Setting business goals is an important activity for every small business. Regardless of how old your business is, where it is located, what types of products or services you sell, or how profitable your business is, setting goals can help to keep you tracking towards your business goals. They will help you to stay on track and prevent your business from stagnating. Here are 9 small business goals you may consider for your business for FY23/24.
1. Reducing ongoing business expenses
Most small businesses can achieve this business financial goal. What business owner wouldn’t want to lower the cost of running their business? When you set your goal for the coming year, be clear about how you plan to reduce costs. For example, you could use more technology, reduce debt, or change up your business operations.
2. Reduce the risks to your business
Regardless of the industry you operate in, the products or services you provide, or the geographic area you service, your small business is exposed to risks. But there are proactive ways to manage the risks to their business, including business insurance*, and this is where BizCover can help your business by making business insurance fast, easy, and ultimately cost-effective.
3. Increase your productivity at work
It’s important to remember that your level of productivity directly impacts your bottom line. Therefore, it can be a good idea to set goals to increase your productivity, as well as the productivity of your staff. By eliminating distractions and improving your use of business tools, you can increase your productivity.
4. Create a new customer service process
How can you ensure that your customers are satisfied with your products and services and your business? Setting business goals such as improving your customer service, improving how you handle customer complaints, or integrating customer service into social media can help here. Don’t forget to ask your customers for their feedback so that you can identify how your business could be improved.
5. Increase your website traffic
Small businesses can benefit from striving to increase their website traffic because it can lead to increased sales and loyalty from customers. In fact, when setting business goals, increasing the effectiveness of your website to bring new business enquiries to your business may be one of your top priorities.
You can do many things to increase the number of people who visit your company website. Create a plan for boosting your content marketing strategy. Once you’ve created engaging and relevant content to share on your blog or website, use one of these five methods to increase targeted traffic.
6. Embrace social media marketing
If you’ve not yet embraced social media marketing in your business, this may be a great time to make social media one of your new year business goals for FY23/24.
This is the perfect time to try a new tactic for marketing your business to help achieve your business goals. If you’ve been hesitant to use social media in the past, now may be the right time to jump in. To get started, choose one social media platform and make it a priority to include it in your marketing strategy this year.
7. Improve the financial health of your business
It goes without saying, but this is a very worthwhile goal for any small business owner considering setting their new year business goals for the new financial year.
Are you able to track the money that comes in and leaves your business each day? Have you established a budget to guide your business spending? If not, make this year the year that you control your spending and improve your company’s fiscal health. These tips can help you give your small business an instant money makeover.
8. Go paperless
Eliminating or reducing your business’s use of paper can reduce costs and increase productivity. It’s worth noting that not every business is suited to a paperless office. Consider both the pros and cons before you decide to go paperless.
9. Conduct a marketing audit
Busy small business owners can occasionally get so caught up in the “doing” of running their business that they can forget to evaluate whether what they are doing is actually worth their time and money. A marketing audit can help to better align your marketing with your business financial goals.
Have you got your business insurance sorted for FY23/24?
The start of a new financial year can be a great time for business owners to review and renew their business insurance. When reviewing or renewing your business insurance, a great rule of thumb is if your business circumstances change, your business insurance may also need to change, otherwise you may run the risk of being underinsured, as explained in this short video.
Explore your business insurance options with BizCover today and discover just how fast, easy, and pain-free business insurance can be when you choose BizCover. Compare competitive business insurance quotes online or call us on 1300 920 868 and enjoy a better business insurance experience today.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769.