With 2019 being in full swing, business owners should be focusing on what they want to achieve, whether it’s growing sales by 20%, adding a new product range or finding a way to take more time off. This requires drafting roadmaps to help you reach your destination.
Please note that success and achieving your goals doesn’t necessarily require completely radical and untested action. In many cases, applying existing models innovatively is enough to make your business dream a reality, says South African business coach Bevlen Sudhu. With over 15 years of knowledge in business development and management, she has five tips that will help you grow and develop your business in 2019:
1. Review the past year
Successful business owners do not become successful overnight but constantly think ahead. Having a clear vision, mission and value system is important for any business owner and entrepreneur, but it’s also necessary to maintain and manage your vision, mission and values consistently.
For this reason, it is important to reflect on the past before setting new budgets and goals. Where in 2018 did you exceed your goals? Where did you fall short? How do the employees feel? How did your competitors perform? These may point to weaknesses that are limiting growth and uncover specific success drivers. Based on an analysis of the previous year, you can determine a strategic approach and priorities for the New Year.
2. Have an updated business strategy
When asked “what is a business strategy?”, business owners should know it as a plan, decision, choice, or guide used to benefit the company. This benefit is commonly measured in terms of success, profits, popularity, and/or growth. However, business strategies are tricky to formulate and execute. In order for strategies to produces positive results, they must be thorough and well-defined.
It’s important to have a clear idea of what the results should be. It is vital to remember that there is no one-size-fits-all approach to formulating business strategies and that they should be updated and reviewed regularly, and evolve with your business
3. Set SMART Goals
Goal-setting is as important in personal life as it is in business. The benefits of Specific, Measurable, Achievable, Results-orientated, Time-framed (S.M.A.R.T) goals have been written about in self-help books for years. It is about ‘eating the elephant, one bite at a time’ and turning vision into achievable, actionable things.
So, how do we set and achieve SMART goals? The first step is not to confuse a goal with an objective. The goal is to run a marathon, but the objective is to train 4 days per week. It’s necessary to know WHAT your goals are, WHY have you set them and HOW are you going to achieve them. Having more than 3 to 5 goals at any given time will lower any chance of execution because of a lack of focus.
4. Keep Your Team Engaged
To grow and maintain a competitive advantage, stop telling employees what to do. Instead, get employees to love what they do. When someone loves what they do, they will want to do more of it, thereby increasing their self-worth and productivity. A great company cannot exist without great employees, and there are steps that can be taken to mould employees into business assets.
So Include them in important decisions. People feel committed when they are part of a conversation so it’s worth including the team in the business strategies and goals. They need to know where the company is going and what role they should play to help get it there.
Be a team, not a dictatorship. Every ship needs a strong captain and – while employees look to business owners for guidance - they also want to know the leadership is in tune with everything that is going on. If a directive is given, it’s important for leaders to pitch in to achieve the goal. This shows employees that they are all part of a team, and you sink or swim together.
Acknowledge and grow: Giving praise and recognition keeps employees motivated and gives them a sense of purpose in the business. Engaged employees always want to grow themselves and, by allowing them to take on challenging tasks, you keep them driven and allow the business to be more innovative.
5. Constantly educate yourself
You don't know what you do not know. Through ongoing education, you gain the knowledge to figure out the unknown. Renowned author, Jim Rohn, said: “Never wish your life were easier, wish you were better,” so work harder on yourself than you do on your job.
To grow your business, or to find out more about the upcoming sponsored seminars which offer a complimentary coaching session for small businesses, get in touch with ActionCOACH Evolve today!