Establishing Business Goals for 2022
For most businesses the past two years have been quite the rollercoaster ride with the pandemic, inflation, tight labor market, and supply chain issues all making day-to-day operations challenging.
For 2022 it is important for businesses to have a plan in place to succeed in an environment where the unexpected is expected.
Planning: Saying Good-bye to 2021 and Hello to 2022
With the holiday season upon us, that means it is time for business owners to review 2021 and establish business goals for 2022.
“2021 is over and, as every year, it is time to make a closing in our companies to understand what worked, what did not and so we can begin the strategic planning of 2022. The challenge is to design a powerful but clear and simple strategic plan that helps us to chart the route of what we must achieve in the short, medium and long term,” writes Daniel Marcos in Entrepreneur.
One of Marcos’ key takeaways is that your business strategy should not be about “How are we going to do it?", instead it should be about "What do we want to achieve?"
That involves setting business goals for 2022 but it is important that those goals are reality-based.
Setting goals that are the equivalent of chasing rainbows or hunting unicorns will only serve to deplete valuable resources for your business.
“A major predictor of a goal’s success is how founded it is in reality. While it’s natural to have big dreams for your company, assess your plans to see how realistic they are based on your current situation,” writes Hannah Trivette in Forbes.
Setting Tangible Goals for Your Business
Setting tangible goals for your business means you have a clear process with steps outlined to achieve the desired results.
“Setting realistic expectations is a matter of identifying what you want and creating a solid plan,” writes Trivette. “Ultimately, you want to identify the change you’d like to see and create achievable steps to lead you to that goal.
It is almost always best to put your goals, and how you expect to achieve them, in writing. In fact, research shows that you are 76 percent more likely to reach a goal if it is written down.
Try these simple steps when writing down your 2022 business goals:
- State clearly the goal you want to achieve
- Identify strengths and weaknesses of your current business team in terms of achieving the stated goal
- List stumbling blocks to achieving your goal and how you will overcome them
- Catalog all resources that will help you achieve your goal from programs to technology. If resources are lacking, devise a method to acquire them.
- Outline a path to meeting the goal, with well-defined milestones along the way.
“By clearly outlining the goal and your plan, you can transform an intangible idea in your head into a real, obtainable agenda,” writes Trivette.
Avoiding These 3 Pitfalls When Setting Business Goals
Just because you write your goal down and they are realistic, does not mean you can easily achieve them.
Marcos says there are three pitfalls that can trip up a company when goal-setting:
- Waiting Too Late to Set Goals: Just like the old bumper sticker that said “If you can read this, you are too close” … if you are reading this and have not set goals yet for 2022 you may be too late. Marcos recommends that businesses need to “anticipate up to a quarter before and make adjustments during the execution of the plan.” On the flip side, if you have procrastinated in your goal-setting, you may now be aware of late-breaking market forces that you need to address in 2022 (think Omicron variant which burst on the scene in recent weeks).
- Not Keeping it Simple: Sometimes the greatest ideas are on a Post-it Note and not buried in an exhausting PowerPoint presentation. By following the KISS (Keep it Simple, Stupid) adage, and avoiding overly complex plans, you can make it easy for everybody on your business team to understand the goal you want to achieve.
- Not Pulling in the Same Direction: The more employees you have working towards your 2022 business goals, the better chance you have of meeting them … unless those employees are pulling in different directions. Marcos says that “having different ideas about a goal causes you to lose focus and both managers and employees are not clear about where to direct their efforts.” So, make sure everybody on your business team is on the same page when it comes to your 2022 goals.
4 Business Goals for 2022 that are Trending
Every business will have its own unique goals depending on their size, industry, location and the trajectory they are currently on.
There are, however, some 2022 business goals that are trending. AZ Big Media found these four business goals are high on the planning list for next year:
- Employee Hiring and Retention
The historic tight labor market, coupled with what is being called “The Great Resignation” as many employees shift, quit or retire from their jobs, makes employee retention crucial in 2022 and your company also needs a great hiring plan in place.
AZ Big Media says, “Leaders should identify the reasons why employees are leaving and address these issues in their business plans for a competitive advantage in 2022.” When hiring in 2022, job requirements should be crystal clear: “When there is no doubt about the job requirements, it can also help expedite the hiring process because both sides are on the same page.”
- Implementing a Corporate Social Responsibility Program (CSR)
Putting a CSR in place can have a positive impact on multiple levels including: new hires, existing employees, clients, the community, brand awareness and corporate reputation.
AZ Big Media says to keep in mind that “younger demographics in the workplace and within client bases have strong beliefs about companies with CSR programs. They want to be associated with companies that are making a difference in the community, so it behooves leaders to incorporate or expand their CSR initiatives.”
- Offer Employees Upskilling Opportunities
Offering employees upskilling opportunities, not only can increase the productivity in your workplace, but will help your business with hiring and retention.
AZ Big Media says “Businesses should budget for more in-person and online training programs to afford these opportunities to new and existing employees; implement a skill set library of courses for self-directed learning; create a mentoring program; and encourage conference attendance for networking and learning from industry-related peers.”
- Stay Competitive with Technology Upgrades
Businesses that were able to implement and adopt new technology quickly during the pandemic fared better than competitors who failed to do so. Identity technology upgrades and implementation for 2022 that will give your business a competitive advantage.
Contact Employer Flexible today for help from our HR experts on your 2022 (and beyond) business goals.