The Short Term Goals of a New Business
Business owners usually have several key short-term goals or objectives for their new businesses. The key is ensuring that your short-term goals are both actionable and measurable. In other words, you should be able to attain your goals through various actions, then measure those goals by dollar volumes or some other measurements. Your short-term goals should also be realistic. Additionally, you should communicate your short-term goals throughout your organization, including to employees and shareholders.
Creating initial awareness of the brand or company is usually measured in terms of percentages. For example, initially, the goal for the first 6 months may be to achieve a brand-awareness level of 10 percent of all consumers or businesses in the area. Companies typically build awareness of their name, brand and products through advertising and measure the results through marketing research surveys.
Establishing a customer base is another short-term business goal. Initially, you should try to get as many people to order your products or services as possible. Distribute fliers or coupons. Place classified ads in newspapers, offering special deals on various products or services. Another way to increase your customer base initially is by introducing products at a relatively low price, according to NetMBA.com, and online reference site. Customers will flock to your business if you offered products that are high in demand at reasonable prices. The key benefit of establishing a customer base is repeat sales. Customers who like your products will come back and purchase additional products. Thus, your initial goal in establishing a customer base is obtaining and retaining customers. Maintain a database of customers if possible. That way you can keep track of how much your customer base grows.
One of your immediate short-term business goals should be getting into profit as soon as possible. You won't be able to expand your advertising or inventory until you start making a profit. It will also be difficult to pay your bills as well. The best way to increase profits is by increasing sales and keeping your expenditures within their allotted budget. Therefore, you will need to determine how much you can spend on hiring, advertising and rent ahead of time.
Another important short-term goal should be to establish rapport with suppliers and agencies. Suppliers are more apt to meet your shipping requirements if you develop a good relationship with them. Occasionally, you may receive special deals on shipments as a preferred customer, for example. You may also have to work with various agencies, such as marketing research and advertising agencies. Agencies will likely appreciate it if you are fair with them and pay them on time. Consequently, the agencies may go out of their way to help you on special projects.