There are any number of reasons for setting goals for yourself as the CEO of a small business. Even with a successful track record behind you and a well-oiled process in place, new challenges will always appear on the horizon and you never know in what ways you might soon be tested.
Below are six of the best goals a small business owner can have when aiming to improve performance and deliver results that make a difference.
1. Be proactive
Being a good manager calls for leadership skills, and all bosses need to be proactive. While avoiding the danger of taking action for its own sake or in ways that prove counterproductive, a manager should always be prepared to take a lead and insist on changes when they are clearly needed.
2. Build morale among your workforce
A company that doesn’t care about its workforce will very often finds its end results lacking. The morale of your staff is important not just to create a harmonious work environment but because it can ultimately have an impact on your bottom line.
So for leaders it is well worth investing in the employees you take on and finding ways to ensure that they feel good or better about their position within your business. Rewards and incentive schemes can make a massive difference in encouraging staff members towards committed and consistent performance.
3. Protect your credit rating at all times
Ensuring that your company remains in good standing with creditors and with suppliers is an important part of what a leadership role at many small businesses entails. Negotiating in a timely fashion and opening up clear lines of communication with key operating partners can be vital to establishing relationships that give a company the flexibility it needs to flourish.
4. Invest wisely
No leader will be right about everything all the time, but being too risk averse is almost as risky as being reckless. Businesses need to invest in products and services in order to lay the foundations for future success. From a directorial perspective that means seeking out potential game-changers where you can find them and finding ways to make the most of investment opportunities that can be identified.
Managerial or directorial positions within businesses of any size tend to require good communication from the outset and throughout. From the point of view of goal setting, managers should always be aiming to improve the way they get their messages across to staff, creditors and business partners of any kind. And remember that effective communication needs to be a two-way street and that leaders ought to be as good at listening as they are at speaking.
6. Budget with precision
Effective leadership isn’t always about making rousing speeches or coming up with incredible cost-cutting solutions. Learning how to budget with precision and to understand the ways in which your company needs to be financially prudent can be just as vital to success. Sometimes in life your best weapon is your trusty Excel spreadsheet!
Published: June 3, 2014