26 Apr 5 Long-Term Goals For Small Business Success
5 Long-Term Goals For Small Business Success
1. Set Revenue Goals
You should have a long-term revenue goal that is set and you are clear on. Depending on your business, the market and your growth history you should be able to determine a realistic goal for year over year percentage growth. A challenging but likely attainable goal is 25% or more by the end of the fiscal year, every year. To get there, try to set many short-term goals throughout the year that will help you reach your long-term goal. Examples include advertising campaigns, reviewing and adjusting your pricing strategy, researching your competition and finding something to offer that they don’t (new lines of revenue), diversifying where and what you’re offering, and exploring your business relationships to develop cross-promotions.
2. Customer Service Feedback
It’s important to set long-term, positive, customer feedback goals of 95% or more. Encourage customer feedback with questionnaires, surveys and leaving 5 stars on your website, google, yelp, etc. You can even take it a step further by offering incentives to your customers for filling out your feedback forms. This could be discounts on future purchases or monthly drawings for free products or coupons.
3. Employee Appreciation
While it’s important to give your customers a positive experience, it’s equally important to your employees. If you have multiple employees, celebrating employee of the month or year is one way to show your appreciation. Offering an email or a hand-written card (adding a gift card is a plus) at the end of the year, for holidays, their birthday and/or annual employment anniversary are options as well. Letting your employee know you appreciate their hard work will result in employee loyalty, trust, confidence and can reduce employee turnover.
4. Community Service
Helping your local community through different community service or outreach programs not only builds your company’s name recognition, it can provide long term benefits. Generation Y and Millennials have a vast growing interest in companies that have a corporate social responsibility (CSR) over ones that don’t. Employee recruitment and retention can be strongly affected in either direction with the use or neglect of a CSR program. There are many opportunities to help your community. Some ideas include setting-up a food drive, walking as a team in a marathon for a cause, sponsoring a children’s sports team, setting up a park clean-up, working in a soup kitchen or volunteering for Habitat for Humanity, and so on. Research what works for you and your company and get out there. Don’t forget to take plenty of pictures and/or videos and post it on your website and social media pages.
5. Advertising & Promotion
The majority of people have access to the internet and rely on it daily to locate businesses they want to patron. Let them know you exist. Make sure you have a mobile-friendly website, are listed in Google and Bing local, and have relevant social media pages set-up for your business. You can do this yourself or hire a professional to do it for you. If you are not well versed in using technology and/or are too busy, it almost always makes sense to hire someone with that particular expertise. Other advertising options include ads on the side of buses, billboards, yard signs, signs in the windows of other businesses with their permission, direct mail (works well for restaurants, automotive, carpet cleaners), ads in neighborhood newsletters, your own e-newsletter… Finally, if you are not networking. You could be missing out on tremendous opportunities to meet business owners or individuals who can benefit from your product or services. So get out there and let people know about you and your business and do it consistently for great results!
Frederick Business Connections is comprised of businesses in many industries including: Auto, Digital Marketing, Financial, Heating & Air, Home & Auto Insurance, Home Inspections, HVAC & Plumbing, Life Insurance, Loan Settlement, Mortgage Loan, Real Estate, Health.