Setting Realistic Business Goals for 2014

I always look forward to the new year because it gives me a chance to start over. Leaving behind worries and problems of the last year behind, this brand new start spurs me to set fresh goals for the coming year, not just personal ones but also business-related ones. I think one of the important things we should remember when setting goals is to make sure that they are realistic. You have to keep in mind the time frame and the budget set for each of these goals. Here are some business goals that are worth thinking about for 2014.

Gradual Expansion

Managing a business is a challenge. You have to know how to juggle multiple tasks especially when you’re starting out small with just a tiny pool of people working under you. The thought of expanding right away is tempting but before you give in, first take a look at the stats. Has your business reached that “break even point”? Are you generating the same or more income compared to your expenses? The next thing that you need to analyze is the amount of work you are handling. Multitasking is great and all, but if it has reached a point where you can no longer handle all the workload on your own, then it’s probably best to hire more heads. When you hire more people, you’re going to need a bigger workspace and probably better equipment as well to cope up with the growing demand of customers. If you do decide to open another office or branch, make sure you are ready to handle managing multiple branches. Don’t expand too fast and open in multiple locations at once. Instead you can expand gradually, expanding so you can meet customer demands in a timely manner.

Better Customer Service

At the end of the year, it is a great idea to do a survey on how well your business does in terms of quality customer service. Good customer service is one of the things that earn you customer loyalty and keep them coming back. Even if your product or service is great, poor customer service can turn off loyal or potential clients so it’s best that you maintain the quality of this aspect of your business. Do you always deliver goods or services in a timely manner? Do you have competent customer service representatives that cater to every client’s needs? If this area is somewhat lacking, you can find a way to improve on the delivery of your products. Maintain good customer relations through clear communication lines and deliver quality services on or before the expected time.

Potential Partnerships

If you still haven’t been able to start the business of your dreams–probably due to budget constraints–one of the options you can do is to find a partner who will give you the financial backing you need. You can ask any of your friends if they would be interested in starting a business with you. If one of them agrees, always remember to keep your friendship outside of your professional working relationship. There have been many a friendship that has been ruined because of business. Don’t become one of them. It’s important to keep business a separate entity, which is why a contract is needed to protect each of your interests. You can read up on the internet about the legalities involved in business partnerships or you can tweet to LegalShield. A partnership can also help you if you already have an existing business and plan on expanding.

Tiffany Matthews
Based in San Diego, California, Tiffany Matthews writes about travel, fashion and anything under sun at wordbaristas.com. You can find her on Twitter as @TiffyCat87.
Tiffany Matthews

@TiffyCat87

Loves writing, fashion, books, movies, and travel
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