5 keys to setting business development goals and objectives

The new year never fails to bring resolutions, set by both everyday individuals and business owners alike. Setting clear goals and committing to them is one of the most reliable ways small-business owners can turn ambition into results.

Whether you and your company have just begun and are looking to make a name for yourselves, or you’ve been going strong for a while now and want to become more profitable, there’s no time like the present to turn your aspirations into realisations. Here are important reminders for how you can go about doing that.

1. Dive into the numbers

Perhaps the most important element of business development goal setting is settling on the right goal. For instance, you may seek to build a better company by increasing your customer base, which requires creative marketing efforts and brand messaging. However, there may be more immediate issues that require your attention, such as poor cash flow or insufficient working capital. 

The only way to know for sure whether this or another revenue problem exists is to take a deep dive into your profit and loss statements to identify potential issues. This also allows you to review past performance. Generally speaking, financial struggles should take precedence over marketing efforts.

2. Be as specific as possible

Specificity is key to business development because it forces you to chart out exactly what you need to do to reach your destination. Think of a road map. The only thing that maps do is tell you where you are. They don’t tell you where you need to go. Let’s say your objective is to increase efficiency or reduce inventory. Those are fine goals, but they’re far too broad in scope. You have to clearly define what will be required to cut down on unsold products, whether that’s by reducing prices or having a “buy one, get one” sales event.

3. Be realistic

Goals are supposed to be challenging, but they should still be achievable. For example, if you’re just barely breaking even at the end of the year in sales but want to have earnings that are in the six figures, the chances of that happening are pretty slim. The best way to get there is by establishing quantifiable benchmarks – increasing sales by 10%, for example – and then build from there. Having high expectations is great, but it may lead to discouragement and abandoning the goal altogether if you find that you’re coming up well short.

4. It’s OK to fail

Some of the most successful entrepreneurs, authors, inventors and investors in the world have not succeeded in their efforts. And not just once – but several times. Fear of failure all too often prevents business owners from setting goals. Not coming through on your intentions serves as a lesson and can provide you with the insight you need into knowing what didn’t work so you can better narrow down what will.

5. Set a deadline

Instead of saying “someday I will,” set a specific target date for when you want to achieve your goal. If you don’t establish a target date, it won’t provide the sense of urgency and immediacy required to achieve a challenge.

At Wilson Porter, our business is all about bettering yours. Through strategic planning, analysis of key performance indicators, wealth management services and much more, we can provide you with the solutions you need to grow.