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How often should you reevaluate your business goals?

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Think and think again

Setting the right business goals can provide your business with a sense of direction and allow you to measure your progress. But business goals shouldn’t be static and unchanging. Instead, they should adapt as you learn more about your business and your industry. So how often should you reevaluate your business goals? And what’s the best approach to setting new goals?

Why setting business goals is important

Business goals help you in several ways. For starters, they provide your business with direction.

If your ultimate goal is to generate $5 million a year in revenue, you can plan a course of development that ultimately gets you to that destination.

That business is going to operate very differently than one whose goal is to establish operations in 10 different countries. Goals also give you a timeline, so you have expectations for how quickly your business should be growing or progressing.

Business goals play other roles too, including:

  • They motivate you. Just like personal goals, business goals serve as a form of motivation. Knowing the end result you want can inspire you to work harder and be more focused. It also can help you take obstacles in stride and avoid feeling daunted by setbacks.
  • They allow you to measure progress objectively. Is your business succeeding? That’s often a hard question to answer objectively. But a solid set of goals will allow you to determine whether or not you’re making significant progress: You’ve either reached your goal by the deadline or you haven’t.
  • They align teams and individuals. Goals also can provide a fabric of shared philosophy for the entire organization, making sure that your teams and individuals all share the same high-level vision for the company.

How to set business goals

The word ‘goals’ on a piece of paper in a typewriter

There are several types of business goals you’re going to need to set.

You’ll be setting goals for the entire organization as well as goals for teams and individual employees. You’ll be setting long-term goals, forecasting the future of the business for years, if not decades to come, and short-term goals that you can knock out in the span of a week.

Your long-term goals for the business are going to be the most important, and the ones that provide a foundational architecture for all your other business goals.

These types of goals tend to include topics like the amount of revenue you’re going to generate, the number of people you’re going to reach and the products and services you’re going to roll out. The best all-around approach to setting goals is following SMART criteria.

Your goals should be:

  • Specific. The more specific you are, the better. A vague goal like “become the best ____ business in the world” isn’t going to cut it.
  • Measurable. Achieving the goal should be unambiguous. How will you know when you’ve reached it?
  • Achievable. Realistic, achievable goals strike the right balance of motivation and challenge.
  • Relevant. Your goals should be relevant to your industry and your capabilities
  • Time-bound. You also need to have deadlines in mind for your goal achievements.

Why reevaluate your business goals?

Why do you need to reevaluate your business goals? The simplest answer is that things change.

Maybe your company was the recipient of $3 million in new funding that you weren’t expecting. Maybe a new competitor emerged and is threatening your business share. Maybe new regulatory requirements are forcing your company to pivot. Or maybe you’ve already achieved your first goals and your company is rudderless.

All your business goals are based on what you understand about your business environment and what you want for the company’s future.

It stands to reason that if your business environment changes or if your vision for the future changes, your goals must change as well.

How often should you reevaluate your business goals?

Group planning session at table with graphs in the center

How often do you need to reevaluate your business goals? The answer will be different for every business, but you’ll need to keep in mind things like:

  • Your previous goal progress. What has your progress been like for your previous business goals? Were you able to achieve them in record time? Are you struggling to make any progress toward them? If your goals didn’t seem like a good fit, or if they’re still not a good fit, you’ll need to change them.
  • The pace of your industry. Different industries have different paces. Some business environments haven’t changed much in the past 50 years. Others, especially those focused on technological development, seem to evolve on a daily basis. The faster your industry changes, the more frequently your goals will have to be fine-tuned.
  • Recent and forthcoming impactful changes. What changes have you noticed in your business and your industry and what changes are coming in the future? Changing consumer preferences, new laws, major rounds of employee turnover and new competitors all can strongly influence your business’s course of development.

Regardless of the answers to these questions, you should plan on evaluating your long-term goals at least once a year. Your short-term goals will require more frequent attention and analysis.

Tools to help you set business goals

If you’re struggling to set the best goals for your business, there are several tools that can help you:

  • Microsoft 365. Through GoDaddy, you can access Microsoft 365, a suite of productivity and business planning tools to use throughout your entrepreneurial journey.
  • The Small Business Administration (SBA). The SBA is dedicated to providing resources and education to entrepreneurs of businesses of all shapes and sizes. There, you can find thorough guides and templates for your business planning needs.
  • Any project management platform. Tools like Asana and Trello are specifically designed to help professionals set goals, plan projects and manage the individual tasks that allow them to complete those projects. It’s the perfect place to keep track of your goal progress with the entire team.

Ready, set, go!

While business goals are designed to provide a firm long-term direction for your business, they also need to remain fluid and responsive to your business conditions.

It’s important to reevaluate your business goals at least once a year. Even if you don’t change your goals with every review, doing so enables you to redouble your commitment to your original vision and reinvigorate your business with renewed motivation.



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Growing a Business

Shopping Video – New Marketing Trend

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One of the best ways for marketers and business owners to increase sales and engage customers is video shopping. This new marketing trend involves using video content to promote and sell your products.

Here is everything you need to know about shopping videos for business owners.

What is Video Shopping

Video shopping involves using video content to promote your products/services with the aim of increasing sales. With a shopping video, business owners can show off their brand and give relevant information about their products and services. Also, videos help influence the decision-making process of buyers and increase sales.

Types of Shopping Videos

There are two main categories of shopping videos, and they are:

Live Video Shopping

This type of video shopping involves creating a live presentation of your products. It is not pre-recorded, thus making it easy for customers to interact in real-time.

Non-Live Video Shopping

In this case, you record the video and then upload it on platforms where customers can find them. While you can’t get real-time responses from customers, non-live videos are easily accessible, unlike live videos.

Engaging social video ads

Benefits of Video Shopping

Video shopping can provide many benefits for business owners and their customers. Some of the advantages of video shopping are:

1. Engaging Visuals That Increase Sales

Consumers generally prefer video content over text because they are a more expressive form of content. With video shopping, business owners can create an interactive environment where customers can engage. This form of engaging content increases your chance of converting visitors to actual customers.

2. Increase Brand Awareness

Business owners can increase the chance of being seen by their target audience through impressive shopping videos. Shopping videos prove to be a convenient way to promote your business and increase brand awareness.

3. Convenient Customer Interaction

Video shopping helps engage with customers in real-time, thus making them feel seen. You can chat with customers one-on-one, which makes it easier to serve their needs. Whether it’s a car dealer chat or a skincare consultation, you can count on video shopping to improve rapport.

4. Bring Products to Live

With video shopping, shoppers can easily browse products in real-time. For example, fashion brands often bring clothes to life by making a video of how it looks on a real person. This will help customers have a feel of how the item will look on them, and this can increase sales.

5. Easy to Create

Creating shopping videos doesn’t have to be a long and complicated process. Shopping videos tend to be short and easy to make without requiring a professional. With a smartphone or camera, anyone can make a marketing video that converts. Also, there are many channels and platforms available to create videos that will persuade visitors into being actual customers.

6. Increased SEO Ranking

Videos tend to perform better than other forms of content, and having them on your website will increase your SEO rankings. This makes it easy for customers to find you and do business with you.

Video marketing

If you are running an online business, you need to keep up with new marketing trends to boost your brand. One of the latest marketing trends to implement is video shopping. When done correctly, video can help provide valuable information for customers, boost engagement, and increase sales.

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In Business, Image Matters. How to Improve Yours?

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Your business may boast of excellent products and/or services. However, nowadays, excellent products and services simply aren’t enough to help a business survive and thrive in the long run. What your business also needs is a strong image – one that can help it stand out from its competitors.

But how exactly do you go about improving the image of your business? To know the answer to this question, read on as we take you through all the steps you can and must take to take your business forward towards success.

photo credit: August de Richeliu / Pexels

1. Face-to-face interactions with people

We may be living in the digital age, but nothing can beat face-to-face interactions when it comes to telling people about your business. Here are some ways through which you can inform people about your business and what it’s all about:

Meet people and start conversations

It’s unrealistic to expect that people will know about your business if you don’t reach out to them. So, start going out and attending events.

Business-centric open meetings and conferences would be the best place to start. At these events, you’ll run into several businessmen like yourself. You should make the most of these opportunities to start conversations with others from the world of business. This will gradually let people know about your business and the products and/or services it has to offer.

Prepare a pitch

When you meet potential customers, you have to be prepared to speak spontaneously about your business. At this juncture, it’s important that you don’t fumble or sound unconfident. After all, what you tell people about your business will form impressions in their minds – and you’d want those impressions to be positive, wouldn’t you?

This is where preparing a pitch can come in incredibly handy. Write it down first and then keep practicing it out loud, and make changes where necessary.

Participate in community events

Your local community is the first pillar of support for your business. So, get out there and try playing a role in all community events. At these events, you should promote your business in a friendly and welcoming manner.

This should encourage members of your local community to take an interest in your business and what it has to offer. Sure, this may not result in immediate sales, but it will definitely improve your business’s public visibility.

Businessman in a fancy coffee shop

2. Make your business appear professional

A surprising fact is that the modern-day consumer values professionalism more than the quality of products and services. Of course, product and service quality is important, but if your business lacks professionalism, it will lose out on customers.

So, to make your business appear professional, you can put the following steps into practice:

Invest in a business website

The internet is arguably the biggest platform for businesses nowadays, which is why you should invest in a dedicated website for your business. We recommend hiring professional web developers and designers to curate your business website. This will ensure that your website looks and feels professional.

Apart from setting up a website, you should also pay attention to its content. Quite simply, it should have all the information that your target audience may want to know, i.e., contact information and information about the business. Your business website should also have a blog with consistent posts. This can go a long way towards ensuring your expertise within your niche.

Set up a dedicated email account for your business

Using your personal email account as your business’s email account is nothing short of a criminal offense. That’s why you should set up a dedicated business email account. It’ll help you achieve consistency with your branding, and it’ll also allow your business to look professional to the people who subscribe to your business newsletters.

To set up a business email account, you need to first create a domain name and then get in touch with an email provider. Two of the best email providers out there include Office 365 for Business and Google Apps for Business. Both options provide business-class email along with features such as online storage and document editing. The best thing about these options is that they’re quite inexpensive.

Provide 24/7 Customer Service

These days, consumers expect the companies they buy products and services from to be available for them 24/7. Fortunately, the widely availble virtual assistant and reception services such as those provided by www.virtualreception.com.au can do that for you – both on and off office hours – to any types and sizes of business, from freelancing digital nomads to multinational corporations.

Social media manager

3. Set up your social media for success

Social media platforms such as Twitter, Instagram and Facebook are excellent places to market your business and its products. Here are a few ways to make your business succeed on social media:

Create business profiles

On all major social media platforms, you have the option of setting up personal profiles and business profiles. It’s best to create the latter type of profile as it is designed specifically for business purposes.

During the setup process, make sure that you include relevant info in the bio sections. Don’t forget to add links to your official website and other social media handles as well.

Post relevant content regularly

All social media algorithms tend to favor accounts that post relevant content on a consistent basis. So, irrespective of the social media platforms you’re active on, make sure that you’re posting new content as much as possible.

Not posting regularly can limit your business account’s reach and stall its growth on social media.

Keep branding elements consistent across all platforms

If your Instagram page looks drastically different from your Facebook page, your target audience is bound to get confused. That’s why it’s vital to use similar branding elements across all social media platforms.

The branding elements you should focus on keeping consistent include your business’s logo, its imagery, and its voice, i.e., the tone of communicating with your audience.

Encourage users to engage with you on social media and interact with them: Through the use of call-to-action (CTA) messages, you can encourage your followers on social media to engage with your posts. You should also spare time to respond to your followers’ comments.

Business owner in the Portugal-based office
photo credit: Fauxels / Pexels

Takeaway

There are quite some things to consider in your endeavor to increase your buisness image. However, focusing on the three above is more than sufficient to get started: Meet people and tell the about your business; make an effort to be professional, especially in your online presence; and lastly, make use of social media platforms to your advantage.

Be sure to do a lot of trials-and-errors so that you can form the best practices for your company.

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Growing a Business

5 Ways Virtual Headquarters Pandemic-Proof Your Business

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The coronavirus pandemic battered many businesses to the ground. At its peak, we saw businesses either shutting down or struggling to make ends meet. We had job cuts and salary cuts left, right and center. Businesses across the world, especially small businesses, are still suffering from the economic shock of the coronavirus pandemic. Even now, with things finally opening up, many businesses are skeptical of the times and have gone into planning mode.

Every business now wants to create a contingency plan for when things start to go out of hand. Many businesses which were able to survive the pandemic were the ones that were prepared. The ones that had a contingency plan and a disaster management plan ready to roll out.

photo credit: LinkedIn Sales Solutions / Unsplash

Taking a cue from this, all every company wants to plan for right now is this: What to do if and when a pandemic hits again? Is there a way to pandemic proof your business?

One step that most businesses have taken is setting up a virtual headquarters.

What is a Virtual Headquarters?

Virtual headquarters or a virtual office is a physical address of your online business. At this physical address, you can create shared workspaces, meeting rooms, and set up a virtual assistant. You and your employees can continue working from home, but you still have a physical address for your place of work.

But why would you go to all that trouble when everyone is working from home? A number of factors come into play here, the biggest of them being the pandemic. As more and more businesses attempt to pandemic proof their businesses, they are striving to find the right balance between remote working and having a physical office. For a lot of businesses, a model that works better is having a watered-down version of a physical space up and running.

Remote working

 

photo credit: Karolina Grabowska / Pexels

Here are some of the main advantages of opting to have a virtual headquarter for your business in order to keep it as pandemic proof as possible.

1. You get a prestigious office address

First impressions matter. And having a prestigious office address on your business card certainly makes the right impression. This point becomes even more significant if you are a small business that’s trying to make it big. A calling card with a flashy office address sends a positive sign to potential clients — about your seriousness regarding the business and your credibility and professionalism. A prestigious office address is also something your employees will be proud of.

So you get a great address without the long lease and the major utilities and upkeep costs involved. An absolute win-win.

2. Expansion is easy

It is a lot easier to expand or even downsize your business when you have a virtual headquarter. This is because you do not need to think about the physical space aspect of it. Need to hire more people? Go ahead without worrying about where they will sit, if you will need to lease a new floor, or if the office space is enough.

Thinking of moving a department offshore? No need to redo your office space lease to physically downsize. Having a virtual headquarters gives you the flexibility without the constraints.

3. Your employees can keep working remotely

Having a virtual headquarters does not mean a proper office space that employees will eventually return to. You and your employees will continue to work remotely while being associated with that one physical address.

Depending on how big or small your virtual headquarters are, you can make room for monthly in-person team meets. You can even give some employees to have the option to book up a terminal and work from the office once a week. Or you could simply reserve your physical address as a place to forward mail and work calls. The possibilities are endless.

Excellent customer service

4. Customer service are made easy

When the pandemic hit, too many companies had to suddenly shut shop and move everything online. While the transition came with its own hurdles, one of the bigger issues was customer service.

Shutting shop completely may cause some technical issues with providing customer service. Having a virtual headquarters means that you can now use the available virtual services, such as 24/7 customer service – which can be a critical success factor in winning customers during the pandemic.

5. Better work-life balance

Just knowing there is a demarcation between your work life and your personal life helps a lot in trying to strike a balance. As great as working from home is, many find it very hard to disconnect completely from work. This happens when the place you work from and the place where you relax overlap.

A lot of employees are prone to giving out their personal details more easily while working from home. This may be to receive official correspondence via postal mail or receive calls on their personal mobile number. While this may seem like part and parcel of remote working, it makes disconnecting difficult. Things seem tougher when you proceed to go on leave or a holiday but are constantly being bombarded with work calls, emails and postal mails.

When you have a physical headquarters, employees are able to make use of the virtual receptionist to handle calls and also have an address to forward relevant mail in their absence. This provides a much-needed demarcation between personal and professional life.

Business team meeting in a Virtual Headquarters

Takeaway

A virtual headquarters may not work for a particular business type. On the other hand, it may be the thing another business needs to flourish. It is important to evaluate all the pros and cons before you make a decision for your business.

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