The Power of Planning: Goal-setting

We're so glad you've found your way to our second blog in our Power of Planning series! In case you missed our introduction, you can read it here. Now let's get this party started. 

As a retailer, you may think that setting goals is an unnecessary hassle. After all, you already have enough on your plate, from managing inventory and staffing to attracting customers and closing sales. However, setting goals can actually be one of the most effective ways to grow your business and achieve success.

Before we dive into this blog post, we wanted to point out that we know it’s easy for us to tell you to set goals and then go on our way. But what’s funny about this blog post is how it aligns so perfectly with what’s going on at Retail Alliance right now. As you may know, we’ve been in a transitionary period for the last several months. We’ve even hired an amazing firm, Spark Mill, to help us with our new strategic plan.

We’re finally wrapping up the process and we’ve gotten to the exciting part. Spark Mill has outlined several goals for Retail Alliance. We recently had an incredible meeting about how we would go about achieving these goals. We assigned tasks to staff, discussed processes that would need to be created, and we even looked ahead three years to decide when these goals would realistically be achieved. This is all a long way of saying that we understand that goal-setting is a daunting process. However, we now have a clear direction and we’re so excited to get started. Now back to the nitty-gritty.

First and foremost, setting goals helps you focus your efforts and prioritize your tasks. When you have a clear objective in mind, you can identify the most important actions you need to take to achieve it. This prevents you from wasting time and resources on tasks that are not directly related to your goals, and helps you stay on track. So while it may seem incredibly enticing to start building your store’s e-commerce site right away, if your goal is to increase in-store sales 10% over the next 90 days, you might want to focus your energy on coming up with promotions and marketing that drives foot traffic into your brick and mortar. Once you’ve achieved your in-store sales goal, then it’ll be time to set goals for e-commerce.

Moreover, setting goals gives you a clear benchmark for measuring your progress and success. When you set specific, measurable goals, you can track your performance over time and adjust as needed. This allows you to see what's working and what's not, and to make data-driven decisions that help you improve your business.

Additionally, setting goals can help you stay motivated and engaged. When you have a clear vision of what you want to achieve, you are more likely to stay focused and committed to your work. This can lead to increased productivity, creativity, and innovation, which can ultimately drive your business forward.

Finally, goal-setting can help you build a culture of accountability and achievement within your organization. When you set goals for yourself and your team, you create a sense of purpose and direction that can inspire and motivate everyone to work together towards a common goal. This can foster a sense of camaraderie and collaboration, which can help you achieve your goals more quickly and effectively.

In conclusion, as a retailer, setting goals is a crucial step in growing your business and achieving success. By focusing your efforts, measuring your progress, staying motivated, and building a culture of accountability, you can take your business to the next level and achieve your wildest dreams. And just know your friends at Retail Alliance are rooting for you.

To keep your goals SMART (Specific, Measurable, Achievable, Realistic, and Timely) refer to this great article. https://corporatefinanceinstitute.com/resources/management/smart-goal/

Written by Abby Schiano