Strategic Goals For Every Entrepreneur

By Mike OJ

Tuesday, November 5, 2019

An entrepreneur should always have a set of business goals in his/her mind to leverage the business. Based on the expected business needs, these goals may differ. For startups, the initial goal will be to get the right resources to kickstart the company, while for existing businesses; the goal could range from keeping the company operating at full capacity to taking care of the revenue and profits to achieving a new strategic goal.

Even though the objectives and mottos of entrepreneurs may change with time, some common business goals are just unavoidable. 

In this blog post, we will be touching some of these goals and how it affects the business in general

Create an apt business plan 

Before you kickstart your online business, it is crucial to create a detailed business plan that is strong and accountable. Your business plan must contain details about the objective of the company, strategies applicable, investment scope, important decisions, ways to maximize output and profit, etc. Planning for the business will help control the degree of accountability and it will help reduce the wasting of resources and time enabling the entrepreneur to monitor the company’s progress. Thus, sketching a proper business plan is the foremost goal of a businessperson. 

Hiring and retaining a skilled Team 

Employing the right set of people is very instrumental to the success of your store (Either Existing or a startup). If your work team is inexperienced, then it will hurt the inner workings of the business and vice-versa. It is important to hire the right workforce that possesses the necessary skill set to perform all the necessary tasks. For online store owners, one of the business goals is to attract and retain top-notch employees and to train them regularly for additional skills so that when the company grows, the employees would be able to catch up with its pace. 

Financial stability 

Every business has financial liabilities, which may include business loans, payment to be made for inventory, subscription, gadgets, staff, etc. In the midst of all these, you must try to have a healthy annual turnover and profit. Balancing both can say a lot about the financial position of your business. For an entrepreneur, reaching a point of financial stability is one of the greatest goals, after which, he/he may want to scale-up profits. 

Aligning marketing and sales 

Sometimes a business might fail because of the poor coordination between the marketing objective and sales front (Store Theme). Both have to work in tandem to tap the potential of your business. As an entrepreneur, you must make it imperative to plan marketing campaigns and calendars by acknowledging the goals of your sales front. You must adopt every tool that would work to achieve your marketing objectives.

Generating greater ROI 

Return on investment is an important term for any entrepreneur, though there might be different outlooks to ROI for different entrepreneurs. While some may wish to convert cold leads to customers, others wish to blend new technologies to earn increased revenue and some are looking at optimizing their store for better sales opportunities than the previous year. Getting an accurate return on investments is a challenge and goal of every businessman. 

Online positioning 

A strong online presence on the internet is quite important for a business. In the digital era, people take help from the internet to know about almost everything. In such an advanced age of the internet, a business, even if popularly operating through brick-and-mortar presence, has to create an impression online. The better the online positioning of your store, the greater are the chances for customers and clients to reach out to you. 

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Growth, growth, and more growth 

For entrepreneurs, the word ‘growth’ means more than one thing. It may be growth in revenue, expansion of business across the state and country, increase in number of people that buy from your store, acquiring knowledge or new clients, building on the features of a service or product, more engagement with target audience and community, and marketing strategies, etc. ‘Growth’ as a goal is thus, very challenging and fulfilling at the same time for a businessperson. 

Creating a brand appeal 

Performing well in projects and tasks is not the only aim for an entrepreneur. Creating a brand appeal is also mandatory. Brand appeal means that the customers must be able to recall your store, its products/services and having a feel a positive connection with it. There are various ways to boost a brand’s image. For instance, you can hold events to interact with customers and know their feedback, introduce a service/product publicly and direct marketing, communicating with old and new clients frequently, and improve the offerings as and when needed. 

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 Giving back to the customer

While this may not fall under the category of customer service, this is one of the strongest strategies or tactics you can use to double your bottom line. Giving back to your customers can help you impress the customers in two simple ways. First, your customers will be more loyal to your business because it makes them feel good, and the giving aspect of the brand makes consumers feel like they're doing well. Giving back to your customers strengthens the connection with the audience, and may not necessarily entail monetary benefits. 

Try not to repeat previous mistakes 

An entrepreneur should always learn from his/her previous mistakes. The art of success is best learned through trial and error and never repeating past mistakes. In the world of business, an entrepreneur should always aim to be better and this can be done by understanding what went wrong and coping with the challenges. The process may take time, but taking corrective steps is the most essential of all the goals for any entrepreneur that wants to succeed. Efforts must be put in place to close all the loopholes while striving to be better in day-by-day functioning. 

 Positive experiences for customers

Creating a positive experience for your customers should be one of the main goals for any business owner, other than following the norms of buying, selling, and setting a mark in the market. From polite customer care service to making buyers/clients comfortable, positive experiences have an endless scope. You should try to maintain a good relationship you’re your customers at all times, it could start with you gifting them on special occasions, conveying wishes on occasions such as birthdays, anniversaries, etc.

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