In her latest business column in The Gleaner, Country Director for WEConnect International in the Caribbean Yaneek Page offers advice on making a business a household name. Yaneek writes:
“Best practice in business is to set goals that are SMART an acronym that means Specific, Measurable, Attainable, Relevant to your business vision and Time-bound. Here are two examples of what a SMART short-term goal might look like for a new business like yours:
To acquire at least eight new customers each month between June 2017 and July 2018. n To achieve a customer-satisfaction rating of at least 80 per cent by June 2017 and 90 per cent by July 2018.
You will note that these goals are far more specific, measurable, attainable, relevant, and time-bound than simply becoming a household name. However, there are some other critical principles I want you to take away from the examples provided.
Goal 1 is focused on the actual acquisition of new customers and can be easily measured each month. As a new business, you need to be clear about how many new customers you need monthly, how many repeat customers you need monthly, and the average amount you expect them to spend in order to achieve break-even and your projected profit target. Too often, new businesses get distracted from the actual sales and bottom line, which is a mistake you should avoid.
Goal 2 is encouraging you to make customer satisfaction a priority by setting ambitious and progressively higher targets. The more satisfied a customer, the more likely he is to be a repeat customer, spend more money over time, share positive word of mouth, and refer others to your business.”