The Importance of Goal Setting for the New Year

The Importance of Goal Setting for the New Year

Now that the new year is fast approaching, this is the perfect time to evaluate your bar or restaurant’s goals. And if you don’t have any goals? Well, then it’s definitely time to get some!

Goals not only give you something to strive for, but they also help measure your progress. Without goals, you have no way of knowing if your business is improving or failing. Goals give you concrete measurements to work towards, such as a certain amount of profit or a certain number of customers. Also, goals force you to be proactive, not reactive. By being proactive, you’re staying ahead of the curve and fixing problem areas before they swallow your bar or restaurant whole!

So where do you start when it comes to setting goals? First, it’s important to take a good, hard look at the current state of your bar or restaurant. What are your weaknesses? Think about common customer complaints, and look through your online reviews to see if any similarities pop up. Think about any problems you’ve had with any aspect of your restaurant. And, don’t forget to think about your strengths. What are you doing right, and is there any way to do it even better?

Goal setting shouldn’t be something you do alone. Involve your staff members in the process, or at least get their input at some point along the way. Review all of your paperwork and financial records from 2013. What are your problem areas? Where do you want to improve?

Next, think about where you’d like to see your restaurant in the next year. In 2014, do you want to have better customer service? Do you want higher profits? Would you like your restaurant or bar to align itself with a charity? Do you want to replace all of the outdated furniture in your place with brand new stuff?

To make these happen, you’ll need to focus on SMART goals:

Specific.

Measurable.

Attainable.

Relevant.

Time framed.  

A goal like “Make more money,” isn’t going to help you much because it’s too vague. But if you have a goal with a specific dollar amount, then you’ll know exactly what you’re working towards. This makes it easy to measure whether or not you’ve met your goal. Attainable goals are those that you can theoretically reach; this doesn’t mean your goals shouldn’t be challenging, but you shouldn’t say you want to earn $5 million dollars next year if your profits aren’t anywhere close to that figure! Relevant goals are those that fit with your bar or restaurant’s brand.  And time-framed goals have a clear-cut time period. For example, you might say you want to earn a certain amount of money by April.

The bar and restaurant field is crowded, which means you need to stay competitive. You can’t do that if you aren’t constantly changing and improving your business. Goals help you think about where you want to go over the next year, and they help you get there. If you set goals and work towards them, you’ll end up with a much more successful business by this time in 2014!

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Buzztime
Trusted by thousands of bars and restaurants in North America since 1984, Buzztime integrates trivia, card, sports games and live events with innovative tablet technology. While we don't take ourselves too seriously, this is pretty serious business. Trusted by thousands of bars and restaurants in North America since 1984, Buzztime integrates trivia, card, sports and live events with innovative tablet technology. While we don't take ourselves too seriously, this is a pretty serious business.

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