How to Set Measurable Goals for 2020 Business Growth

The Importance of Setting Goals

As the New Year approaches, business owners should be thinking about setting goals for their company’s growth in the coming year. Goals help provide direction, focus, and motivation for employees, as well as helping to measure progress and success.

Choosing the Right Goals

When setting goals, it’s important to choose ones that are specific, measurable, achievable, relevant, and time-bound (SMART). This means that goals should be well-defined with clear objectives and milestones, and that progress towards those goals can be easily tracked and measured.

Examples of Smart Goals

• Increase sales revenue by 20% by the end of Q3 2020 through expanding market reach and improving customer retention.
• Reduce overhead costs by 10% by the end of Q2 2020 through streamlining operational processes and negotiating vendor contracts.
• Increase customer satisfaction scores to 95% by the end of 2020 through addressing service level issues and improving product quality.

Breaking Down Goals into Actionable Steps

Once goals have been established, they should be broken down into actionable steps that can be taken to achieve them. This helps to ensure that progress is being made and that goals are being consistently worked towards. Additionally, setting deadlines for each step can help keep the team accountable and motivated.

Tracking Progress and Adjusting Goals

Regularly tracking progress towards goals is crucial in understanding what’s working and what’s not. This allows for adjustments to be made to goals and the steps taken to achieve them. Doing so ensures that goals remain achievable and relevant as the business landscape continues to change.

In Conclusion

Setting measurable goals is essential for businesses to succeed in the coming year. By choosing SMART goals, breaking them down into actionable steps, and regularly tracking progress, businesses can set themselves up for success in achieving their goals and growing their business.