With 2017 quickly approaching, we thought it would be the perfect time to give you some tips on setting some goals for your business next year. So, our co-founder and CMO Tanya Menendez told us some of her best tips on what goals to set, how to know if a goal is realistic, and more! The full interview is below, but here are some of the most important tips she gave.
The Difference Between Personal Goals and Business Goals
Tanya was really adamant about the fact that personal goals and business goals should be kept separate. She said, “the reason why I do 3 month and six month is because I want to make sure I’m actually crossing things off and that I’m setting goals that are actually achievable.” She also added, “I think it’s really important to be introspective and take time out to really think about the way you live your life and the decisions you want to make.”
There is, however, an overlap between business goals and personal goals. Tanya said, “when you’re starting a business, your business goals are very personal.” Specifically, you have to decide what kind of business you want to create — a boutique, a B2B, or the next designer brand.” However, for business goals, it is something that affects everyone in your company, which brings a level of accountability. Unlike your personal goals, you can cross items off on a whim. For business goals, there has to be more strategic planning.
What Goals + Metrics Should You Measure
The real secret to looking at “number goals” in business, is that everyone is guessing. “The best strategy to create the most accurate projects that also feel aggressive are looking at what levers you can pull,” she said. Levers refer to the different avenues you can take to get the word out about your business. This could include press, social media, or advertisements. This will help you accurately determine the level of success you can achieve.
Setting A Realistic Production Timeline
One of Tanya’s key pieces of advice in terms of production was that making in the U.S. actually can help you create a more stable production timeline. Factors like lead time and quality are less of a question, which lets you more accurately set your deadlines for your business.
In terms of some realistic goals for production, a sample within three months is completely doable. This includes product development, sketches, fit, and technical drawings. In the next three months, you should be thinking about your go-to-market strategy. After you determined the right strategy, you should focus on your production run in the last part of the year. Because small batch is such a huge part of the U.S. manufacturing industry, you can finish a production run and reorder a next run by the end of the year.
Let Us Help You Reach Your 2017 Goals!
More Maker’s Row Live:
- 4 Key Tips to Being A Better Entrepreneur
- An Olympic Designer’s Advice on Staying Competitive
- How to Find and Pick the Right Factory