You know the phrase – “If you don’t know where you’re going, you’ll end up some place else.” We get it, and so does business consultant, Penny Etheridge who share the importance to make a head start on your 2023 goals and ambitions.
Do a yearly business plan
So many people I know use a business plan to access funding or loans then, never give it a second thought. Your business plan is a plan! And, for that reason, needs to be reviewed regularly.
Keep looking at the Vision. Commit to a yearly vision plan.
How does your current plan compare with your previous plans? Well, I should imagine after the unique circumstances of 2020 like no other. However, now is not the time to adopt a “wait and see “approach. Maintain a strategy for your business regardless of circumstance. If plans need to be changed due to situations beyond your control, then so be it. But, still plan! Ask yourself. What areas need to be changed, developed or scrapped completely? Involve all the team in the development and establishment of a company vision for the future. Don’t be scared to commit to paper the vision you and the team share, as anything can and should be changed if it no longer “fits” within the growth of the company. The team need to be heard, understood and respected to ensure 100% commitment towards achieving the vision.
Specific Goal Setting
Goals need to be refined and specific, we need to understand EXACTLY what our goals are and show the best route to take in order to attain those goals. Don’t be vague with goal setting. Targets, or goals that are allowed to be too generalised (i.e Improve retail sales) are not giving you or your team an exact target.
The outcome? People know their destination but not their exact route. And the result? Your team gets lost, gives up finding out where they are trying to go and doesn’t achieve the goals they were originally trying to achieve.
So how can you stop this from happening?
Maintain joint communication and shared ownership of goal setting.
Everyone should know their targets, their skill levels and when and how to discuss current and future performance. The team should also be consistently empowered to take ownership of their own destiny and be aware of how positive outcomes will benefit themselves and the company. Communicating and mutually understanding specific goals within an agreed time frame will ensure attainment of goals and targets will be more easily achieved. Results of a “meta-analysis” recently published by Forbes shows that the establishment of “specific goals” resulted in significantly higher performance than the setting of general goals with no time frame attached.
Plan B
Even with your best efforts, you won’t reach every goal. Knowing this, allows for some variation in your plans. There should always be an alternative that addresses unexpected challenges or opportunities that are beyond your control. And above all, don’t beat yourself up on every small mistake you make! Being in business is a learning curve and everybody slips up from time to time. Be kind to yourself and learn to reward yourself when you do something well!
We hope this helps with your 2023 business journey. Find out how Penny can help your business HERE
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Respect is a hub for UK hairdressers of all ages and stages to find out what We Love, We Hear and We See as the best product launches, styling advice, hair tools, education training and seminars and hair shows! Penny Etheridge is a salon business coach and mentor who has helped many companies achieve success and grow their business to be the best it can. Sign up to our newsletter which is sent fortnightly direct to your email, so you stay up-to-date with salon styling information, trends in session work, advice on presenting on stage or progress in educating – whatever your interest, whether you’re a trainee or creative director, an educator or team leader, you’ll find all the opportunities and ideas on www.respectyou.me
