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The UPS Store Small Business Blog
  • 13 July 2020
  • Kayla Meier

Refining Your Business Goals and Expectations for 2020

Owning and operating a small business takes careful planning. When you have conducted market analysis, financial projections and goal setting, it can be difficult to change your carefully laid plans, especially in response to a crisis like COVID-19. With the state of businesses in flux, you have an opportunity to recalibrate and create realistic expectations for your business performance for the rest of the year. Follow these tips to get started.

Review and reset
Plans can always be updated and revised. With constantly shifting regulations, it is more important than ever to revisit your business plan and adjust your monthly and quarterly goals. Is your communications strategy working? Are you seeing results with your current pricing and promotions? Look at trends in your small business and in the market to set measurable milestones for the remainder of 2020.

Outline opportunities
In this changing environment, small businesses must be nimble and flexible. If you made adjustments to your processes, procedures or technology in the first half of 2020, consider how these adjustments can become opportunities. According to a recent poll, over half of Americans are currently using some kind of contactless payment. Data gathered from that poll and others could help you gauge how customers are responding to the new normal. With an improved understanding of your customers, you can tailor your offering to create greater value for them, like updating your point of sale system to accept contactless payments.

Connect with customers
Go beyond national consumer trends by reaching out to your customers directly for their take on your business’s performance. Create a customer satisfaction survey for actionable insights on your overall customer experience, where you can improve and what you are doing right. This will give you the valuable information you need to update your business goals in 2020 and keep your customers coming back.

Woman scanning phone screen with touch-free device

Talk to your team
Your employees and teammates are on the front line of your small business, and their observations and experiences can drive your revamped 2020 plan. Schedule regular check-ins with your team to see how they are doing and to set real, measurable goals for their role in the business. Establishing an ongoing dialogue is another way you and your team can make the most of this time. Speak honestly about the state of the business to empower your employees. They will help you realize your refreshed business goals in 2020 and continue to grow as professionals and collaborators, even when times are tough.

Rinse and repeat
The process of refining your business goals and expectations should be an ongoing one. After you implement your adjustments, take a look at the results and continue to modify your plan as necessary. With the right mix of flexibility, foresight and teamwork, you can make the most of this year.

As 2020 continues, you have an opportunity to step back and see what is working for your small business and what could be altered. Taking the time to refine your business goals and establish new ones will help you create strategies and solutions for any situation. As you make adjustments, remember that the small business experts at The UPS Store can help you realize your new goals.

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