your goal should be to reach out to more HR departments or company heads. If you are operating a small business that focuses on building computers, you’ll want more of the local population to come to you for your services.

  • Increase Community Outreach

If you are running a B2C company, becoming part of the community is a fantastic way to connect, and it should be one of your business goals for 2021. Whether you are a large or a small company, community outreach is an excellent goal for new and established organizations alike. This improves your recognition amongst the public and builds trust within people, about your goals.

This in turn boosts your marketing reach and increases your sales. Community outreach might even allow you to expand your business internationally. For example, if you run a small-scale sports store, community outreach is what’s gonna keep you above water when competing with larger corporations. 

  • Manage your Budget and Profit 

Financial goals are one of the top-level business goals for 2021 you can have. They are both aspirational and measurable, which makes financial-driven objectives started for young businesses. To maintain your profits, you need to have a balance between profitability and investments. Investments are necessary to test out changes in the market and expand the business. Balancing a budget for a fixed period is equally important and great for teams who may get a set amount to invest in campaigns or projects quarterly or annually. By avoiding a few common mistakes, you can establish a balanced goal, and reason how much money can go into growth and new projects/tools/campaigns, while still reaching a paired profit goal.

  • Invest in Quality Management

Total Quality Management is all about reducing manufacturing error and streamlining a supply chain with physical products. It equally applies to both, when training staff and dealing with improving customer experience. Improving quality across a wide variety of areas and is one of the great company-level business goals for 2021.

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