5 Steps to Setting Business Goals in the New Year
Goal Setting: The Key to Success in 2021
Establishing business goals is an essential component to growing your success. Although the year 2020 threw a serious curve-ball into most businesses’ goals, creating an actionable plan for your business is one of the best investments to grow your creative business – no matter where you start.
Plus, with a print-on-demand drop-shipping model, your business is on the right path!
The print-on-demand and drop-shipping industry has made waves for a few years and continued industry growth is expected for 2021. The new year is the ideal time to take your creative business to the next level and begin working towards your business goals.
Need help getting started? We’ve got you. Here is a five-step plan to help you become a goal setting pro. Check it out below!
Step #1: Determine Your Future
Begin thinking about your business aspirations. This helps you create a vision for your business and helps you during goal planning. Your business vision should be one sentence in length and should express the overarching business goal. The purpose of this step is to build a business benchmark to develop holistic plans and goals based on your vision.
When developing your business vision and planning for the future, try to avoid planning for the short-term only. You can think one year, five years, or even ten years into the future!
Pro Tip: Ask yourself questions during this process to help you figure out what you want to accomplish. Start by asking yourself: where is my business currently and where do I want to take it? What are my current priorities and what will my priorities be once I begin working towards my vision? By thinking about the changes your business will go through during growth periods, you can begin to imagine goals at each checkpoint.
Step #2: Write it Down
Writing your goals down engages you with your ideas in a physical realm (a piece of paper or your computer screen) and reinforces the importance of your aspirations in your brain. Research shows that writing down important information, such as goals or plans, helps you not only remember important events or details, but it helps your mind become more efficient and focused.
Whether you choose traditional pen and paper or a digital planning tool, documenting your goals contributes to a 1.4 times higher success rate.
Step #3: Create an Actionable Roadmap
You’ve established your business vision and you’ve begun writing your goals, plans, and business ideas down. The next step includes defining a tactical roadmap to reach your business vision. Your roadmap should include sub-goals to level up to your overarching business goal to achieve your vision. Defining each sub-goal will help break out each step to reach your goal. Make these goals specific, timely, attainable, measurable and relevant to your vision.
For example, here’s what a simple goals roadmap could look like:
- Q1: Reach $1000 sales and grow newsletter subscribers by 5%
- Q2: Reach $5000 sales and grow newsletter subscribers by 10%
- Q3: Reach $20,000 sales and grow newsletter subscribers by 15%
- Q4: Reach $100,000 sales and grow newsletter subscribers by 20%
Step #4: Commit & Hold Yourself Accountable
Check in with the progress of your goals – whether that’s daily, weekly, or monthly is entirely up to you. Choose what works best for your business to track your success at pivotal business moments. Observe any obstacles or opportunities, whether internal or external, that may impact your business goals. If you identify any obstacles or opportunities, write them down ahead of time to avoid guesswork when you’re measuring success. This is always a great time to give yourself the boost you need to get motivated and keep working towards your creative goals!
Step #5: Measuring your success
Measuring business goals varies between each business and each initiative. Your sales report will differ from your social campaign measurement or your advertising report. Reporting on your progress helps illuminate effective business initiatives (or ineffective) and allows you to adapt your plans to reach your goals.
Extra step: Celebrate!
Finally, enjoying your goal milestones and achievements. You’ve invested time and energy into your print-on-demand business. You deserve to celebrate your accomplishments.
If you have more questions about print-on-demand, drop-shipping or Slaite, check out our other blogs and FAQ section or send us a message. We are always ready to help Creators realize their creative vision.