I don’t know about you, but as the year draws to an end, I usually take a step back and reflect on how the year went, or rather, what went right and what went wrong and more importantly — how I can do better. Once I’ve evaluated the year and took a hard look at this, I can then take this information and outline my business goals (and personal goals!) for the new year.
Keep in mind that outlining your goals is a little different than actually setting your goals. During the outlining phase, you are determining what you need to work on as a way to improve your business. Once you have this figured out, then you can use the information to actually set your goals.
Below are some questions to ask that can help you outline the areas that you may need to work on.
What areas of my business need organizational attention?
Look for areas of your business that may be lacking in organization. For some, this may be their inventory or shipping stations. For others, it may be their bookkeeping or their actual office space. Once these areas have been identified, you can then formulate goals that will help you take control of these problem areas in your business.
How much do I need to make in the coming year?
This is perhaps the biggest goal you will be outlining for your business and if often one of the hardest. To help with the process, consider the different types of expenses you have both in your business and in your personal life. Look at your previous year’s sales numbers as a base for determining the amount of money you need, then use a percentage of that to determine how much you more you actually want to make. Some sellers try to up their sales by 20 or 30 percent each year, but the ultimate amount you need to make is really up to you and is based on what you are making now and how much you actually want/need to make.
How can I improve my inventory?
If you have been selling for any length of time, you know that the way to have a successful online business is to constantly expand and update your inventory. Take a look at what items in your store have worked and what products didn’t. Are there new niches you can sell that relate to the products you already have on hand? Are there products that you need to move out of your store by either marking them down or donating them so that you can make room for new merchandise?
Once you have completed your outline by answering these questions, you can then move on to setting your new goals for the upcoming year.
What are your goals for 2016? Leave a comment below.