When do you set goals?

[Bronze_Palms]

Curious when you set goals as a business owner.

I was doing year long goals but, as the months went on, my focus changed and I no longer cared about that goal I had set 4 months before. 

Can anyone give some insight on how they do this?

[TCSlaguna]

Everything is so volatile right now, it is difficult to set goals. We are hoping our pre-COVID trend line continues, but we know it will require some extra effort on our part. Marketing, promotions, social media, events, word of mouth. 

Maybe if the economy stabilizes in the beginning of next year we can consider setting goals. Until then, we are planning on taking it a day at time. 

[DinaLRosenberg]

Absolutely THIS- I feel like every week it is a little different. We're hyper focused on micro goals... it seems like holiday spending is hitting a bit late this year- not sure if anyone else is experiencing it?

[Bronze_Palms]

Thanks for your reply! What ways do you like to advertise?

I own a tanning salon and we focus on organic social media content. We have done paper flyers through the mail, I have a big sign out front now. I wouldn't do flyers again. I have my eye on social media ads and potentially radio though.

[Doran]

Every year I sit down and do goal planning the first week of the year.  It is always a fun time reviewing numbers and charts from previous years and planning out where I want to go for the current year. 

[Bronze_Palms]

I agree 100%! I love looking back; it is the looking forward part for me that has me a little lost.

[ryanwanner]

That's a great question, @Bronze_Palms !

I think you're correct in setting year-long goals. I usually take the last week of the year to take stock of what we've accomplished over the year and where I want to see my business at the end of the next. I try to have a one page business plan set up that I can refer to throughout the year to keep myself on track.

On those times where I have to change goals mid-year, I usually try to block a day away from the shop so I can focus on the new goal and the plan to get there. With COVID and a few other things over the years, I've definitely done some midyear corrections. I've found that those goals are a little more difficult to reach, probably because I haven't had the chance to run through all the what if's that could happen.

Best thing that I've done to help with goal setting is that one page business plan. It's printed off and hangs up in my office so I see it daily. It helps keep me pointed in the right direction.

[phoenixcreation]

Ryan - I have only been in business just under 2 years now, and I have found that a yearly plan is a great way to focus on the coming months. I use this plan as a guideline that I know may need to be adjusted as the year progresses. It has helped me keep on top of events as they come up. (I create items from repurposed materials that I then sell...mostly at craft fairs but also online.) The first year I felt I was always just slightly too late for whatever event/holiday was coming up. The next, I was a bit more prepared, but still missed out on some holiday events due to poor planning - which also means low inventory. Just this week, I put together a plan of when (and ideas of what) to concentrate on each month so I can participate in more events - or at least more variety of events. Even though I want to stick with the plan as closely as it is designed, I fully anticipate the need to be flexible. 

[Bronze_Palms]

I love that idea - I need to put together something more visual like what you are saying. My husband has implemented the 12 week year for his business. It is essentially setting up goals for 12 weeks, then reviewing once the quarter is over, then doing it all over again.

What are you setting up to accomplish in 2023?

[rtfulk]

We manufacture/import our products, so we have to set our projections and goals 4-6 months for seasons/holidays. Inventory on Square is very important to use to refer back to.

[Bronze_Palms]

Agreed. Square has a great inventory management system that allows for that complex reporting. How were the holidays for you this year?