If you’ve got no idea of where you are, or where you want to go, how will you ever get there?
Setting goals for your contracting business is like drawing a road map for the journey ahead.
You’ll need a defined start point, a few milestones along the way to confirm everything’s going according to plan, and an enticing end point to keep you motivated, even when things get rough.
Your milestones are your short term goals while your end point is the big picture goal – the ultimate vision for where you want your business to be.
Realistically, things will change along the way, as opportunities present with new technologies or shifts in the economy etc, however having short and long term goals in place, and in writing, will provide you with guidance to hon your business and the opportunity to benchmark your progress.
Be True to Yourself
For the best chance of success, your goals need to reflect your aspirations and philosophy for life and work – in other words, be true to yourself – after all, this is why you have chosen to be self-employed rather than work for an employer.
By being true to yourself, you will naturally put your best self forward when it comes to pitching for, winning and undertaking each contract.
It’s likely for instance, that you want your business to revolve around your life rather than squeezing your life around business. So, set up your calendar, mark up your holidays and block out the times of each day or week that you want to keep for free yourself.
Next, reflect on the clients you currently have and those sitting in the wings. Where are the opportunities to maximise your income and job satisfaction? Which sectors do you feel most passionate about working in?
Would you be better putting your energy into growing some clients/ sectors that will deliver a higher return rather than spending time on ‘the low hanging fruit’ that delivers less, even if it requires less effort?
When you’re thinking about your long term goals, expand your horizons. Rather than focusing on weekly, monthly or annual income generation, set yourself a goal to acquire a certain percentage of the market you’re working in. Scary yes, but there’s no doubt that this will naturally inspire you to think about what the sector really needs, analyse your services in comparison with your competition, and push you to achieve more.
Once you’ve got your goals in place you can work out the resources and skills required. Do you need to upskill or invest in new technology to put yourself ahead of the competition and meet the needs of your target market?
Do you need to engage in marketing to expand awareness of your skills within your target market?
And do you need to let any clients go so that you’re freer to pursue opportunities with greater return?
Find the efficiencies
When diving into business growth, it’s also important to look for opportunities to minimise costs and find ways to streamline processes that will save time as you get busier, yet ensure you remain compliant.
At Ayers, we draw on 20 years of experience managing business administration, financial planning, payrolls, leasing, migration services, etc to ease the load for contractors like you. Talk to your Ayers consultant today about how we can help streamline your business processes and prepare you for growth.