Another year has come and gone! If you're like most individuals, you have learned a lot in the past few years. You will take those life and business lessons and will incorporate into a strategic business plan for 2023 and beyond. Here are some steps you can take to ensure that 2023 will be the best year yet for your business!
Step 1: Look at Your Long-Term Goals
What are your long-term goals? Take time to analyze and build a plan. Sometimes amid the everyday chaos, we lose sight of what we really want. It’s important to remember where you’re heading and why. Take a step back and identify how your business needs to shift to achieve those long-term goals.
Step 2: Perform a SWOT Analysis
A SWOT analysis stands for strengths, weaknesses, opportunities, and threats. This is a common business tactic used to help reveal blind spots that business owners or employees might not see on a day-to-day basis. The strengths and weaknesses of a SWOT analysis are internal. Conversely, opportunities and threats are external. Aim to complete a thorough SWOT analysis at least once per quarter to keep yourself accountable and aligned with your goals.
Step 3: Set Macro Goals
What do you need to accomplish this year to achieve your vision? Identify a couple overarching goals for your business. When setting your goals, remember to choose SMART goals (i.e., Specific, Measurable, Achievable, Realistic, and Timely) that are measurable and easy to track.
Step 4: Identify the KPIS You Need to Track
Now that you’ve created your business goals, it’s time to shift your attention to monitoring your progress and defining your deadlines. Metrics are an excellent way to measure progress over time and understand what is working and what is not. Consider establishing more attainable KPIs based on previous business performance that aligns with your personal goals and vision. Once you have your KPIs set, they act as a source of motivation to help you meet your larger business goals.
Step 5: Set Micro Goals
Now that you have your goals and know what you are working towards, it’s time to identify how you will get there. Create a reasonable schedule that you can revisit throughout the year to ensure you stay on track. For example, you have a 3-year vision of hitting $10M in revenue; how much do you need to make this year to be on track for that goal? What do you need to get there on there on a monthly, weekly and daily basis? This micro breakdown will allow you to see those big picture goals at smaller scale. Therefore, when you don’t hit your weekly goal, you can readjust and try again the next week.
Developing a plan for your business is the best way to break your goals into achievable actions to keep your business on track. If you’re not sure where to start, you don’t have to go at it alone. We can help! Schedule a free 30-minute fact-finding call with us to dig into your business and together build a tangible plan to reach your long-term goals.
Carolina Macedo, the author, is Project Coordinator of Marketing Keys.