How to set business and personal goals for 2020
Written by Mark Williams
The end of any year provides the perfect opportunity to step back from day-to-day matters, so you can reflect on your successes in the 12 months just gone. Hopefully, your business has grown as a result of your hard work in 2019.
Inevitably, there will be things you didn’t quite get right in 2019, however, failure often provides more valuable lessons than success – as long as you do learn and don’t make the same mistakes again.
New Year’s resolutions?
Many of us will make New Year’s resolutions this year, yet research suggests that two-thirds of those of us who do make them will fail to keep them. And it’s believed that a fifth of us will break our New Year’s resolutions before 6 January (source: BBC), with many broken in the days and weeks that follow.
Common New Year’s resolutions include losing weight by eating more healthily or getting more exercise, drinking less booze, quitting smoking and learning a new hobby. Many of us will go on a “digital detox”, so we’re spending less time on social media or looking a work emails after hours, and feeling happier, healthier and more in the moment as a consequence.
But, why set business and personal goals for 2020 – what’s the point?
The art of setting goals
If you don’t have goals, you and your business risk drifting in no particular direction. And it can be difficult to judge whether your business is developing at the right pace – if at all. You should start 2020 knowing where you want to be at the end of it.
Having definite goals can enable your business to set a clear course for the year ahead, which can give you and your people added determination and purpose to achieve bigger and better things in 2020. Crucially, your goals for 2020 must be realistic and achievable. If not, you’re simply setting yourself up for failure and the disappointment that comes with it.
What goals should you set?
Many businesses set goals based on sales or profitability growth, of course, but other goals can include how many new customers you want to attract, per week, per month or per quarter. Your goal might be to target new types of customer or maybe customers living in other parts of the UK or further afield. Obviously, these too are geared towards sales growth.
Your goals might include launching or introducing new services or products. Diversification enables many small businesses to grow. Another goal might be to open more premises in 2020 or move to bigger and better premises or a better location. You might plan to enter into new partnerships with other businesses this year.
You might aim to take on more employees in 2020, so they too can help fuel growth. Your goal might be invest in new equipment, machinery or tools or maybe get a new van or vehicle. Maybe you plan to get a new website this year as part of a rebranding exercise aimed at attracting more customers and growing your sales. You goals might involve improving your management systems this year, so you are better able to control your business.
Think SMART
The goals you pick must be right for your business. They should inspire you and others – they should re-energise and excite everyone. All should realise that they will benefit from achieving your goals for 2020. Where possible, offer bonuses if your goals are achieved by the end of the year.
Making your goals, aims or objectives SMART – specific, measurable, achievable, relevant and time-bound – makes it easier to know exactly what you’re trying to achieve and whether you’ve achieved it or you’re on course to achieve it.
It can be better to have fewer, but bigger goals, rather than too many small goals, which can be more difficult and time-consuming to monitor. Coming up with fresh goals can mean you need to update your business plan.
Setting goals is not enough in itself. You also need to take time to plan how your goals can be achieved. You also need to consider whether you have the finance and other resources to achieve them. If not, what will you do?
Setting personal goals
As the owner, much of your business’s success will reply on you and your contribution. You need to drive yourself forward and be at the top of your game. Set yourself some fresh personal goals for 2020.
That could be to learn new skills or stop wasting as much time. It could be staying more focused and organised or being more decisive or delegating more responsibility to others more often.
The goals you set for yourself should not only be about enabling you to contribute more value to your business. It’s important to set goals that enable you to feel happier, healthier and more fulfilled in the year ahead. All three could be vital to your business if it is to really scale new heights in 2020.
Mark Williams is a freelance editorial consultant, editor, journalist and SME content specialist with more than 25 years’ experience. He has written for The Guardian, numerous leading brands and award-winning magazines and websites. Visit www.markiwilliams.com