The Tourism Development Corporation of The Bahamas

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Nuggets for Business Success

Goal setting is one of the most important activities you can do in your small business, regardless of how old your business is, where you are located, how profitable it is, or what you sell. Goals help you stay focused and they can prevent your business from becoming stagnant.

In the midst of your planning, here are 5 basic tips for staying ahead of the game.

  1. Ramp up productivity. This productivity refers not only to the production of goods and services, but also the productivity of your team. You can become more productive by eliminating distractions during the work day, improving the way you use business tools.
  2. Reduce or eliminate ongoing business expenses. Unnecessary rent payments, releasing unproductive workers, managing energy sources are just a few ways you can mitigate expenses this year. Be prudent with your spending, you might want to honor diligent employees with some of these savings.
  3. Create a New Customer Service Process. Set a goal that focuses on making your customer service process exceptional, handling customer complaints more effectively, or incorporating customer service into your social media practices. Don’t forget about the power of asking your customers for feedback in order to identify what your business can be doing better. ​
  4. Increase Traffic to Your Business Website or Blog. More website traffic often translates into increased sales and customer loyalty, making this a great goal for small businesses. There are many ways to get more eyes on your website or blog. Start by creating a plan to ramp up your content marketing strategy.

Do a Thorough SWOT Analysis. A SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and of the competition. It can be used in any stage of business to help you determine what makes your business unique, identify potential new areas of the market that are untapped, and explore what your competition is doing better than you are. Do a SWOT analysis this year as part of a larger process to improve your decision-making ability.

Goal setting is one of the most important activities you can do in your small business, regardless of how old your business is, where you are located, how profitable it is, or what you sell.