What Is Your Goal For 2022?
2022 is upon us, and small businesses are struggling to reach out of the pandemic. Yet, per Vice President Kamala Harris, one-third of all small businesses in the United States closed due to covid.
Over the past two decades, small businesses struggled for many reasons. Statistics show that only 15% of small business startups reach five years. Less than 9% of all small companies reach seven figures per year in sales, and less than 1% reach eight-figures.
The statistics are even worse for women business owners. Less than 4% of all women-owned businesses ever reach seven figures.
The SBA indicates there are more than 30M small businesses in the United States.
What are your goals for 2022, not only to survive but thrive? How will you become one of the 15% business owners reaching sustainability?
For your 2022 business strategy, consider taking steps to not only reach a specific number but strive to achieve long-term sustainability.
Here are some quick and easy action steps to follow in 2022:
- Always know your numbers. Build methods to track daily sales, profitability, and gaps to your goals. Don’t wait for months to learn your business is struggling financially.
- Measure which of your customers bring the most profitability to your business. Not all sales are profitable. On average, 20% of your customers will bring in 80% of your sales. Focus on growing those that bring the most profits to your company.
- Which of your employees, contractors, or vendors cost your company the most money? Just like measuring your customers, which of these groups is draining your cash flow?
- Review your marketing strategy. Are there competitors that leave gaps in your industry? Can you fill those gaps and grab more of the market share?
- What is your sales goal for 2022? Is it six or seven figures? Is it a percentage growth over the past few years or before the pandemic?
- How many customers does your business require to meet this goal? Do you have a plan to measure how many customers your business needs per month, per week, or per day?
Having a goal and knowing where your business is every day from that goal will keep you on track for success.
Written by Darlene Ziebell
Three-time member of WBE’s reaching seven-figure
Two-time member of business owners reaching eight figures
Consultant to more than 20% of the Fortune 1000
Most experienced small business advisor today
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Author
Darlene Ziebell
Author
Prominent entrepreneur, author, and business consultant Darlene Ziebell is excited to be writing this blog to help others navigate the world of business. This blog is one of several initiatives she has already launched to help entrepreneurs prepare for and overcome challenges in running a business. Darlene bases her methods on lessons learned from her own companies and hundreds of consulting clients. Read her articles and learn from the world's No.1 Business coach entrepreneurs wish they met sooner. She is a former CEO, Director, and public speaker. In addition to her MBA from Kellogg School of Management at Northwestern University, her extensive career consists of practical experience bootstrapping four startups and advising the Fortune 1000 as a management consultant.
