Business planning is something that many solopreneurs struggle with. It can be difficult to know where or how to get started especially when we’re talking about strategic planning. Lack of effective planning and implementation is noted as one of the reasons small businesses fail.
So let’s talk about how to get started with setting those goals so you can be on your way to hitting your targets!
First, you’ll want to break your business down into five pillars. These pillars are found in all businesses regardless of size but I’ve made them more relevant to solopreneurs and micropreneurs.
The first pillar is Financial Stability and Growth. This is the most common pillar and most relatable. This pillar includes all things related to money. Although this pillar is important, the other four pillars that I’m going to share with you are equally as important because they are the ones that help you to achieve your financial goals. Some common goals to include in this first pillar would be your yearly revenue goal, reduce expenses or improve profit margin.
The second pillar is Operational Excellence. Now this one is near and dear to my heart since I am an Operations Optimizer and have a love for operations. Operational Excellence includes everything needed to keep your business running and making money. This includes your processes, systems, and efficiency. Trust me, there’s always something that could be improved.
The third pillar is customer success. Since we are in business to serve and our customers are the reason we’re in business, this one is always a priority. This is everything that has to do with bringing value to your customer and assuring great outcomes. Think about your customer’s experience from your first interaction until the time they have completed the buying process. What can be improved? Can you cut down on the delivery time, could you heighten the experience with added benefits? Getting feedback from your customers will help in this area.
The fourth pillar is Sales and Marketing. As a business, we need to market ourselves. How are you getting the word out about your business? Are you visible? Are you attracting great leads and converting them? Marketing and sales go hand-in-hand. Being able to attract and convert is the ultimate goal.
The final pillar is Professional Growth and Team. This is especially important for solopreneurs. As solopreneurs, we are our business, so it’s imperative that we keep sharpening our skills. Setting goals in this area will help you grow and enhance your skills which ultimately helps your business. You’ll also want to think about expanding your team. What do you need in place to successfully hire and onboard a team member?By breaking your business down into these pillars, you’ll be able to take a more holistic approach to setting goals and growing your business. I recommend creating at least one goal in each of these areas.
Great planning starts with having a mission and vision for your business to make sure your goals are aligned with where you want to take your business. Click below to get our free guide to help you define or redefine your mission, vision, and core values.