Starting any business is intimidating. There’s plenty to do just to get your company off the ground, and then you’ll need to start focusing on growth. The best way to grow any business is to set goals. The right goals will help your company improve and thrive, but more than 80% of surveyed small business owners said they don’t keep track of their goals. Setting goals is meaningless if you’re not constantly re-evaluating them and monitoring your progress. If you really want to grow your CBD business, here’s how to use goals to your advantage.
OKRs will help you set audacious goals.
Before you frantically Google “what is an OKR?”, you should know that this process is the secret to successful companies. Businesses that use an OKR framework grow and succeed, so it’s time you began setting ambitious goals for yourself and the company. OKR stands for Objectives and Key Results. The idea is simple—your objective is the goal you’d like to reach and the key results are how you will achieve that goal. For example, your objective might be to grow your client base by the end of 2020. Two key results could be:
- Grow client base by 20%
- Increase digital marketing efforts by 20% each month
These two key results, which are quantifiable, will help you accomplish your objective. As you evaluate your progress, you’ll decide if your current objectives and key results are working for the company. Setting audacious goals will give your entire organization something to strive for. You can set goals together and each team member can even have individual objectives. When you strive for success as a company, you’re bound to grow.
OKRs will help you monitor your goals.
Goals are all well and good, but if you’re not monitoring them, what’s the point? Many startups set goals but fail to successfully track how well they’re working. With OKRs, it’s simple to keep track of your progress. Your CBD company can frequently monitor how well the company objectives are being achieved. You can discuss OKRs with team members during performance reviews or with the entire company at team meetings. Keep everyone accountable and knowledgeable about how the company’s OKRs are progressing. Goals mean nothing unless you keep track of them. Monitor and discuss your business’s OKRs frequently and you’ll know that you’re working towards success.
OKRs will help you evaluate and re-evaluate your business.
Only 25% of small businesses manage to stay open for 15 years or longer. Starting a company is tough and you need to make sure you’re doing everything you can to keep yours running. Use OKRs to evaluate and re-evaluate your business. Take a look at what objectives you’re reaching and which you’re not. If you’re failing to sell a certain CBD product, maybe it’s time to switch CBD Manufacturers.
If you don’t have the highest quality products, you may fail to sell your goal amount even with excellent customer service and marketing strategies. The CBD market is growing and you have to prove to customers that your company is the best. Work with a great manufacturer who can create all the CBD products you need and provide excellent customer service.
When you’re focusing on growing your company, you don’t have time to work with a shady manufacturer. Choose one who can provide everything you need and offers complete quality assurance. Then you can use your OKRs to concentrate on other aspects of the company. A great goal-setting framework will help you understand the ups and downs of business and what you need to do to survive.