On a recent podcast episode of Oprah’s Super Soul Conversations, Dr. Phil said something that goal-setting small business owners need to hear as 2020 approaches. The best-selling author and popular television talk show host said, “A goal is a dream with a timeline.”
A goal is a dream with a timeline.
There are 366 days in 2020. That’s right! 2020 is a leap year. So, how are you going to make that extra day count toward your business goals?
A recent survey of 500 small business owners, commissioned by VistaPrint, identified the following top three goals of small business owners for 2020:
- Increase business revenue
- Bring in repeat business
- Engage new customers
To help small business owners achieve their goals, we offer three motivational words to help our economic engine—small businesses—make their dreams come true by the end of 2020.
BELIEVE: 2020 Is Your Company’s Year To Increase Business Revenue
According to the VistaPrint survey of small business owners 89 percent of those surveyed believe they will increase revenue in 2020. However, 6 in 10 surveyed owners do not have a marketing plan, and 51% of owners are relying on word-of-mouth to boost sales.
At tempCFO we know that there are other ways of increasing revenue—outside of marketing and sales. A chief financial officer watches over revenue and cash flow to ensure your company is in the best possible financial position. If your aim is to increase business revenue, you will need the financial model to get you there. Timely and dead-on reporting of your cash flow is imperative to being able to respond nimbly to market shifts. A calm, cool financial manager will be able to help you steer the ship if, for example, sales are skyrocketing but your monthly burn rate is also out of sight.
Do more than believe, learn the difference between revenue and cash flow to ensure that you have the cash on hand to innovate, penetrate the market, or enter into a lucrative cross-promotion.
VALUE Your Customers: Nurtured Relationships Lead To Repeat Business
Bring in more repeat business in 2020 with the help of third-party software providers to nurture relationships with new and return customers. Show your loyal customers that you value them by making their experience with you unparalleled.
Customers will come back again if you have what they want and inventory management software can help you meet your customer’s demand in-person and online. Chatbots can aid customers in their decision-making process and provide day-or-night customer service for returns or questions regarding your services. A customer relationship management system can help move new and returning customers along the consumer buying process (a.k.a. marketing funnel).
Provide value at every step of a customer’s engagement with your brand and it will lead to repeat business. Believe us when we tell you that your financial health, your cash flow in particular, provides invaluable information for goal setting.
Your customers will make your business dreams come true, if you value them.
INSPIRE: To Reach Your Goal of Engaging New Customers in 2020
Customers engage with brands who inspire them to as Nike has for decades to “Just Do It”. That slogan is more than three words, its decades of inspirational stories. Every company has news to share or a story to tell. When you are able to inspire others by your story, your small business will become more than brick-and-mortar.
Recall the VistaPrint survey statistic that 6 out of 10 small business owners do not have a marketing plan. Inspiration does not come about without the sweat equity of a marketing plan. Make 2020 the year your company reaches for the emblematic heights of brands that inspire you.
Get Set to Believe, Value, and Inspire
Goal-setting is a critical part of being a small business owner. It can also feel really challenging to small business owners to set goals or work out how to hit important milestones on their own.
You have an extra day to hit your business goals in 2020. And, tempCFO is here to help small business owners set and achieve their goals. Make your dreams a reality in 2020.
tempCFO has what small business owners need to reach milestones and business goals in 2020. Contact us to learn more.