Marketing Advice
Why goal setting is crucial for your signage business growth
In this article, Colin Sinclair McDermott aka The Online Print Coach, highlights what happens when you don’t set goals effectively.
W
ith many of the signage companies I work with, they have loose aims that they want to achieve within their business but more often than not, they are just not specific enough.
Lack of direction
Without goals, your business lacks clear direction. This can lead to ad-hoc decision- making and a reactive approach rather than a proactive approach to challenges and opportunities that may come your way.
Financial uncertainty Goals, especially those tied to financial metrics, help in forecasting and financial planning. Without them, your business may well face financial uncertainty and instability.
Decreased motivation Goals provide employees with something to strive for. Without them, it's difficult to foster a sense of purpose or achievement, leading to decreased motivation and engagement among team members.
Inefficient use of resources Goals help in prioritising how resources are allocated. Without clear goals, resources may be spread too thin or invested in areas that do not contribute significantly enough for your business to grow sustainably.
Difficulty in measuring success Goals serve as a benchmark for success. Without them, it becomes challenging to measure your progress or determine the effectiveness of any strategies.
Poor communication Goals are essential for internal communication. They ensure everyone is singing from the same hymn sheet and working towards the same objectives. Without them, confusion and misunderstanding are more likely to occur.
www.signupdate.co.uk Risk of complacency
Setting ambitious goals can push a business to exceed its limits. Without goals, there is a risk you will become complacent and settle for the standard rather than strive for continuous improvement.
Competitive disadvantage Businesses that set and pursue ambitious goals are often the ones to innovate and capture market share. Without clear goals, your business may fall behind competition which is more strategically focused.
Inability to attract and retain talent
High performers are often driven by goals and the opportunity to contribute to meaningful achievements. A lack of clear goals can make it difficult to attract and retain such talent. Here are some of the more obvious goals to get you started.
Operational goals • Efficiency improvements – Reduce waste and increase productivity.
• Quality enhancements – Setting quality standards for product or service and implementing measures to achieve them.
• Supply chain optimisation – Streamlining for better reliability and cost efficiency.
Organisational goals • Employee engagement – Initiatives to improve job satisfaction and engagement.
• Talent development – Focus on training and developing employee's skill set and career progression.
• Culture and values – Establishing a strong work culture and values that guide behaviour and decision making.
Customer focused goals • Customer satisfaction – Aiming to improve the overall satisfaction of customers.
• Customer retention – Strategies to keep existing customers and reduce churn rates.
• Customer service excellence – Setting high standards for customer support and service delivery.
Financial goals • Revenue targets – Specific figures your business aims to hit in terms of income generated from sales.
• Profit margins – Profit made after expenses are subtracted from revenue.
• Cost reduction – Focus on decreasing expenses to improve profitability.
Growth goals • Market expansion – Enter new markets or increase market share in existing ones.
• Customer base growth – Strategies to increase your number of customers.
• Product line offering – Producing or introducing new product needs.
Setting goals like this will boost your motivation and the motivation of those in your team. It’s the main driving force that pushes you to take action and propel the business forward.
As a signage business, it provides clear objectives and structure. It will enhance engagement both within your business but also with your customers. It breaks down those overwhelming tasks that we so frequently keep putting off and puts them into more manageable bite-sized chunks and importantly, creates a feedback look for you to see what is working and what is not in your business. Goals allow for measurable progress. Seeing improvements, no matter how small, can reinforce your effort and commitment. On the flip side, if you are not seeing progress, it allows you to change strategy until you do.
July/August 2024 | 59 |
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