How to Approach Small Business Growth Goals in Times of Uncertainty

In times of uncertainty, it’s easy to fall out of routine. Your focus shifts on maintaining the status quo, which can sometimes prove to be a challenge.

The question is, how do you set growth goals when the marketplace is unsteady? Set goals that guide your momentum forward, and don’t box you into hard and fast rules.

Additionally, keep these considerations in mind for maintaining reasonable expectations when goal setting.

Check in With Your KPIs Weekly

Make it a habit to check in with your KPIs weekly as you look forward to setting goals for the new year. Blocking 20 to 30 minutes on your calendar can serve as a helpful reminder.

As it makes sense, loop your team into the review. A bi-weekly to monthly cadence might make sense for more formal team regroups around goals.

The idea is to stay ahead of the numbers and remind yourself of the task at hand when focus is hard to find. This will help you better identify potential opportunities and steer away from lackluster growth tactics sooner rather than later.

Change Course as Needed

As we mentioned, goals don’t have to function as strict rules for following. Sometimes, you simply don’t know what strategies will work for your business until you’re in the middle of implementing them.

Strike a balance between giving growth tactics a fair shot at generating ROI, while also knowing when it’s time to let go and place your focus elsewhere.

Be Transparent with Your Employees (and Yourself)

If you’re trying to manage employee stress and anxiety, one of the last things you should be doing is keeping them in the dark. That goes for yourself as well.

Speak openly and honestly with your employees about current projections. Gather feedback and work as a team to find solutions, rather than inefficiently bearing the weight on your shoulders alone.

Break Goals Down Into Tiers

If you’re having trouble seeing through the clouds when setting your small business growth goals, break them down into tiers. This could be based on the size, difficulty, or urgency of the goal.

Depending on the current state of your business, your focus may only be on the next quarter. Estimate how much time and effort will be required for certain goals over others and use those data points to guide how you’ll tackle them.

By Staples Canada

September 21, 2020

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