How Small Businesses Can Do Better At Meeting Goals Just 5% of small business owners…
How Small Businesses Can Do Better At Meeting Goals
Just 5% of small business owners report achieving all their business goals in the past 12 months, according to a new survey from Clutch, a B2B ratings and reviews platform.
Clutch found that although 95% of small businesses fall short of meeting their goals, 77% are somewhat or very confident in their ability to execute their strategy.
Overall, 65% of small businesses achieved at least half their goals in the past 12 months.
Small businesses should create a business plan that breaks down their goals and plans to achieve them, yet few businesses actually do.
Clutch found that just 15% of small business owners report fully documenting a strategy in the past year — and 27% developed no strategy at all.
Companies can benefit from a documented strategy to meet objectives and motivate employees. Business owners should, however, be flexible to changing their plans, especially during the coronavirus pandemic.
Small Businesses Focus on Creating Strategies for Sales, Marketing, and Customer Service
No matter their industry, Clutch found that small businesses tend to create strategies in three areas:
- Sales (46%)
- Marketing/advertising (41%)
- Customer service (36%)
A sales strategy places businesses’ products in front of target customers, while an advertising and marketing strategy reaches those customers and persuades them to make a purchase. Finally, a customer service strategy keeps customers happy.
All three strategies go hand-in-hand with one another.
“If the marketing department is failing, so will the sales department, and so will customer service,” said Rueben Yonatan, CEO of VoIP research database GetVoIP.
To create a successful business strategy, Clutch recommends the following five approaches:
- Set actionable and clear business goals.
- Focus your efforts on the business areas that matter most.
- Find a mentor to help guide your business strategy.
- Draft a formal, documented business strategy.
- Follow your business plan, but revise it regularly.