In small business, it is important to know your market, your business and your self.
Setting specific business goals is important – and is often forgotten as we go about the business of running a business. But setting goals, and then measuring success, is like packing your passport to go travelling overseas – you really won’t get anywhere without it!
So how do you know if your business is successful?
Start with the basics and ask yourself these questions:
Why are you in business?
What is the purpose of your business?
What is the product or service you are selling?
Who is your target market?
What profit do you want from the business?
Once you have the answers to these questions you can create an action plan to achieve your goals. You can also formulate numbers around the outcomes – the implementation of a budget and/or cashflow. This will give you the specifics of how much you need to sell at what average price to achieve your goals.
Like any good journey, once you begin you may find different roads you wish to take, different paths to explore. Changing paths is not an issue but make sure you have adjusted your plans to match so you can keep on measuring success.
We have simple systems to help you quantify business goals.
Please contact us to discuss our budgeting system and get your business achieving the next level.