THE HALFWAY POINT: IT'S TIME TO REVISIT THOSE BUSINESS GOALS
June 22, 2020
We're halfway through 2020, and it's fair to say that when most of us set our business goals for the year, we never imagined what we'd be dealing with six months later.
The coronavirus pandemic and the death of George Floyd have thrown curve balls at entrepreneurs and their businesses - to put it mildly. it is even more important this year that we revisit those initial goals and do a reset for the year.
Over the past six months, you've likely seen unexpected changes in the following areas:
TECHNOLOGY. People are willing to accept technology changes in a way they didn't before. Companies are now virtual means to connect with customers and team members. Stay at home orders and business shutdowns have forced employers who once resisted technology to embrace and utilize it in one fell swoop - literally within just a couple of days.
REAL ESTATE. Brick and mortar shops were forced to close and are reopening with restrictions, but much discretional spending is still happening online. Office space requirements will change if companies adopt remote work permanently.
FAMILY TIME. The closing of businesses, schools, universities and entertainment venues are forcing us to slow down and spend quality time with family.
RALLIES OF SUPPORT. The challenges of 2020 have resulted in people rallying around important causes and small businesses. We've seen people protest against racial inequality after the tragic death of George Floyd, and support local businesses that have suffered financially from the pandemic.
It's crucial to carefully evaluate every aspect of your business. Ask yourself the following questions:
- WHO ARE MY CUSTOMERS? Has your customer base changed since the beginning of the year? Are you serving a different demographic?
- HAS MY SERVICE DELIVERY CHANGED? Many businesses have been forced to provide alternative services, change direction or offer service lines they've never provided before just to survive.
- DO I HAVE THE RIGHT EMPLOYEES? Do your current team members believe in and live by your company's core values? Are they in the "right seat" in your company?
- DO I HAVE THE RIGHT GEOGRAPHIC FOOTPRINT? Are you serving the right area? Is there opportunity to change or expand your geographic footprint?
- SHOULD I STAY SMALL OR GO BIG? Should you maintain or reduce your product and service offerings? Or is there an opportunity to grow your company with purpose?
Once you have examined those areas of your business, revisit your 2020 business goals with those questions and considerations fresh in your mind:
TRACK THE PROGRESS. What have you achieved? Measuring your progress helps you to know what you've accomplished so far and what adjustments you need to make to achieve your goals.
EVALUATE TECHNIQUES. Look critically at your processes. What systems need to be changed or implemented to meet your year-end goals?
ADJUST THE TIMELINE. You might need to move some of those lofty goals into the future a few months, scrap them because they are no loner relevant, or prioritize new goals. You may be in crisis mode and just need to survive.
SET A NEW PLAN. Once you've determined your new goals for the year, make a realistic timeline and plan to get them done.
As a small business owner, the community is invested in you, and you are invested in the community. Going forward, people are going to rally around important causes, neighbors and neighborhoods. How can your business be a leader in this new environment where there is confusion and mixed messages? What changes have you made to your business goals as we approach mid0year 2020? Share with us on Facebook, LinkedIn and Twitter!
