So it’s the final month of the year and now with all the data and actual company results we have from 2019, it’s time for you (the boss, CEO, entrepreneur or Head of Department) to start analysing this information to set new business goals for 2020.
You might realise that although goals haven’t changed too much, the path to get there and the obstacles you anticipate having so it’s important to ensure you have all your bases covered.
To help you along, we’re showing you the process we went through to define our business goals as well as sharing our key company goals for 2020.
Step 1: Monthly Scorecard Review
Throughout the year, our Head of Sales, Marketing and Operations have been updating our Monthly Scorecard Report with the following figures:
- Ad Spend ($)
- Impressions (#)
- Page Visits (#)
- Enquiries (#)
- Leads (#)
- Consultation Calls (#)
- Sales ($)
- Clients (#)
- Terminations (#)
- Replacements (#)
From these figures we are able to calculate the Monthly and Annual Figures for:
- Gross Profit
- Net Profit
For those who have a Virtual Assistant that helps them with ongoing company reports, they can easily get these numbers for you so that you can focus on analysing the results instead of reporting.
Once you have the actual results, it’s time to compare this to the goals that were set for each of these figures back in 2018 (if you have them). This allows you to look for discrepancies in the numbers and discuss the obstacles, anomalies using a SWOT Analysis.
If you didn’t set your 2019 business goals last year, it’s okay. Just continue to reflect on the numbers you’ve achieved to give yourself a baseline for what to expect next year and how you would like to improve.
Step 2: SWOT Analysis
Once you’ve completed the data, it’s time to move on to the SWOT analysis which is a simple yet effective tool to help businesses come up with a strategy that addresses: Strengths, Weaknesses, Opportunities and Threats.
- Strengths and Weaknesses: These are internal things you experience within the business that you have the power to change such as your current processes, platforms, team members, employee benefits etc.
- Opportunities and Threats: These are external factors that are outside of your control such as competitors, changing technology, global factors, market trends etc. If you are looking for research and data into current industry trends for this area, you can simply as your Virtual Assistant to assist you.
Here’s an example of what your SWOT Analysis Template could look like. Your Virtual Assistant would also be able to help set-up this template for you:
Our key stakeholders brainstorm and create a detailed list for each of the key areas and then cast votes for which items in the list are the most important in order to determine our priorities.
This might take some time as not all parties will agree and you have to take into consideration other factors such as:
- How will this ultimately add to the bottom line of the business?
- What is the lowest hanging fruit right now?
- How realistic is this goal?
- Who does this benefit?
Step 3: Define Key Strategies
Once all stakeholders have agreed on the order of importance of their SWOT item list. You can then formulate your key strategies for each area. To give you an example, here are the Key Strategies we identified for Outsourcing Angel based on our SWOT Analysis:
- Build and engage our Affiliate Partners to generate leads and create a strong community
- Further improve our Pipeline Management Process to improve the customer experience, conversion rate and buyer frequency
- Clarity over Marketing team member roles
- Improve our Virtual Assistant On-boarding and Recruitment process to further improve the quality of work and client happiness
- Improve Virtual Assistant Upskilling workshops and create centralised training hub
- Develop additional support mechanisms for clients to value the service
- Deeper dive into Prospect’s pain points and educating them to be aware
- Develop a better customer feedback system to build on our company’s Digital Footprint
- Deeper dive into competitors locally and internationally
As you can see, these are general Key Strategies but they’re a great way to get started. From here, based on these strategies and your actual results from 2019, you can start formulating:
- Monthly Scorecard Goals for 2020
- Place the above key strategies into your 2020 Company Calendar and identify who will do what by when
Step 4: Break down Key Strategies into Steps
Now that you have a clear outline of your goals for 2020 and the Key Strategy you’ll be using to achieve those goals each month, it’s time to break them down into actionable steps. These steps should be listed by the Head of Departments for the appropriate sections e.g: Marketing, Sales, Operations and these stakeholders then assign the list with the following:
- Desired Outcome
- Person Responsible
- Person Accountable
- Time (Days)
- Estimated Time of Arrival (ETA) or Completion Date
Step 5: Inform and Assign
Once you’re happy with your new 2020 Monthly Scorecard and the list of Key Strategies and Steps, it’s time for you to inform your team so they have complete transparency over who will do what by when and what you’re aiming for in 2020!
It’s important to get all your employees, even if they are your Virtual Assistants that you work with online, across this information so that everyone feels like they’re working towards the same end goal. This not only gets your team members excited but it makes them feel accountable for their work and that they are contributing to the company.
What are Your Goals for 2020?
So now that you’re equipped with the process to use when setting your business goals for 2020 as well as Outsourcing Angel’s company goals, what are yours?
Have you set goals for 2020? How big and ambitious are they? Have you defined the smaller steps to get there or are they too general and out of reach? As we all look forward to the best that 2020 can be for all of us, let’s all continue to strive to achieve more. Happy 2020 to us all!