The Foundation of a Successful Solo Small Business

The Foundation of a Successful Solo Small Business

The foundation of a successful solo small business is…drumroll please: Business Planning and Operations.

I know, I know. It doesn’t sound jazzy does it? But stick with me. Starting and running a solo small business is an exciting and challenging journey. Whether you are starting out or looking to grow your business, having a solid foundation of business planning and operations is essential for success.

Today we are going to focus on the importance of business planning as it relates to creating business goals and objectives. Planning for your success really is the lifeblood of your business.

Setting clear business goals and objectives

It is important for you to set clear goals and objectives. If you have heard the saying “without a roadmap, any road will get you there”, but where exactly? That’s why you want to set your goals and objectives. It provides a roadmap for your business.

When you set clear goals and objectives you are better able to measure your progress and know whether your business is heading in the right direction.

Two keys for you to consider:

1. Clear goals and objectives help you to stay focused and prioritize your efforts.
2. You have a sense of purpose and direction to help you make informed decisions about where to invest your time, money, and resources. 

How to define your business goals and objectives

To get started defining your business goals and objectives, it’s important to think about what you want to achieve in both the short and long term. Your goals should be specific, measurable, achievable, relevant, and time-bound (SMART).

For example, if you’re just starting out, your short-term goals might be focused on building your brand and acquiring your first clients. Your long-term goals might be focused on expanding your business, increasing your revenue, and building a team.

It’s vital that you take the time to define your goals and objectives, so you can create a clear roadmap for your business and measure your progress along the way.

When I work with my clients in my Fit for Business Programs, we focus on Business Vision (planning, operations, management – each include systems and processes that make your business a dream to build and grow), Profitability and Marketing. I call it the BPM system – like our hearts have beats per minute in order for us to live, our businesses have their own BPMs.

Strategies for creating SMART goals

Let’s create some SMART goals. They are an effective way to ensure that your goals and objectives are specific, measurable, achievable, relevant, and time-bound. All of which will lead to you generating the results your desire in your business.

To create SMART goals:

• S = SPECIFIC. Be as specific as possible about what you want to achieve.
• M = MEASURABLE. Use numbers (as in # of social media followers, or people on your email list), dates, and other quantifiable metrics to make your goals measurable.
• A = ACHIEVABLE. Are your goals are achievable? Do you first need to learn, know or do something before you can achieve your goal. Example: you want to make videos for your website but you have no idea how to make and/or upload your video.
• R = RELEVANT.  Are they relevant to your business objectives. Does it make sense for you to be doing a TikTok video or getting out in front of real people – your business purpose helps you to define this.
• T = TIMELINE. Set a realistic timeline for achieving them. You want to grow your email list to 100 new subscribers in 30 days, yet you have no plan for doing so. Is that 30 day a realist timeline? Probably not. 

You want to be setting yourself up for success and by being clear on your goals and objectives, where you are currently and where you are going, you’ll achieve more and experience much success.

Periodically Review and Adjust As Needed

It’s also important to periodically review and adjust your goals as needed, to ensure that they remain relevant and achievable. By following these strategies, you can create SMART goals that will help you achieve success in your solo small business.

Business planning and operations are the foundation of any successful solo small business. By setting clear goals and objectives, developing a solid business plan, creating a budget and tracking expenses, setting up efficient systems and processes, and managing business risks, you can build a strong and sustainable business that can thrive over the long term.

Stay tuned, next, we will talk more specifically about business operations and setting your business up for success. Remember, your business plan is vital to the success of your business. Start thinking about how you want to create a business plan that fits you and your business. I like to say, your life, your business, your way! 

Are you thinking “this feels like a lot of work and it’s too hard”? Well, I love to help people create a life and business that feels good to them. Let’s work together to create the results you desire. Sign up for my Business Mastery Custom Session.

You’ll create your roadmap to success, all in a way that feels good to you!