Setting up for 2022
Updated: Dec 28, 2021
#goalsetting #businesstips #projections #swotanalysis
We encourage you to set some time to create goals for 2022. The process we share with you here will help you keep organized and in goal-setting mode all year through. Rather than focusing on your number targets first, we would like you to start this planning a bit differently this year. Get pen and paper and let’s get started.
Set up the big picture by creating a SWOT analysis:
Draw a horizontal line parted by a vertical line and you’ll have 4 quadrants. Title each quadrant Strengths, Weaknesses, Opportunities, and Threats. Start on the top two quadrants by writing in bullet form the strengths and weaknesses within your business. Do the same for the bottom two quadrants by listing the opportunities and threats your business is facing. Tips: Be as specific as possible. Try to have an equal number of bullets in each quadrant. We find that 3-5 points per quadrant are ideal. Note we are not looking for solutions.
2. Explore each bullet point:
Think about what each of these bullet points can translate into - brainstorming:
Improvement to the strengths of your business. How can we nurture this strength? Turn it into a new marketing strategy? Can this strength be trademarked? Turn into a new source of income? Into passive income?
When thinking about your weaknesses, think of potential ways to address these weaknesses. Do you need to consider outsourcing, hiring, getting better credit, improving processes to speed up collections?
Think of possible pairings of opportunities in the markets with your business strengths. Collaborations anyone?
When thinking of threats, consider ways that you can protect & prepare your business for adverse situations. Winding down a service/offering?
This brainstorming session will result in a few goals!
3. Prioritize your goals:
By prioritizing goals, we allow ourselves to focus on different goals at different timelines. And that way we can see more results. Note that each goal setting may require a number of hours and other resources on top of running your business. Therefore, we recommend assigning urgency and timelines to our goal-setting process will help us keep on track.
4. Create a measurable metric for each goal:
This could be tying a dollar amount, hours saved, hours spent, a number of contacts reached. Any relevant and measurable metric that will help you understand how you are performing in relation to achieving this goal.
5. Get your team, consultants, accountant (whoever else you may need input from) onboard:
By talking it out loud, not only do you become more accountable but also you receive much-desired feedback to ensure that this goal does not stay in an Excel sheet, but becomes a reality. With their help, your business goals will develop into a step-by-step actionable plan.
6. Review your plan of action and compare against the measurable metric:
By comparing step by step plan of action with the measurable metric, we will be able to see progress and adjust your goals. You will be prompted to follow up with your team, consultants, and/or accountant and reset timelines, to-dos, and more. We suggest a quarterly review. Tip: Create future tasks in your calendar after each quarter so you time-block this step.
As you review your goals (quarterly) the environment may change and that will prompt you to re-prioritize or abandon a goal altogether. Do not fret. If 2021 has shown us something is that we should reassess our environment regularly and be open to going to the drawing board when needed.
Looking forward to hearing your feedback as you set your goals for 2022. If you need an accountability partner do not hesitate to reach out.