Whether you’re in business or considering starting a business in 2020, here are some must-have goals that should be in your to-do-list, planner or journal for the new year.
1. Health & Wellness Goals:
Dear Entrepreneur, make it a matter of necessity to take care of your health in the new year. Your greatest asset as an entrepreneur is YOU. The truth is if you are not mentally, physically or emotionally healthy, it will tell on your business activities.
Here are some activities you can start considering in relation to your health and wellness in 2020: Make an appointment with your doctor, run a full body evaluation/necessary examinations, take prescribed medication where applicable, take lots of water, register at a gym, exercise, meditate, eat well, sleep as much as you need to, etc.
2. Revenue Goals:
One of the factors that determine the growth of a business is its revenue. What’s your revenue goal for the coming year? N5m, N50m, N100m? Your revenue goal should reflect the amount of money your business needs to generate in order to cover all business expenses including salaries, rent, internet, tax, etc while also maintaining a good profit margin in 2020.
When planning for your revenue, audit your business model specifically your revenue streams and cost structure for a clear understanding of how money flows in and out of your business. That way, you’ll know what to improve upon.
3. Marketing Goals:
Marketing is a critical part of any business. It is what creates visibility for your products and services. When planning for your marketing goals, consider your target market, customer segment as well as marketing channels to understand what is working and what to improve on in the coming year. This goal is also directly connected to your revenue goal. If you don’t have a solid marketing plan, you will most likely not reach your projected revenue goals. Make it a goal to leverage digital and traditional marketing platforms this coming year to promote your products and services.
Also, set aside a budget for paid marketing to increase your brand visibility and reach, in order words, spend money to promote your business. Organic marketing such as word of mouth, referrals, social media posts, etc is good but paid advertising when done right on social media, TV, radio, event exhibitions/showcase, fliers, etc are more effective and yield faster results.
4. Social and Networking Goals:
There’s a famous quote that says “your network determines your net-worth”. In the coming year, make plans to connect, socialize and network with top experts and professionals in your business industry.
Attend industry events, get a coach/mentor, collaborate with other entrepreneurs and business owners. Ask questions, volunteer your skills and expertise strategically. An African proverb reads: If you want to go fast, go alone but if you want to go far, go together. Stop operating as a “solo-preneur”. There are business opportunities you can only learn about within specific inner circles. John Obidi calls it “power centres”. Make it a goal to get into power centres in the coming year. Pay for it even if you have to, it is an investment your future self will thank you for.
5. Personal Development Goals:
Learning never ends, especially as a business owner because there’s a constant need for you to innovate and stay on top of your industry. If you don’t learn and innovate, in little time, you will be outdated and left behind by Entrepreneurs and Business owners who constantly upgrade their knowledge bank to get ahead in their industry.
Attend workshops and seminars relevant to your business, get certified where necessary, take online courses, etc. With access to the Internet and a smartphone, you can learn anything, leverage on the opportunities around you to upgrade your self and your team. Invest in capacity development, your future self will thank you for it.
I hope you got value from this post.
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