5 Great 2020 Goals for your Small Business
Updated: Feb 24, 2020
As a small business owner, you may be eager to take on the challenges and opportunities that 2020 potentially has in store. The start of a new decade leaves the buzz of opportunity lingering in the Delaware air.
However, before you dive into this next year, it may be best to look back onto 2019 and understand what your business did well and what hindered your production. Did you improve your social media presence this past year or hire new employees? Or maybe new competition entered into your market which caused you to work harder for sales? Whatever it may be, both understanding the areas your business succeeds in and struggles in is part of good entrepreneurial decision-making.
Once you have identified the areas in which your business can improve, you can then start prioritizing goals to set for your business's 2020 resolutions. Some key factors for forming effective New Year's resolutions are as follows:
Make it a year-long commitment, not a one-month trial.
Keep in mind internal and external factors.
Only prioritize goals and projects that add value to your business.
Get everyone on board.
The 4th Annual Staples National Small Business Survey reported that in 2015, over 80% of the 300 small business owners surveyed did not keep track of their goals and 77% had yet to reach their company vision. Over the past five years, the necessity for accurate goal tracking has become more apparent for small businesses. According to a Forbes article, one of the most effective ways to keep track of your goals is to write them down and put them where everyone in the company can see. This will serve as a constant reminder of what everyone should be working towards and improve consistency within different departments.
1. Join a new business organization or networking group
You've gained another year of experience under your belt and it's time for you to start building industry relationships. Joining different business organizations and networking groups immediately expands your reach for potential referrals. "As the CEO of SYNERGY HomeCare, a leading national non-medical home care franchise, I suppose I could have stopped networking some time ago, but I’m devoted to always maintaining the upper hand of the underdog because I’m convinced that two things are responsible for our explosive growth — staying hungry and prioritizing networking."
2. Give back to your community
According to USA Today, Score.org, and Fortune.com, when your small business gives back to the community, it not only helps the community but also creates a more positive image of your company in the eyes of the public. There are several small businesses can give back to the community including but not limited to donating to schools or sports teams, donating prizes to community events such as 5Ks or raffles, and volunteering to
3. Invest in cybersecurity measures
Forbes ranked investing in cybersecurity as the number one 2020 resolution for small business owners and according to the Cyber Security Review in 2017, 43% of cyber attacks target small businesses. Cyber attacks pose a threat to both your company's private information and your customer's data and can be challenging to recover from. This year, invest in preventative measures to avoid any breach of your company's security.
Train your employees on cybersecurity prevention methods and establish a cyber attack protocol that all employees should take seriously.
Keep your security software current.
Protect all devices that connect to the internet.
Regularly change your passwords.
For more cybersecurity tips, visit here.
4. Upgrade company culture
According to Eric Siu, CEO of Single Grain, company culture is the personality of an organization from the employee perspective and includes the company’s mission, expectations and work atmosphere. The quality and effectiveness of your company's culture can be reflected in the performance of your employees and though having a foosball table in the office may be a fun break-time activity, the overall relationship between employees and management is what sets the foundation for positive company culture. As a business owner, you not only set the bar for moral standards in the office but also are responsible for finding innovative ways to motivate your employees.
5. Improve communications with customers
What can you do to improve how you communicate your brand's vision to your customers and potential customers? This is a question you should be asking yourself this year. Ineffective communication may cause customers to second guess engaging with your brand which could negatively affect sales. However, there are several ways to improve the quality of your brand communication strategies:
Write your mission statement down for all employees to see and abide by.
Establish criteria for your brand's voice to base communication strategies off of.
Understand who you're audience is and which channels best reach them. For example, if you are trying to reach college students, you may decide to communicate through social media as opposed to a newspaper ad.
Offer engaging content while still remaining clear and concise in your messaging.