Newcomer entrepreneurs: How to set goals for your business plan

Author: Joyce Pang

[This post was adapted from BDC’s series for Entrepreneurial Success in accordance with Arrive’s upcoming webinar collaboration with BDC for newcomer entrepreneurs.]

Establishing goals for your business plan involves reflection into what makes your business stand out, and what you want its future to be. Every business owner, at any stage of their business life cycle, needs goals to move forward and maintain a successful business. In our upcoming webinar on Arrive, hosted with BDC and RBC, explore the importance of a business plan being a dynamic and evolving tool for your business.

Here are 7 tips to help you plan and set goals for your business plan:

1. Set quantifiable objectives

The first step in setting business goals is determining exactly what you want to accomplish. Your goals should be descriptive and realistic. If you have any goals that are too large, break them down into multiple steps! Lastly, be certain that your goals can be tracked, measured, and analyzed in some way.

2. Plan your investments

Lay out when, where, and how you plan to invest to achieve your business goals. If you’re planning for long-term goals, you might choose a more aggressive, and higher-risk investment. Speak to an Investment Advisor at your bank to help you choose an appropriate investment strategy.

3. Target financing

For most businesses, financing can be a challenge. Whether your need capital to fund your upcoming project or structured debt for long-term growth, it crucial to have a strategy for how to finance your business.

4. Evaluate your HR needs

Did you know that disengaged employees are twice as likely as engaged employees to seek new jobs? That’s why good HR is crucial for your business. If HR is doing well, employee performance and loyalty will increase, which in turn should help your business achieve its objectives and mission.

5. Understand your market and competitors

Collect and analyze information about your market, including your customers and competitors. Assess what your competitors have to offer and ask yourself where you can improve. A good customer research will help you develop effective sales tactics for the people in your market.

6. Review all requirements to entry

Be aware of the legal requirements you need so your business operates with all required licenses and permits. If needed, reach out to an expert who can provide support to ensure your business is set up correctly.

7. Look for ways to improve

Sometimes you have meetings that aren’t productive enough or projects that take too long. How can you fix these issues? Always be on the lookout for ways to improve the efficiency of your business. Consistent improvements will enhance your business’s long-term success and sustainability.

With these seven tips, your business will be prepared to grow and tackle challenges ahead!