How to Establish Goals for Your Ecommerce Business

How to Establish Goals for Your Ecommerce Business

The e-commerce industry is one of the fastest-growing markets in the world. As daily life turns more virtual all the time, entrepreneurs are taking advantage of digital shops instead of brick-and-mortar buildings.

Small and large companies sell their products and services using tried-and-true business practices. The only difference is that what they’re doing is online!

By moving to an e-presence, business owners “open their doors” to anyone in their shipping region. It’s a multi-trillion dollar market that is waiting for you to take your piece of the pie.

But you’re also competing with global competitors, which means you need to think and act strategically.

To make your e-commerce business a success, start by establishing some goals and action plans to reach them. This doesn’t have to be an intimidating step if you use this guide to help you!

1. Set Staggered Goals

When many people think about their goals, they shoot for targets far in the future. Running a business is almost like handling a living thing. It’s always going to be changing and evolving.

Looking at it that way can help you see why it’s important to have multiple flexible goals rather than one main, long-term target. Try staggering your goals as you set them, like this:

  • Start with a long-term achievement, such as where you’d like to be with your business in five years.
  • Break that target down into action steps to get there. What do you need to do in the next six months to make that happen? Where should you be in one year and three years to be on track?
  • What is your vision for your business? If it’s successful in five years, in which direction would you like to grow?

It’s okay to keep these generalized. You’re going to work on making them more specific in the next step.

2. Make Your Goals SMART

SMART goals are used in industries everywhere to create actionable and measurable targets. With SMART goals, you can hold yourself accountable easier than if you had a vague target to hit.

For instance, if you said, “I want to be making a profit with my business in one year,” there’s not a lot of specificity in that statement.

A SMART goal turns this same aim into a target that is:

  • Specific
  • Measurable
  • Action-oriented
  • Realistic
  • Time-based

Your new goal would look something like this:

“I want my business ledgers to show a net profit of (x-amount) by today’s date, one year from now. To get there, I will boost my Shopify marketing strategy with Google and Facebook Ads. I will check my profit every 30 days to see if I’m on track and if not, I’ll adjust the marketing strategy I’m using.”

It’s realistic to check your progress monthly. It’s not quite as reasonable to expect you to check it weekly or daily. Waiting until the year is up is also unrealistic if you want to see if what you’re doing is working.

Turn each of your goals into a SMART goal as you establish the direction of your business. For more information on coming up with ways to boost your ecommerce shop’s goals, check out this article from SKU.

3. Use Your Action Steps to Guide You

Are you one of the millions of people who set goals and then put them aside? If so, it’s time to change that habit!

Each goal you made had action steps as part of the SMART factor in them. Your one-month, three-month, or six-month targets should always be in front of you where you can see them clearly.

Use those action steps to guide your path as you begin your e-commerce journey. Draw them on a big piece of poster board or use a Gantt chart to keep them visible.

The key is to always remember the steps to your bigger goals. But chances are, everything isn’t going to run perfectly as planned. Your visual action steps need to be flexible, so your chart should be editable, too.

Conclusion

With the potential for global customers, you also have to deal with a lot more competition. However, the e-commerce field is a massive industry, so as long as you set your goals right and follow a strategic plan of action, you can be successful!