7 Powerful Medium-Term Goals to Set for Your Business

We always hear about the importance of setting long-term goals as well as short-term goals. It is undeniable that such goals are crucial to the success of any individual or business. But often, setting short-term goals is neglected. This oversight can be a costly one for many entrepreneurs and business leaders.

The exact timeframe of a medium-term goal varies. Because every business is different and operating at different stages, medium-term goals can refer to any goal that someone wants to achieve anywhere from a few months to less than five years.

Mid-term goals help provide a clear roadmap for a business so that progress can be tracked and measured along the way. These goals help keep the business on track, while also allowing flexibility in adapting to market or industry changes. Setting medium-term goals allows a business to identify specific areas and develop strategies to address them.

These goals also help in making important business decisions like investment and asset allocation. Overall, setting medium-term goals is essential for any business seeking long-term success and growth.

If you’re on track to achieve all of your short-term business goals and you’re still working on your long-term goals, setting medium-term goals is your next step. Here are a few you should consider.

1. Make it to the 5-year mark

The Bureau of Labor and Statistics (BLS) is the authoritative source of the nation’s labor market data. Among other things, they collect data on the number of new jobs created each month, new businesses, business failure rates and business longevity.

They report that approximately 20% of new businesses fail within the first two years of being open. 45% in first five yearsand 65% in the first 10 years.

Survival rates are also affected by industry. Statistics Brain Research Institute has compiled data on startup failures by industry. 58% of finance, insurance and real estate startups were operating after four years, compared to only 37% of information startups. Education and health startups performed well at 56%, while retail startups only hit 47%. In total, about 50% of startups will fail before reaching their fourth operational anniversary.

This is an important one Long-term business goals Being able to celebrate being in business for five years. It’s an achievement just to get to this point because of the many challenges new business owners face. Some of the reasons for new business failure include:

  • No clear niche
  • Cash flow problem
  • Poor customer service
  • Competition in your space is very strong
  • Lack of marketing strategy
  • The business owner’s inability to do it all
  • Leadership and staff are not competent enough to grow the business
  • Lack of market for your business

By knowing which areas of your business are weakest and creating an action plan to address those weaknesses, you can increase your risk of success.

2. Diversify revenue streams

Once you’re sure your daily processes are in place, and your sales numbers are looking good, it’s a good time to start thinking about diversifying your revenue streams. Where else can you expand your customer base? Are there other people who can build relationships with your business? Start thinking about other ways to bring in revenue to the business.

It can be as simple as developing a complementary product to your main product. Or it could be another type of product or service entirely. For example, if you are running a hair salon. Find ways for clients to be able to make money without coming into your salon and getting their hair done.

One way to do this is to sell products in your salon that clients can buy and take home. Make these products available online on your business website so a client can repurchase them without having to set up an appointment or visit your store.

3. Launch new products or services

If you are confident in your current products or services, think about what else you can offer to the public For example, if you are a personal trainer, would it make sense for you to sell fitness products at your gym? Would you be able to reach more customers if you offered an online coaching service for people who are afraid to step foot inside the gym?

Those interested in their health may seek nutritional advice. Does your gym offer appointments with an on-site nutritionist? Think of new ways your business can help people, especially in ways the competition hasn’t thought of yet.

4. Cost reduction

While no business wants to compromise on quality, cost reduction is critical to maximizing profits. Although cost reduction should also be a short-term and long-term goal, many businesses cannot focus on cost reduction when they are just starting out. Some simple ways to save money include:

  • Save your time by reducing the number of meetings you have.
  • Go paperless whenever possible to save on ink and paper costs.
  • Consider a cheaper location to save on rent.
  • If something used works, consider buying used instead of new.
  • Set a budget for your business.
  • Compare prices from different sellers before buying a new item.
  • Negotiate with suppliers for better prices

In the early stages of any business the focus will be on financial survival. It’s important to focus on making sure the fundamentals of your business are solid, however you want Achieve these business goals faster.

5. Increase customer retention

In many ways, increasing customer retention is no different from your other goals. This goal is critical to being able to achieve all your other goals.

If there are no customers, your business has no reason to exist. Your ability to satisfy customers – and maintain profits – is the reason your business will make it to the five-year mark Keeping up with and adjusting what your customers say about your product so you can continue to meet customer needs. If you’re not retaining customers, you need to investigate and find out why.

Bad feedback can help you improve your business. Customers are much more likely to tell their friends when they are unhappy with a business than when they are happy with it. So, if a customer is unhappy, get to the reason. If you have an open mind, you may actually have a chance to improve something and retain customers.

6. Develop strategic partnerships

Developing strategic partnerships can help you expand your customer base. Think about who your customers are and how they are discovering your product.

For example, let’s say you’re a small business owner and your The business is a food truck. You are confident that you have a niche that people will love, but you want more people to know about your food.

Who has the square footage to sell your product to? Who already has a customer base willing to try something new? A strategic partnership with an office building – one that’s already in your neighborhood – could be a perfect fit Would they be willing to let you sell your products in front of their store? It doesn’t hurt to ask. This is just one example of a strategic partnership.

7. Automate most of your tasks

Another medium-term goal is to automate many of your tasks. Automating a task means letting technology do the work. This means that you – or another employee – don’t have to.

Not all tasks can or should be automated. Tasks that require your full attention, focus and creativity will not be automated. You cannot automate decision making and planning for business. Those things are part of your responsibility as a leader.

The tasks you consider automated are those that are repetitive or that can be done at a more cost-effective rate When starting out, it is common for an entrepreneur to take on many tasks. These include marketing, sales, customer service, product development, fulfillment and more.

There are many ways to automate the work you do. Even if your new business isn’t yet mature enough to hire full-time employees, you can start offloading some of your responsibilities to focus on bigger, more important things.

Here are some examples:

  • Hire a virtual assistant for email management, customer service and administrative tasks.
  • Use social media management tools for all social media publications
  • Use a chatbot on your site for general customer inquiries.
  • For video marketing, hire a freelance video editor to edit and optimize your marketing videos.

Conclusion

Setting medium-term goals can keep your business on track for growth. Automating your work can free up your time to build strategic partnerships, cut costs, and launch a new product. Ensuring customer satisfaction can help increase your chances of making it to the five-year mark.

Erin Shelby on Twitter
Erin Shelby

Team Writer: Erin Shelby is a writer and blogger based in Ohio. Follow her on Twitter @ByErinShelby

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Article Tags:

Business Opportunities · Featured · Find Your Way · Grow Your Business · Productivity · Sales · Your Mindset

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Find Your Way · Grow Your Business · Lead Your Team · Marketing · Productivity · Sales · Your Mindset

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