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The first year of running a business can be the most challenging. Not only do you have to find your footing in terms of getting your business off the ground financially, but you also have to market yourself to potential clients to build your customer base.
There are several key business goals to consider as you navigate through a tough initial year of business.
Establish and Reach Your Target Market It can be hard for a first-year business to determine and reach its target market. Once you know your customers and their spending habits, structure your operation accordingly. This is a process achieved through trial and error, determining what works best for your specific business and the community in which you operate.
Determine Short and Long-Term Goals You have to know where you are going in business, so set both short and long-term goals. Short-term goal examples include hiring additional support staff -- and being financially comfortable doing so -- increasing visibility in the community through participation in targeted events, and growing inventory offerings.
Long-term goals may include cultivating an established customer base, continued financial growth and business expansion; for example, expanding physically in your existing space, or opening another location. See Financial Growth Financial growth is key to running your business successfully.
Bear in mind that during the first year, you may only break even or see only minimal growth, even if you keep expenses and staffing costs low and set higher goals for incoming revenue. For example, a goal of making a million in your first year of business is neither specific nor realistic.
A specific and realistic goal is to increase monthly revenue amounts by 30 percent in the third and fourth quarters of the first fiscal year.
Employee Buy-In If you have a staff -- even a small one -- then you want them to invest themselves in your business.
Keep employees content for the first year and rely on their loyalty and hard work to help your company grow.October 23, Contact: Greg Jahn, EVP, Chief Financial Officer Exchange Bank Announces Third Quarter Earnings. Santa Rosa, CA – (October 23, ) – Exchange Bank announces results for the third quarter of with a profit after tax of $ million, compared to $ million in the third quarter of This represents a 43% increase compared to the same period a.
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