You’re ready for your business to go the distance, so why aren’t you planning out your long-term goals? It’s really easy to become caught up in the day-to-day bustle of your company, but planning out long-term success will help you build a stronger, lasting company.
Put Money Into Your Location
A well-maintained location can help offset hard costs and let your employees know that you want them to be comfortable and successful. Putting money into your location is an important measure for continued progress.
Planning out your location is important for the long-term success of your company. That could cover everything from locating yourself close to your production site or warehouse to larger company goals, like situating yourself in a place where employee cost is low and the tax rate is good for company growth.
Moving your company can help you save money on transportation, reduce your state taxes, and help you get closer to your suppliers. While a smart move will save you money, it can also cost you big; corporate relocation isn’t a simple task to undertake. It’s also worth it to move if your current location isn’t scalable with your current growth, since moving while still growing gives you a pressure break down the line (moving and scaling up at the same time would be insanely stressful).
There’s also a variety of hard costs that are an absolute must for your current location. Beyond chairs, desks, and other hardware, your employees need to be able to safely do their job.
You need to maintain a safe workplace. De-icing walking paths, updating carbon monoxide alarms, reducing the amount of clutter people can fall off, and adjustable workstations are all fantastic ways to reduce the amount of liability risks in your office (and are required by OSHA). Increasing the safety of your workplace can help your employees do the best that they can and prevent potential fines.
Put Money Into Your Employees
Your employees are your bread and butter. They are the mechanisms that move your company forward, that do fantastic work for you and continue to innovate.
Marvelous employees are the backbone of a great company. Even outstanding employees can be helped to be even better through additional training, schooling, or an appropriate incentivization track. Invest in your employees to keep them around and help them become even better!
Additional training is a big part of making your employees better. This could include anything from additional training to paying for someone to go to school. Even regular quizzes will increase the quality of work your employees are able to perform. If you’re looking to keep your employees, let them know that you want them to be successful and give them the tools to be so.
Paying your employees enough money will help them be successful. It reduces stress and gives a concrete number to how much you value them.
If you can’t pay them all that they deserve, or want to give them a small boost, you could try other forms of incentivization, like a company car, equity in the company, or extra vacation days. These perks demonstrate recognition, which is necessary for any employee.
Let your employees know that you love them; a company car isn’t that expensive, equity in the company will build loyalty, and vacation days can make a productive worker even more productive.
Lay out Long-Term Goals
Keeping on top of daily responsibilities is great, but a bare minimum. Long-term goals are how you plan for major advancements with your company, especially if you can lay down ways to accomplish those goals. Whether you want to increase your brand awareness, beat out your competition, swallow your closest competitor, or become more responsive to your customers, long-term goals can give you direction.
In order to accomplish long-term goals that can take your business to the “next level”, you need to break down your goals so that you can make progress on a daily basis… That means laying out a plan to accomplish your goal, putting together end goals, and letting people know about it so they can help you.
Breaking your larger goals into accomplishable tasks will help you meet the big goals.
For example, if you want to purchase your competitors, you’ll have to increase your liquidity and size. Focusing on other markets, and maintaining low overhead would be great sub-goals that can be pushed towards on a daily basis that will help you get the cash to buy out your competitors (or invest in another market).
Letting your staff know your overall goals means getting there quicker. Your staff is full of fantastic innovative ideas, and may have a better plan of action to move forward.
Long-term goals are important to move your company forward. Investing in your location and employees are great ways to maintain and grow into infinity, but laying out goals beyond that is necessary if you want your company to get better. Active daily effort on big goals means big results. You can do it if you lay them out, break those goals down, and move forward. Become the best company you can!