As the New Year begins, small business owners are embracing fresh opportunities to grow, improve, and thrive. But for owner-managed businesses with limited time and resources, ambitious plans can quickly become overwhelming. The solution? Focus on a small number of key performance indicators (KPIs) that balance immediate actions with long-term success.
A narrow focus on just a few KPIs ensures that goals remain achievable and progress is measurable. By setting KPIs for the short term (1 month), medium term (3 months), and long term (12 months), small business owners can maintain momentum without losing sight of the bigger picture.
Timeline: 1 month, 3 months, 12 months
Tracking revenue growth is essential. Begin with a realistic short-term goal, such as increasing monthly revenue by 5%. For the medium term, aim for a 15% quarterly increase, and for the long term, set an ambitious yet attainable target, like a 50% boost by year-end.
Timeline: 1 month, 3 months, 12 months
Growth starts with acquiring new customers. A short-term goal might involve gaining five new clients. In three months, aim to expand your customer base by 15%, and by year-end, double your client list.
Timeline: 1 month, 3 months
Streamlining operations saves time and money. Set a one-month goal to identify and eliminate one inefficiency. Within three months, automate or simplify at least two processes to enhance productivity.
Timeline: 3 months, 12 months
For the medium term, focus on increasing social media engagement by 20%. Over the year, work toward doubling your online following and website traffic.
Timeline: 12 months
Invest in your team by committing to one skill development session per quarter. By year-end, every team member should have completed three growth opportunities.
Regularly review your progress against these KPIs, adjusting strategies as needed. With a clear focus and achievable goals, small business owners can transform resolutions into tangible results in 2024.
If you’d like support setting and achieving your 2025 goals, the South Midlands Growth Hub is here to help.
Our team of Business Advisers provide free, 1:1 independent advice and guidance to all businesses. We also have a library of free business resources available via our website https://growthhub.southmidlands.org.uk/
