3 SMART Goals for Your Small Business

It’s always a good time to think strategic about your business, especially as you prepare for the new year.  But how do you set up an actionable plan and not just create lofty ideas.  As you decide what you want to accomplish next year for your business, brainstorm goals in 3 categories: brand, business, and personal. Once you have narrowed down your goals, then you should use the SMART method to create an actionable plan.

Brand Goals

Elevating your brand adds perceived value to your products or services. Consider all that encompasses a brand strategy and determine how you can strengthen the how, what, where, when and to whom you plan on communicating and delivering on your brand messages.

Broad Goal: I want to have the best Made in USA jewelry line. 

  • Specific: I will establish my jewelry line as made in USA through marketing and press.
  • Measurable: I will write 6 blog articles on our domestic design and production process, and sell at 3 American-themed events.
  • Attainable: I will write on the blog one month, and then pitch it to sites the next month. I will attend one event in Spring, one in Summer and one in Fall.
  • Relevant: Establishing my brand as Made in USA will allow me to sell at higher price point.
  • Time-Based: I’ll complete a blog article on the the first of January, March, May, July, September, November. I will commit to 3 events by March.

Business Goals

Strengthening your business can mean increasing sales and retention, and reducing expenses and returns.

Broad Goal: Increase my sales.

  • Specific: Increase my average order value without reducing customers/orders.
  • Measurable: I will increase from $50 to $75 AOV.
  • Attainable: I will accomplish this by establishing a free shipping threshold at $75 and bundling items together in marketing campaigns.
  • Relevant: Increasing my AOV will increase revenue.
  • Time-Based: I ill hit $75 AOV by summer and continue it for the rest of the year.
Related Reading:  From Concept to Commerce: The Launch of Among Legacies T-shirt Brand

mobile-commerce-07

Personal Goals

“The good news about entrepreneurship is that your fate is in your hands. The bad news is that your fate is in your hands!” That’s why is so important to know personally what to do and how to accomplish it.

Broad Goal: I want to become a better manager.

  • Specific: I will become better at identifying and hiring talent.
  • Measurable: I will be successful if I am asked to create a hiring process and onboard one staff member.
  • Attainable: I will accomplish this by attending training on hiring & company culture.
  • Relevant: Identifying and retaining talent is important to helping my company grow and helping me transition from freelancer to entrepreneur.
  • Time-Based: I will create a manual by spring and hiring my summer. Then do an evaluation in the fall.

Have a Product Idea? We’ll Help You Get Started!

On Maker’s Row, you can learn the process, organize, and manage your product development and find a manufacturer. Learn more!

new_banner_cta