Your Growth Goal Matters! How to Pick the Right One

Is growth the goal for your small business? If your answer is: “Of course!” that’s great, but you should also take a step back and think about the answers to some other questions. Questions like, “What does growth look like or mean for your business?” Or “What does success look like?” or “What is your plan for achieving your goals?” In short, having a vague goal for growth is not enough; you need to have more specific growth goals so that you can plan out things like your marketing strategy. There’s not much in life you would jump into without a plan – you wouldn’t even step up to a diving board without thinking through your next step! – so let’s look at what it means to plan ahead and have the right growth goal for your business.  

Picking a Growth Goal

One of the biggest mistakes small business owners make when they’re trying to grow? Not knowing what that growth means or what it should look like for their unique business. Without a clear growth strategy, you won’t know how to focus your efforts or measure your successes (or failures). Before you sit down and map out your business growth strategy, you need to actually pick your growth goal

While revenue might be one of the most common growth goals, it’s not necessarily going to be the right goal for every business in every situation. Your growth goal should always align with what you’re generally trying to achieve as a business. Yes, that might mean profit margin, but it could also mean increasing your subscriber base or followers, impressing investors with exponential growth in your customer base, or getting a bump in brand recognition so you can spend less on marketing and use those funds for product innovation and service expansion.

Set your growth goals around one of the following:

  • Revenue – Think: sales, net profit, total recurring revenue, average contract value, etc
  • Subscriptions – Think: monthly recurring revenue, annual recurring revenue, etc
  • Units – Think: total units sold/processed, customer base, new contracts, follower count, etc

Once you consider what you’re trying to grow, you’ll need think about:

  • How much you want to increase it by – This can really vary based on your business and your goals. It’s easy to say, “We want to increase revenue by 20%,” but things can get a little more murky when you’re thinking beyond immediate profit. For example, how would you measure growing your customer base? If your goal is simply to build your customer base, ending with one more customer than you started with is technically a success, but is that the right goal for you? If you’re a freelance photographer, gaining one major client might be all you need. But, if you sell thousands of units of a product each day, acquiring one new customer will be almost meaningless.
  • How you approach growing it – This can be tough, as well, because your approach might change over time, and you might switch back and forth between goals. After all, the unfortunate truth is that being laser-focused on one area of your business can mean other areas don’t perform as well – and you’ll need to be prepared to roll with those punches. For example, if you run a software-as-a-service (SaaS) business, you might want to increase your user base, so you might offer free trials or even free plans to reach that goal. But, with this strategy, you’ll get more users but not necessarily any more money. On the other hand, if you’re looking to specifically increase revenue, you can choose to switch to a premium service model to get free customers to start paying. You could make more money this way, but you could actually see your customer base decrease. 

Getting Specific: Writing a Business Growth Strategy

Now that you’ve really thought about what it means for your specific business to grow, and what your unique successes would look like, you need to get specific in order to achieve your goals. That means creating a growth strategy, preferably in writing, so you can effectively (and with accountability) share it with others in your organization. Start with the following steps:

the word goal with a red bullseye as the O and a dart in the middle

  • Define Your Long- and Short-Term Goals – Now that you’ve thought about all of the above, the first step is to make a record of the goals you hope to achieve – say, in the next 5 years. Write them down to keep yourself on track! When considering increasing revenue, subscriptions, or units think about making goals like:
      • Increase sales by 15%
      • Grow organic site traffic by 35%
      • Increase subscription trial conversion rate by 2%
      • Add new product lines, expand into a new market, or open a second store
  • Prioritize Your Goals – Once you’ve made a list of your goals, put them in order of importance, thinking about which ones:
    • Are most vital to your business’ growth
    • Offer the highest ROI
    • Are achievable with your current resources

Remember, too, that some goals with need to be met in a certain order, while others

could be worked on at the same time.

  • Figure Out Your Strategies for Meeting Your Goals – Now you need to take your goal and break down the steps you’ll need to go through to meet it. Let’s take a very concrete goal as an example: opening a new store in the next 6 months. You’ll need to take the following steps:
      • Research a location
      • Make sure your current revenue can support the initial costs
      • Hire the necessary personnel and have a training strategy in place
      • Start marketing a grand opening
  • Check Out the Competition and Make Sure There’s Market Demand – Did you know that 42% of failed startups said that they failed because they overestimated market demand? Making assumptions could be devastating for your business, as could not adequately researching your competition. If you’re offering something new and innovative, it’s crucial to conduct market research to make sure there’s enough demand. If you’ve got a lot of competitors for your market, check them out thoroughly, asking questions like the following:

    illustration of a man in a suit holding a clock going up piles of coins
    Focus on setting an attainable growth goal timeline.
      • Who are your competitors and what exactly do they offer?
      • What are their pricing models?
      • What is their marketing strategy?
      • What are their customers saying about them?
  • Set Timelines – You need to make sure you have a set time period for achieving your highest priority goals, but you also need to know the sequence of achieving those top goals. For example, if your goal is to increase your user base by a certain amount in the next month, you might first need to work on the goal of launching a new service or create a new free trial offer to entice them.

While most small businesses are looking to grow, the specific goals and strategies for reaching those goals are going to be different for every business. It all boils down to really knowing your business and having a clear understanding of where you are and where you want to be in a specific amount of time. Doing your research, backing up your assumptions, and documenting your goals will take time and effort, but it’ll all pay off when you start reaching your growth goals!

Can Long-Distance Relationships Really Work?

Long-distance relationships require a lot of patience and work. Not being able to physically touch the person you love is not easy. Many times it can be extremely hard, but studies show that couples within these relationships are more likely to share meaningful thoughts and feelings because in place of physical time together, all they have is

Two caucasian hands trying to reach each other to grab onto.
Long-distance relationships require a lot of patience and work. Not being able to physically touch the person you love is not easy.

communication. I interviewed Toni, owner of her own nail business (P10 Nails) in Georgia, and Darius, a truck driver residing in Florida, who have been successfully making a long distance relationship work for 2 years. They helped me understand how they make it work, while keeping the relationship exciting.

 

Prioritize

It is not always easy to match each other’s schedules when you live close to your partner, let alone when you are miles away from them. Communication is pivotal in a long-distance relationship because at times it is all you have. Even though they are not physically there, a person can still “be there” for their partner and prioritizing their needs is just as important when living apart. 

“I make it a priority to call him on my lunch breaks even if I have other things to do during that time,” says Toni. “Because he drives trucks, his schedule is sporadic and he might have to be asleep during most of the day and drive through the early morning hours, so if I don’t call him on my break, I may not speak to him all day. If I really can’t find the time for a call I make sure to send a text telling him I miss him or I love him or just to ask what he ate that day. Being on a truck can get lonely and my job as a nail tech can keep my hands busy for 12 straight hours a day, so making time to talk is really important.”

Talk When You Can

When you are in a long-distance relationship, the only way to really learn about your loved one is by talking when you can. Days can be really busy, so finding the time to talk to your partner when you have time is key in making it work. Because they have a short window to talk, couples in long-distance relationships share a connection like no other couples. This is because they share more deep, and intimate feelings with each other when they have the time to talk. 

When I asked Toni how often she and Darius get to talk on the phone, her answer was interesting, because even if they were silent on the phone the whole time, she still feels connected. “Sometimes it’s once a day for 30 minutes, sometimes even 10 minutes, but when I’m off work and he’s up late driving, we’ll stay on the phone for 6 or 7 hours straight, just to keep each other company. A lot of the time we’re not even talking honestly, it’s just nice to have each other present for whatever is going on at that time. It kind of replaces actually being able to physically do everyday things together like grocery shopping or watching a movie. It helps add a sense of normalcy to the relationship. We got to learn each other’s habits and routines, in a way, even though we weren’t together just by spending extensive time on the phone and Skype/Facetime.”

Visit Each Other

Caucasian woman's torso sitting down in an orange sweater with a planner on her lap writing in it.
Set a rule of never going more than X amount of time without seeing each other physically.

A relationship needs more than just Facetime, and texting. If you can take the time to visit each other, for example, set a rule of never going more than X amount of time without seeing each other physically. Toni and Darius see each other “about once every 2 or 3 months for a few days. Sometimes a few hours if he only has time to stop the truck for a little while.”

Do Not Stay Angry

Disagreements are the worst in any relationship. It causes stress, and changes your dynamic as a couple, especially if you let it fester and build up. Communication is the only way to get through it. 

Toni stressed that talking about the issue is essential. “Talk, talk, talk. There’s no make-up sex or even a kiss to remind them that you still care, when you can’t find the words. You have to find the words, or you don’t speak at all. But, because I’m the weaker communicator in the relationship, sometimes the conversation ended with ‘I don’t want to talk about this right now, I’ll call you tomorrow.’ If you live together, you can’t just ignore it. So, long distance does give you more space to cool off.”

Digital Dates

Just because you aren’t physically close with your loved one does not mean you cannot go on dates. It can be a Netflix and chill date, or a Facetime dinner date. Toni mentioned that for Valentine’s Day, they both dressed up for their Facetime date. 

Trust & Respect

When you think of a long-distance relationship, you might wonder ‘how can you really trust that the person is faithful? You have no clue what they are doing at every moment.’ There must be some kind of boundaries that couples have within this type of relationship, right? When asked, Toni and Darius were united in their reply of “no.” 

Toni went on to explain that “We both understand that in this situation the truth is you don’t know at all what the other person is doing. We spend so much time apart, he travels a lot, and I work really late; we could lie about where we are all the time. We have to have an amplified level of trust. Both of us are pretty introverted anyway, so we don’t go out much. We stay open about things like that and check in to see what might make the other person uncomfortable. For instance, I don’t see an issue with having lunch with a male colleague, but I made sure to ask my boyfriend how he felt about it, even though he had never expressed any discomfort about it before.”

Twice The Work

Both Toni and Darius agreed that being in a long-distance relationship was harder compared to past, closer relationships. What helped them is the fact that they were friends for 14 years before they decided to be a couple. A strong foundation is important for a relationship, especially one that is long-distance.

Couple stanging next to each other with the man's hand out about to take a key from another hand that is giving it.
The couple are now licing together, and both Toni and Darius expressed that the transition has been a little challenging.

The End Goal

After dating for two years the couple has met one of their end goals, living together!  This can be a huge adjustment after dating someone long-distance for such a long period of time. There are new things that you learn about each other that you might not have been able to pick up on while being so far apart, some are cute, while others annoying. Toni and Darius have been living together a little over a month, and both shared their experience so far.

Both Toni and Darius expressed that the transition has been a little challenging. The hardest part? Learning each other’s quirks, and habits around the house. For Toni “I like to cook just about every night because that’s what my parents did when I was growing up, but for him it’s tedious. e got used to eating out a lot when he was living on his own… I’m more picky than he is, it’s small  things that I didn’t know he did, like eating out of containers instead of a bowl or plate, but that’s such a small thing. It wasn’t any kind of issue, but after I asked him why he did that once, he hasn’t done it as often since.”

Darius said it is a bit challenging because they were raised differently and little things he wouldn’t have thought twice about he now has to, for example, “she doesn’t like for me to use paper towels for anything but spills. That wasn’t a thing in my household growing up. We used paper towels and napkins for dinners, spills or just to wipe our hands but if I did that here all hell would break loose (lol).”

It was interesting to interview the two about living together, sometimes their answers were unanimous, while others were different. It made me realize just how differently two people view things. I asked the couple what is something new they learned about each other. Darius said “She swears she doesn’t know how to cook but she is very detailed in the little things she does when she cooks and everything I do cooking-wise is wrong according to her.” While Toni said “He likes to cook with garlic salt. I don’t like garlic salt at all.”

No matter how long you have known someone there is always the chance of learning something new from them, even if its small. For Toni it was “how to correctly turn off the playstation without losing all the saved game.” Darius took a different approach, stating that he has learned “to have more patience and to take our time and appreciate one another.”

Both stated that this transition has not been easy, but one thing is for certain, since living together, they both agree that their connection is stronger than ever. “Every little gesture and sacrifice made to make sure you’re comfortable,

Red heart balloon floating in a blue sky. long-distance
Relationships are a lot of work, especially long-distance ones. It is hard having the one you love so far away from your reach. There has to be a lot of trust and respect to make it work.

making meals for each other, having long conversations while cuddled up on the couch, encouraging one another and physically showing affection strengthens the connection we have.”  

Relationships are a lot of work, especially long-distance ones. They have their advantages and disadvantages. Some people cannot imagine being away from their loved one for over a week. In Toni’s case, she mentioned that their relationship was long-distance from day 1, making it a bit easier. 

In order to commit to a long-distance relationship, there has to be a huge level of respect and trust involved. It requires prioritizing, a lot of patience, and love for the person you are taking the journey with. It can lead to a deeper, more meaningful connection between the couple. The long-distance eventually comes to an end once goals are fulfilled, with the support of each other. If a couple can work together through long-distance relationships, they can work through almost any obstacle together.