Goal Setting for Business in 2021 Is a Must! (Wait, wut? You're kidding me here.)

After the year we’ve just been through, there are plenty of people out there who think goal setting for business in 2021 is little more than a joke. And for them, it ain’t funny.

OK, sure; we can understand that sort of thinking. But, we can’t accept or endorse it. That’s just not how we think or operate at TD Fall. In fact, early on in this health crisis, Ted decided we would stay open for business and continue to service our clients while setting up a safe and workable environment.

While we can’t say we’ve grown and prospered during this remarkably challenging year, Ted’s goals were modest and, for the most part, we’ve met them. Of course, like it is for you, the new challenge we’re facing is: How to plan for 2021?

• What will the New Year look like for our clients, suppliers, and us?

• What will a successful year look like next year?

• How can any business plan for an uncertain future?

Answering these questions and more will determine the direction and sustainability of your business next year, and perhaps, for years to come.

Is Setting Business Goals for 2021 a Waste of Time?

To paraphrase an inciteful article at Entrepreneur.com, we all know what we can’t do. We know what we aren’t being allowed to do to keep our businesses up and running. That leaves all of us needing to focus on what we can do to keep our businesses viable.

The most important Can-do Item on your To-do List should be embracing the empowering concept of developing a strategic direction for your business. Doing this will “provide purpose for your business and help you set realistic goals to accomplish in the coming year.”

As the author of the article, Entrepreneur Leadership Network VIP John Boitnott goes on to explain:

“The can-do strategy will start with a list of what is possible. Here are some possible examples:

·         You can transition to doing business online.

·         Research new markets for potential expansion and diversification.

·         Still engage with customers personally to deepen your relationship.

·         Create a different yet still exceptional experience for your customers.

·         Revisit your marketing strategy.

Once you define what you can do — even if it requires an adjustment in the business environment — you can then build quantitative goals and a set of tactics for achieving them.”

How to Get Going with Goal Setting

Let’s say you're trying to make a comeback and reopen your furnishings store. Or, perhaps you’ve been struggling to meet your client’s interior design needs, despite the restrictions imposed on businesses. Where do you go from here?

The best advice we could find about goal setting for business in the New Year begins with start the work early (like in September or October). Well, since that idea is out the proverbial window, we need something more helpful yet motivating.

With a hearty “Thank you” to the folks at BizJournals.com, we agree that the following list of goal setting steps is more than merely important heading into 2021: they’re critical.

Embrace reality – As the overused saying goes, “It is what it is”, and if you deny the reality of where you are right now, you may not recover, much less prosper in 2021.

“Based on unprecedented times and an uncertain economy, it is difficult to predict the future, so organizations should embrace reality and develop a plan based on existing conditions. To help determine the current state of affairs, business leaders should conduct a thorough analysis of the company to help devise a long-term plan for 2021.

One well-known technique used by many organizations is a SWOT analysis, which is an acronym for strengths, weaknesses, opportunities, and threats related to a business. The findings from a SWOT analysis can potentially identify areas that need additional funding in 2021 and others that might have to be changed or eliminated to maximize resources and success.”

Set conservative projections – You’re also going to need to set modest goals for next year. After all, there is only one thing you can count on for 2021: uncertainty.

“Currently, many economic forecasts indicate a modest growth rate in 2021. That said, businesses should set optimistic projections; however, with many unknowns lurking, they should be prepared with a modest, more conservative, plan.

Erring on the side of caution when setting business objectives is wise, while also including stretch goals to motivate and encourage employees. For example, companies that identified new opportunities as a result of changing business operations should be able to capitalize and expand upon those areas, leading to increased productivity and profitability.”

Incorporate adaptability – Though counter-intuitive, uncertainty and change can indeed provide opportunities for those who can quickly adapt and shift direction in a crisis. That’s a quality we should all develop moving forward. Agility will be a huge plus in 2021!

“Every crisis provides leaders with a chance to examine how it was handled and what to incorporate in the future. Agile leadership has been the key to survival and recovery for many organizations during the pandemic.

Companies that could quickly pivot their operations experienced a lesser impact than others. Therefore, it is imperative for companies to factor adaptability into their 2021 plans. Flexible goals, processes, and strategies can help stabilize a business if the economic crisis worsens before it improves.”

Take care of your people – You can’t do it all yourself. Your team supports you and your goals, so you simply must make them a priority next year. Design and implement policies that protect the health and safety of everyone in your company, then be generous, forgiving, and supportive of them and their needs.

“A core element of every business plan should be a people strategy. Now more than ever, employers should prioritize taking care of their people; from physical and mental health to quality of life and work-life balance.

In addition, maintaining a strong [company-focused] culture is always paramount, but it is especially crucial with many employees working in a remote environment. There is a wide range of employee-related perks and options that can be incorporated into the 2021 plan, including an employee wellness program.”

Embrace these ideas and programs and reinforce their value to your team – and yourself.

Plan for unusual scenarios – Yes, it seems impossible to visualize and plan for the unexpected. That’s where being agile and imaginative will save you. If you can learn to expect the unexpected and embrace the challenge they present, you’ll discover your Super-Power – the ability to remain calm, functional, and effective in the face of crises.

“While most business plans include typical financially related ‘what if’ scenarios, leaders should consider expanding it to include unusual ones. Based on the dramatic real-world events of late, scenario planning that addresses specific situations that may arise in the next 12 to 18 months might include: the widespread resurgence of COVID-19; additional tools and equipment for remote workers; employees affected by school closures; decrease in demand; [and more]. A long-term strategy that includes various scenarios will help businesses better navigate the hurdles if or when they occur.”

Agility, adaptability, and grace under pressure will be the most important leadership characteristics you can have for 2021. As you work to rebuild or restyle your business, those qualities will enable you to discover a strength and determination to succeed you didn’t know you had within. So, go ahead, impose your will on the world. Stand tall in the face of doubt and insecurity. Step into your power and discard uncertainty, having faith in your ability to succeed where others struggle.

As you persevere and strive to meet the goals you’ve set for your business in the New Year, keep in mind the wise words of revered football coach Vince Lombardi…

“The difference between a successful person and others is not a lack of strength, not a lack of knowledge,
but rather, a lack of will.”

If you will it… You will have it.

And remember, Ted is available for individual business consulting support, with goal setting for business tips, and ways to work smarter, not harder in the face of uncertainty. Whether you're an interior designer or furnishing store owner, Ted has the experience and knowledge to help you adapt and reach your 2021 business goals. Get in touch with TD Fall today.