Business Goals You Should Have From the Start
If you own a startup, you should have a business plan in which you’ve outlined your preliminary goals, and what they could lead to.
But if you’re making a business plan and are not sure where to start, the goals are going to need a bit of thinking on your part. When it comes to running your own business, there are quite a few things you need to do some deep thinking over. However, there are always going to be a few considerations that are more important than the rest. So what are they?
Having a Strong Startup
Your main goal is going to be success. And by that, you need your foundation to be strong and secure when it comes to company formation. You’ll need a good name for it to be registered as a business, and to operate efficiently once you officially open.
Of course, at day one that’s not going to be a realistic goal; you’re still sorting out your business strategy and getting to grips with all the details. That’s one of the good things about startups – you can practice in your own way for the bigger days. Try to ensure, however, that your learning process has a curve upwards, so that making money from your new regime is a sure fire guarantee.
Have Control Over Cash Flow
Maintaining the most important part of the profit sector is what keeps you in business, literally. You need to know what you’re spending, and leashing your costs tightly to your wrist. Negotiate with your suppliers, and don’t be afraid to haggle hard for the best value for money deals.
A good rule of thumb is that if you don’t need something, don’t buy it. If you don’t need something yet, don’t buy it yet. If a sale comes along, and you know you’ll need this inventory in the long run, take the chance whilst you have it. However, make sure you know you can shift the stock you invest in, as a sale that doesn’t make you any money isn’t a sale at all.
Have Employee Goals
As a small business, you’re not going to have any more than 100 employees, and this smaller scale means you can tailor-make your employee goals one by one. It may sound like a lot, but running a business takes effort, and it makes you – as the owner – more integrated amongst your staff.
All of your employees, if you have them, are going to be different, and will be able to do different things. Make notes of these during the interview process and get to know them when they’re on the shop floor, as some skills can be better in theory than practice. Then, set improvement goals for the people underneath your umbrella.
There are quite a few goals to invest time and money into, depending on the type of business you have, but there’s usually a theme amongst them all: that is, thinking about cash flow and worker abilities, and making these count to get there faster.