The Three Biggest Risks To Your Business If You Don’t Have Marketing Goals

If you aren’t aware that your small business needs goals to thrive, then you definitely should open your mind and read on. Your local business might manage to survive without goals because sometimes you can do just enough to get by. If, however, you want more than survival you should develop a set of marketing goals and put a plan in place to reach them.

A business without goals will base decisions on emotion, gut feelings, or other criteria that may get them off track. Businesses are faced with situations that require decisions almost daily. If there are no goals to consider when making these decisions, a business owner may make bad – or at least ill advised – decisions that put the health of their company at risk.

The first risk to consider is money, sometimes referred to as cash flow. Most local small businesses don’t have tons of cash laying around that can be wasted on marketing ventures that don’t deliver results. For example, if you as the business owner get a call from a salesman with a limited time offer for a discount to place an ad in a flyer, it may seem like the right thing to do to “save money” on the ad. If advertising in that publication wasn’t part of your goal attainment plan, you could be wasting money.

If you thought through your marketing goals completely, you would either have this in your plan or not. If not, then before deciding to proceed, you should do the appropriate research. Will the publication give my business the right kind of exposure and the right amount? Can my budget handle this expense? What has to come out of the budget if this goes in? Am I being pressured to do this? Why didn’t I include this in my initial plan?

The second risk to consider is time. The effort it takes to market a local business can be a very heavy burden. If you’re one person trying to handle this monumental task alone, there’s only so many hours in a day. If you over-extend yourself on marketing, something else will have to be sacrificed to make time for it. This should be a major part of your goal setting process because managing all parts of your business is important. Missing something important can cost money, customers, or good employees. Any of these losses can be fatal in the right circumstances.

The third big risk to your business if you don’t have marketing goals is that you just won’t know what to do about marketing. This may not seem like a big deal, but this is probably the biggest deal of all because this will cost you money and time. When you don’t know what to do, you’ll often try everything that comes across your radar. You’ll be in a rush to do something, anything and make costly bad decisions.

Taking the time to be proactive in developing goals will save you valuable time in the long run and also take away the uncertainty as you progress through the year. Stating goals up front and planning for the expenses will save you money because you won’t be tempted by things that don’t really make sense for your business in the long run.

Marketing goal setting is a valuable activity that every business owner should put a high priority on. Your business can be at risk if you don’t take your marketing goals seriously.