Key Things to Focus on For Business Growth
2020 throw a wrench in your spokes? Yeah, we know. It’s a sore subject. Moving on…
Basically, if you managed to complete a single business goal, let alone find the time or energy to create any, then you had a great year by apocalyptic standards. Go you! Take your wins where you can.
2020 took a lot out of us as humans and it raked many businesses over the coals. But we also found new opportunities to flex and pivot in directions that were unimaginable before. We survived, and 2020, for all its flaws, has made us more resilient and scrappier than ever.
But 2021 is coming and we need to get back on track. When the going gets tough, we get to planning. The best thing we can do for our businesses right now when the future seems uncertain is to set goals and map out a plan. We wanted to take some time and help you plan for the year ahead.
Here are 6 key areas that you can focus on for business growth in 2021.
Your online presence and e-commerce platform
When COVID struck we saw almost every aspect of business retreat to the safety of the web, apps and other uses of remote technology. So, how’s your website? Is it equipped to handle your customers’ needs if they can’t access you or your product in person? Do you have a solid online store? Are you engaging on social media and using the platforms efficiently? The pandemic changed everything about business operations and many of these changes are here to stay. Get yourself ready to take your business online.
Cost per lead
The total cost of generating one lead – what does it add up to for your business? You can typically make a calculation based on your advertising and marketing costs, but what about your time? Are you factoring that into your CPL? You need to know these numbers. Once you have a solid idea of your CPL, you goal for 2021 should be to increase your qualified leads and decrease your spending per lead.
Figuring out your marketing data
Analyzing website traffic, invoices, client information and communications, leads – every piece of information that you can target and track, you should be collecting. The more you understand your data, the more you know about your ideal clients and the way your business functions. By figuring out your data, you can find ways to save money, increase sales and revenue and hone in your competitive advantage.
If you don’t have a good data collection system, start by creating a process that is repeatable and scale-able. Be consistent with data collection, make it simple to do and constantly evaluate your data, as well as improving your system.
What actual/attainable goals can you identify?
By now the SMART goal acronym should be branded on your brain. But we’re going to hammer it home because it’s so simple yet so powerful. The most direct and manageable way to achieve your goals is the SMART way.
Specific. Clearly define your goal. Quantify your goals with realistic, data-driven numbers. For example, you want to gain 25 more leads per quarter, or see sales climb by 10%.
Measurable. The only way to know if you have reached your goals is if they are quantifiable. To know this, you need to have solid bookkeeping and data tracking already locked down.
Attainable. Sure, we all want to increase website traffic by 1000% and bring on 100 new clients, but if we set goals that are not attainable, we set ourselves up to fail.
Relevant. Your goals need to be relevant to your business growth and your brand. You could go a thousand different directions, but what is most pertinent to your needs this year?
Time-bound. Create a sense of urgency. Give yourself a deadline. Break down your goal into milestones so you know if you’re on track. By giving your goals target dates, you can keep on track with business growth and better plan for the future.
Keeping an eye out for changes and staying flexible
2020, we have you to thank for ensuring that we never take the status quo for granted again. The only constant in marketing (as in life) is change. Never forget this. And though this may be one of the most difficult facets of business to plan for, we have learned so much in the past year about adapting and remaining flexible.
The biggest favor you can do for yourself is to stay on top of industry news and all latest happenings in business. Build LinkedIn connections that are zeroed in on news relevant to your business. Sign up for industry newsletters. Do everything you can to stay informed.
Self and family care
Last but certainly not least, we want to encourage and remind you to take care of yourself. This means eating, exercising and sleeping well. It also means knowing when it’s time to put the business aside and focus on self and family. You won’t do your business any good if you’re a hot mess. You won’t do your family any good if you can’t relax and let go.
2021, our hopes are high, but not unreasonably so. Basically just suck a little less than 2020 and we’ll be happy.
Best of luck setting your 2021 goals. And, as always, let us know how we can help.