Approaching Q4: Evaluating Your 2021 Goals
As we approach the fourth quarter of 2021, it is time to evaluate the 2021 goals for your organization. Evaluating how your business has run so far can keep you prepared for upcoming challenges that may arise in the next phase. With evaluation, you can also better plan and allocate your resources for different business goals. Nonetheless, evaluating your goals can be a bit much since there’s a lot to cover. If you need a few ideas on business goals you should evaluate before your business courageously enters Q4 of 2021, here are some ideas you can take into account.
Goal 1: Setting Expectations
Before you evaluate every nook and cranny of your business endeavors, it’s probably wise to set realistic expectations. While dreaming big is the psyche of business growth, thinking realistically can dampen unnecessary losses that may occur when moving your business forward. Also, being “realistic” isn’t always about toning down the optimism. It’s more about planning your business sustainability by efficiently utilizing your existing resources. By measuring what you have, a reasonable expectation can be made.
Goal 2: Looking at Trends
Looking at consumer trends can give a lot of insights on how you can realistically decide your business direction. For instance, if you wish to target Indonesian consumers, factors of digitization and the growth of FMCG (fast-moving consumer goods) shouldn’t be overlooked. In Q4 of 2019, a significant amount of Indonesian expenditure went to online shopping. Although the trend remained as it always had in prior years, Indonesian expenditure in Q4 of 2020 was more specifically spent on FMCG, as seen most particularly in the fast growth of the food sector.
Goal 3: Reaching Out to Conserving Consumers
Data of American expenditure in Q4 of 2020 shows that people tend to conserve their money. This is just common sense for consumers who are largely affected by a seemingly never-ending pandemic. Experts from JP Morgan found that global consumers during covid-19 initially saved more money, before later on making priorities on what to buy. What this means for your business is that you can set your 2021 goal to communicate more innovatively, so that your business can tap into current consumer trend of being thrifty.
Goal 4: Adjusting Degrees of Inclusivity
What kinds of consumers has your business reached out to so far? Is it time to tap into a niche market, or is it time to expand your consumer base? Certain degrees of inclusivity/exclusivity should be put into consideration when adjusting your 2021 goals. If there are potential opportunities from certain consumer groups, you can try to approach them. If selling exclusively could increase your brand value, you might want to take this approach. Whatever you choose, make sure it would be most suitable for your business’s current situation.
Goal 5: Staying Productive and People-Oriented
Last but not least, you can evaluate whether your goals have supported productivity while being people-oriented. When we talk about productivity, there seems to be an implication of cost-efficiency, which can sound contradictory to being thoughtful to people. However, the two aren’t really mutually exclusive. You can set a 2021 business goal that boosts productivity while being thoughtful of your team members who have worked hard to sustain your business operations. After all, productivity can only be achieved when the people involved are supported and empowered.
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