How to set goals for small business success

Setting strong goals is one important part of growing a small business

Working for positive goals is often a key part of small business growth. — Szepy/photos.com

The Kootenays are home to plenty of inspiring small businesses and emerging entrepreneurs. Every year the Business Development Bank of Canada (BDC) organizes Small Business Week, providing an opportunity and resources for entrepreneurs to focus on learning and goals.

This year, Small Business Week will take place October 20 to 26 with a theme of Success Ahead! Map Your Future Growth, giving Canada’s small businesses a chance to look forward.

According to Industry Canada, a small business is one that has less than 100 employees. The Key Small Business Statistics of 2012 note that 98 per cent of all businesses in Canada fall into the small business category. Over half of these businesses find ways to compete and survive the first five years of operation.

Aim for the stars successfully

In the day-to-day rush, it might be easy to let specific goals fall to the sidelines. Forgetting to look forward, however, will take a giant toll on growth. Business owners should take time to sit down and define what it is they want to accomplish. Setting goals using the S.M.A.R.T. method can provide structure, helping to keep intentions specific, measurable, achievable, realistic and time-oriented. It is also a good idea to schedule regular time to re-evaluate. Goal setters should look to balance motivation and flexibility—one is not exclusive of the other. Recording goals and achievements can also help business owners learn from past experiences and appreciate how far they’ve come.

Any aspect of a business can benefit from setting goals. There are several areas, in particular, that small businesses might want to consider.

Branding

Branding is more than just a buzzword and it is important to companies of any size. Owners should find a way to take their stories and turn them into something tangible and memorable to consumers. A well-developed brand strategy can help guide interactions and marketing decisions with intention. A company can start productive branding by asking who comprises its core customers and what it offers that sets it apart. What are some positive terms that best describe the business and its character?

Technology

Another growing aspect of business today is technology. Even the small mom-and-pop operation can benefit from moving forward with technology. It can be an intimidating learning curve but, once mastered, new tech is helping to simplify almost every industry. Another key component is the opportunity to interact with consumers. From social media to search engine optimization (SEO), web storage to smartphones, there is no shortage of technology goals that can benefit a small business.

Training

Business owners must also remember to focus on training. Investing in employees makes sense, whether they’re learning to make a perfect espresso or to send company tweets. Owners can also look to grow, even within their own industry. Looking at how to learn and what to study is, perhaps, goal setting at its best.

Here at Kootenay Business we wish the very best to all our local small businesses as they move forward. We look forward to watching them grow with the right tools and the passion to succeed.