The events of this year are unprecedented. COVID-19 and the subsequent economic crisis is challenging entrepreneurs in ways never expected, and with the active virus ravaging across the globe, there are still unforeseen challenges ahead. Planning is more vital than ever before for the ongoing success of your business. It is time to take the lessons of 2020 and incorporate them into your strategic business goals for 2021. The new year is quickly approaching, so get ready to welcome 2021 by setting realistic business goals.
The first step in your strategic plan for 2021 is to look at your business’s long-term vision and goals. When you step away and identify how your organization must shift to hit goals, you will find it more effective than merely looking for short-term solutions. It is vital that you know where you are heading and why. Your vision should act as a compass in this regard. As you set your goals, be certain that they are in pursuit of the end destination. Even if things shift, your vision should remain the same. Your timeline may move, but you should still work toward the same end goal. Do you feel like your vision is outdated? It might be time to take another look.
What will it take to realize your ideas for 2021? Try to identify 3 or 4 all-encompassing goals for your business. You may want to launch a new product or service or recruit and hire 20 new employees. Whatever you wish to accomplish, write down the 3 – 4 overarching goals you need to complete next year that will help you achieve your long-term vision. When you set your goals, make sure they are specific, measurable, achievable, realistic, and timely. You want goals that are easy to track.
Key Performance Indicators
Use key performance indicators (KPIs) to track the success of your goals. Metrics are highly effective at measuring your progress over time. These markers will also help you understand what is working and why. KPIs are a vital part of the information needed to determine and explain how your company is progressing in meeting its business and marketing goals. These indicators will tell you if you are on track and if you are not, they will uncover where you need to concentrate your attention.
Make Your Initiatives a Priority
Now that you have your 3-4 big goals and understand how to measure these goals’ success, you can use them to create strategic initiatives to achieve these goals. Take stock of your resources and prioritize the initiatives accordingly. Four initiatives per goal is an excellent place to start. Once you identify your goals and objectives and are confident that you are working toward your vision, it is time to identify your strategy and implement the initiatives. Good luck!
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