Back to the Future: Developing Your Long-Term Business Goals

It's easy to get caught up in the day-to-day minutiae of running a business. Handling clients, crunching numbers, paying bills - necessary tasks that become rote and tedious when they take priority over your work day. This, unfortunately, can come at the expense of one your most vital assets: creativity.

Yes, creativity. Think about the goals you came up with initially when you first decided to start the business. What type of clientele did you want? How were you going to distinguish your business from the competition? Where did you see your business going 5 years down the road? What about 10 years? Maybe you accomplished these goals. Maybe you put some of them off. Regardless, the answers to these questions are not set in stone from the get-go. Revisiting your overall goals and making the necessary adjustments is something every entrepreneur should do from time to time.

Here are some ways to refresh your business objectives:

1. Tweak Your Brand

Think about the name, image and message of your business. Are they memorable? Do they clearly describe your services and/or products? How does your business stand out in a listing of hundreds, maybe thousands, of other businesses in the area? How does your online presence stand out among countless other websites? Consider easily recognizable brands: Google, Subway, Apple. They stand out because of their sharp, consistent concepts: fast internet searching, low-calorie fast food, really advanced technology. Think about how you want to market your business and design your brand to fit that image.

2. Develop Permission Assets

Permission marketing allows business owners to provide interested clients with personal and relevant updates. This can come in the form of an e-mail list, a blog subscription or a social network following. Permission marketing allows the business owner to develop a close and loyal clientele and create an additional revenue stream for special offers and products sold through these subscriptions.

3. Expand Your Reach

You probably had a specific clientele in mind when you started your business. Maybe you wanted to focus on local clients or enthusiasts in a certain trade or hobby. Consider diversifying your client base. One way to do this is through the internet. Can you sell your product or service digitally? Would people in other cities, states or even countries be interested in your business? A strong website or blog can help you reach far-flung clients. Another strategy is to diversify your services and/or products. Do you own a bookstore? Consider adding new titles or other types of print materials such as magazines. Or sell new technology forms such as e-readers. Expand your business to appeal to wider tastes.

4. Merge Business with Art

Continue working on your craft - the trade or skill that inspired you to set up shop. Maybe its an appreciation for wine making or painting or comic books. Set time aside to develop your products, network with like minded enthusiasts and develop a reputation for being well-versed in your trade. Consider making and licensing your own products also. This can be a key source of revenue as well as a great way to personalize your business.

References:

The 99%; Build a Business, Not Just a Client List; Mark McGuinness; 2011

Lateral Action; The 3 Critical Characteristics of the Creative Entrepreneur; Mark McGuinness; 2008