Updated: Dec 31, 2020
Setting business goals is something you can do any time of year, but seems to be popular at the beginning of the new year. When the calendar year changes is the perfect time to reflect on what went well at your coffee shop and what didn't.
Unfortunately, many business owners actually don't take the time to reflect on what actually worked and what was a waste of time and money. Thus, they end up repeating mistakes and a marginal, if any, increase in revenues.
These tips for setting goals in your coffee shop will help set you up for success in the next year. You don't have to (and shouldn't) wait for the year to end to set goals. You can do them at any time, as long as you have a solid plan, action items, and timeline.
1. Reflect on What Worked
Do not miss this opportunity to look back at what worked. Look at sales spikes or successful marketing campaigns, and determine (if you can) what made those wins. I suggest also taking a deeper dive into what products sold the most. Go by the numbers as much as you can. Numbers don't lie.
Most point of sale systems make it simple to check out your product mix from whatever timeframe you set. Your staff may be telling you that some hot flashy product is selling like hotcakes, only to check out the product mix and see that it really isn't.
2. Reflect on What Didn't Work
This is the other side of the coin of what worked. Look at some of your seasons, drink specials, and marketing campaigns.
Which of them actually didn't work out so well?
Back up your claims with sales numbers. In one of my specialty drink campaigns, we had lattes made with milk that had been soaking with popular breakfast cereals. It was a fun campaign that generated a lot of buzz, but in reality, we barely sold any of those drinks. However, it brought people in the shop that probably wouldn't have come otherwise.
3. Take a Planning Retreat
Yes, the big corporations have something right. However, your retreat most likely won't have a full executive team at a fancy resort with trust falls and the like. Take some time, maybe a few hours or a full day or two, to think about the future. I mean, really think. Think big and think wild.
What would it take to pull off something great?
What does your ideal year ahead look like?
How can you make that happen and who do you need to enlist?
Take this retreat by yourself or only with the major stakeholders in your business. As best as you can, remove yourself from a familiar setting and really dedicate your time to thinking. I suggest reading the book Built to Sell beforehand. Whether or not you plan on building your business to sell it, it has some enlightening material on planning retreats.
4. Make More Than Sales Goals
Increased revenue is great, don't get me wrong. But think about what other goals you would like to achieve in your business outside of sales.
Is there something you'd like to do for your staff? Your customers? Your brand?
One of my favorite local bakers hosts an event for her "superfans" where she gives away some of her cookies and champagne at a local paper studio with handwritten notes. There are typically over 100 people that RSVP and show up, and it's a blast. How can this idea be adapted during a pandemic?
5. Your 10-Year Plan Informs Your 1-Year Plan And So On
And that, in turn, should inform your daily actions. Think about and write down your 10-year goals. Then plan out the steps to figure out how to get there.
How do you plan on getting there?
What needs to happen so you can hit that goal in 10 years?
What needs to happen each year leading up to the tenth?
Now that you've thought about what needs to happen each year, what needs to happen this year?
How will you do it?
To accomplish this goal, what do you need to do every month and every day?
As much as you can, try to make these monthly and daily things habits or tasks. This way you can put in the time you need to build a sustainable business through small habits.
Your business is a living entity that you guide and shape as you want. Setting goals helps to make sure your business is shaping up to how you like, instead of being formed by someone or something else. Turn your coffee shop dreams into reality by planning and setting goals like a boss.
Not sure what goals to set or where to begin?
One of the most useful things any business owner that wants to grow can do is get a mentor or coach. Getting bogged down in the details can make progress difficult to make. It is incredibly beneficial to have someone on the outside, but who knows the industry, come in to help make big decisions and give you actionable advice. Contact me today to get started with a coaching program and make next year the best one yet.