How to Set Up Your Business for Success in 2017

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As 2017 beckons, it’s a key time to reflect on the past business year and plan ahead for the next. Starting fresh with a set plan and specific goals already in place can help a business to hit the ground running in the New Year.

The goals that business owners and managers set for the year ahead will vary significantly from company to company. We recommend defining your goals and corresponding plans of action under three important areas – Financial, Team & Customer goals.

A good guideline for your goals in all areas is the tried and true SMART framework – that is, goals should be Specific, Measureable, Achievable, Realistic and Time Based.

Financial goals

Your accountant or financial advisors are undoubtedly hot on your heels already nagging at you to set some financial targets and establish financial budgets for 2017. They’re right to do so! Assess your costs and sales for 2016 and decide what you want to achieve next year. Kick off January 2017 with defined budgets and sales targets for your team and minimise the chance that your business will be playing catch up month-on-month throughout the whole year.

After defining your financial goals, you can go about planning the actions and budgets required to ensure that you can achieve your financial targets and to help you maximise revenue potential. You may need cost-cutting measures across certain areas or additional marketing activities, product lines or sales team members.

Your business depends on its finances and maintaining a healthy financial status is the number one thing you can do to keep your business going.

Team goals

Key to the success of your business in 2017 is the team behind it, so it’s important to define goals for building and managing your team. Set defined sales or production targets for your team. Decide whether there is a need to add new team members or promote team members to higher positions and set goals for when you would like to achieve this expansion of your team. If you do not have a team in place, is 2017 the year that you need to draft in some employees to lessen your workload?

Involve your team in defining goals too. Your team may have insights into your business that you haven’t considered and their feedback could be invaluable. Do you need to set goals to establish new processes or internal systems in 2017? Do they need additional marketing or sales materials to help them to close deals? Do you need to consider investing in new uniforms, vehicles, or other tools for the team next year?

Customer satisfaction goals

Happy customers help make for a successful business. Business owners need to be consistently looking for new ways they can improve customer satisfaction, not only to win new business but to retain current clients. Assess current rates of customer retention and set goals to maintain or increase these figures in 2017. Even if your customers are all incredibly happy, setting customer satisfaction goals is key and this is something you need to invest time and effort in maintaining.

Does your business rely on online reviews or referrals? If so, set goals for increasing your online review scores on the most relevant websites and/or increasing the rate of referrals from current clients. Once you have your goals and targets in place, you can set about devising an appropriate strategy. Do you need to encourage customers to more actively submit reviews or refer your business to a friend? Do you need to implement better ways of measuring customer satisfaction?

How many new customers or sales do you plan to win in 2017? How can you encourage customers to spend more with your business? If you haven’t asked for or received any customer feedback, a simple step you could take would be to establish channels for customer feedback and encourage your customers to use them.

Structure your business for success in 2017

Like anything in life, setting goals gives you a long-term vision and focus and short-term motivation. Set your business goals and then immediately draft a plan of action to achieve each goal during 2017. Doing so will ensure you and your team are inspired to kick start the New Year and can immediately get to work following set targets and goals.

Be prepared for obstacles that your business may face in 2017, be ready to face new challenges and put yourself in a strong position to take your business to the next level. If you are making plans for your electrical business, then why not see how Platinum Electricians can help you achieve your goals.