Once you have developed a solid business and marketing plan, you may want to think about setting down some goals for your business. Goals will be achievements that will help the success of your business but don’t have to be tied to financial points. When looking at the big picture and the goals for your business, you want to include accomplishments that are realistic and measurable so that you aren’t discouraged if they fail to turn out exactly as planned. Goals help keep you in check and stay focused on your business plan and help you prioritize your actions in order of importance. Here are some tips for realistic goals setting:
- Expect your retail business to follow the ebb and flow of the retail industry in general and be able to ride the wave mentally and financially.
- Be sure to set goals that involve networking and making new contacts for your retail business
- Set small educational and training goals like reading a new business book or attending a Webinar
- Plan to learn and use at least one new consumer app each quarter
- Don’t set the bar too high or too low – either can be demoralizing
- Plan to introduce new sales techniques or training each quarter or twice a year
- Include short term, intermediate and long term goals in your planning
- Short term goals can be achieved within six months or less and should be very specific and attainable for your retail business
- Intermediate goals can take between six months and a year to accomplish and should involve things that have to do with the overall direction of the company, such as bringing on a new product line or creating a new staff position
- Long terms goals last between one to three years and involve growth and expansion at the highest levels like changing business markets or going global
To create realistic goals for your retail business, you will have to analyze the market, your competition and your own capabilities. Goals help you stay on track and stay focused, especially in the fast pace of the retail environment. Are you able to adjust goals in midstream without giving up on them? Being nimble and able to adapt to changing markets is a part of being realistic and in touch with where you and your retail business are headed and how you will get there.