With every new year comes new plans and goals to achieve in that year. As a fashion entrepreneur, the same way you set new year resolutions for yourself to better the person that you are, is the same way you need to set up resolutions for your business.
It is important to have goals you want to achieve with your business and areas you want to improve on. You need to determine what you want to achieve this year to meet up with the long-term goals have for your business.
So, as you continue in 2021, here are 5 steps to take to set and achieve amazing goals for your business to take it from where it is to where you want it to be.
5 Steps to Plan Your Fashion Business Goals for 2021
1. From Your Vision and Long-Term Goals, Determine What You Want to Achieve
In setting up business goals for 2021, take a look at your vision and long-term goals and decide what you want to achieve. By looking through your vision, you can see what areas your business is lagging in and what areas your business is going strong in.
From all of these, think about what goals can really give your business the boost it needs. Don’t just focus on the big goals, take a look at the smaller goals as well.
Analyse everything and determine what help those areas that are falling flat need and then start coming up with goals you can achieve over the next few months.
Don’t have long-term goals for your fashion business yet? Check out our post on 8 Tips For Setting Goals For Your Fashion Business As A Fashion Entrepreneur and thank us later. 😉
“In putting together goals for the Tola Bakare brand in 2021, I look at where I am coming from, where I am presently, and where I want to be. From these, I can see what I need to do to be better. Another thing I do is check up for inspiration from other designers I look up to. This helps me get a better perspective of what I want to do.” – Omotola Bakare, Creative Director of Tola Bakare.
2. Set up Specific Macro Goals for The Year
From what you have determined that you need to achieve in 2021, set up smaller goals to go with it and be as specific as possible with them. Go into smaller details of your goals like the number of customers, exact amounts of money, what you need to do to achieve the goal, and how long it will take to reach it.
Write down all of this clearly and so you know what to look out for along the way. For example;
- Get 5,000 new customers by the end of Q1.
- Increase sales by 20% in the next 2 months.
Whatever it is you want to achieve, you need to be very specific about it.
3. Identify KPIs to Track Your Goals
It is no use setting goals if you are not going to commit to them. Since you already know what steps to take to achieve your goal, you have to commit to them.
As you commit to your goals, you should have Key Performace Indicators (KPIs) to track the success of your goals. With these metrics, you will get to know what is working and what is not working and why.
These KPIs will guide you and help you see clearly if your goals for the year are on the way to being achieved or not.
4. Prioritise Your Initiatives and Meet Regularly to Measure Progress
Once you have decided on the goals you have for the year and have gotten indicators to measure progress, m the next step is to plan initiatives to achieve those goals. You don’t need too many initiatives, just have enough to get you to your success point.
Now, prioritise your initiatives according to the order of urgency and the resources you have available to you. As you work on each initiative, stay in contact with your team to assess progress and make changes as the need arises.
5. Build a Strategy to Implement These Initiatives and Attach Deadlines to Them
You now have your goals and objectives and the initiative you need to achieve them. It is now time to plan the strategy you will use to achieve your initiatives.
This strategy is easiest when it is broken down to a weekly schedule. This means writing down how many customers you want to get per week to achieve your goal of 5,000 new customers by the end of Q1 or how many sales you need to make to reach the 20% increase you need in 2 months.
For all of these goals and initiatives, give a specific date that you want to achieve them by. Don’t be vague and say 2 months, give a specific date in 2 months that you will use as a deadline to come back to check if you have achieved your goals.
As you continue on this journey of entrepreneurship and set your goals, breaking them properly, don’t forget to celebrate milestones and achievements. Celebrate them no matter how small they are.