Businesses that clearly define their short-term and long-term goals tend to achieve their goals faster and more efficiently than those without any plan. Besides the general focus on customer and product development, an entrepreneur should foresee the next moves that will serve to guide him on the right path.When an entrepreneur can forecast his next moves, even his/her employees become part of the moves the business makes.
We asked entrepreneurs and business owners where they forecast their business will be in the next five years.
#1- Converting more leads and offering more SEO packages
During 2017, my major focus was to increase my amount of outbound sales efforts. I have hired staff to continuously perform outreach for my SEO business, which has led to sales nearly tripling this year. We've added 3 new ongoing retainer clients and dozens of one-time projects that will lead to many more. In the next 5 years, I am confident that with constant refinement of my outreach program, we'll be able to convert more leads and break over one million dollars in annual revenue. I also want to create more SEO packages for small businesses with lower budgets as the industry seems to be lacking this type of offer.
Thanks to Jaimyn Chang, Boomin Agency!
#2- With 100 locations revolutionizing the fitness industry
We will have 100 locations in 5 years and truly revolutionize the fitness industry while we develop the workout solutions for astronauts so NASA could safely colonize Mars.
Thanks to Daniel Nyiri, 4U Fitness!
#3- Several Aspirations
Within 5 years, my business would have shifted to 80% virtual and automated consulting with a projection to almost tripling the revenue we have seen this year. I am planning for my staff to increase over 50% from 3 to approximately 7-8. Then armed with more flexibility, Our strategy is to engage me in more speaking opportunities, my online show and writing projects. Lastly, we are on target to launch our non-profit arm of the business and will be able to invest more resources in making it a viable and stable division.
Thanks to Camille D. Jamerson, CDJ & Associates!
#4- More focus on customers and growth on strategic partnerships
In five years time, I see our business continuing to focus on the customer and how we can keep fine tuning our customer service initiatives to anticipate, and even predict, their needs before they realize they have them. We will continue to grow our strategic partnerships with our outside like-minded companies and strategize on new products as well.
Thanks to Deborah Sweeney, MyCorporation!
#5- Relying more on automation
I expect that in 5 years, a lot of the things we currently didn't know would be done by machines, will be. IoT, AI, AR and more are simply picking up speed, and it Means that a lot of what we may even consider research-related jobs will be done by SaaS services instead. For example, for our company, we rely on big data for a lot of the decisions we make, but at the end of the day, most of these decisions are based on metrics we'll be able to create models for down the line. We haven't yet seen the effects of automation on the job market, and it'll be better to ride the wave, rather than deny it's inevitable consequences.
Thanks to Thomas Jepsen, Contractorquotes.us!
#6- Working on processes and tasks that we will carry forward through Artificial Intelligence
6 months ago we began to experiment using Artificial Intelligence thanks to Deep Learning. So far the results have been amazing!. I believe that in 5 years I see our business working on processes and tasks that we will carry forward through Artificial Intelligence on the platform TensorFlow from Google that continues to grow and develop. This will generate higher profit margins for the company and less errors in routine tasks increasing efficiency in results.
Thanks to Rennella Cristian, elMejorTrato!
#7- Several forecasts
I started my company 16 years ago and have now worked for myself 5 times longer than I ever lasted working for anyone else! In 5 years I do think I will still be running my company and am excited by the possibilities of where the business will go. I intentionally did not have my name or the word marketing in the company name because I always saw Mavens & Moguls as a platform to do work I enjoy. I predict the core marketing consulting business will be a smaller percentage of the total work we do at that point and the advisory and coaching business will continue to expand. I also believe my writing and speaking business will grow and lead to other new products as well. It is so exciting to think about all the areas we could expand into. I believe our business will be even more relevant in the future.
Thanks to Paige Arnof-Fenn, Mavens & Moguls!
#8- Separation of teams to be in-charge of different ventures
We have a website builder that was recently ranked in the top 3 in the world for 2017. We're a small bootstrapped startup but we're trying to innovate in how a website is being built. We see ourselve as the leader on the market in WL website builders, to create a solution for more and more freelancers and agencies to use for their clients. It's hard to dethrone the leaders in terms of direct sale to the customer but we can try and deliver the ultimate website builder for agencies, freelancers and anyone who want to build websites for their clients right away. We see our platform growing in terms of intelligence and finding a better way to generate quality content. We are not scared to innovate and to try bold things that our competitors don't. We want to be more than a builder, to be your one place to really grow your business online. We're currently a small team but we plan in 5 years to have separate teams in charge of our various ventures such as – AI, White Label, Secret Projects and so on. We don't want to settle for just one industry and one product but grow and create something truly amazing.
Thanks to Stanislav Petrov, Simvoly!
#9- More business growth, double revenue and personal income
I see my business growing at a much higher rate within the next 5 years and I can see myself doubling my revenue and personal income. Business for me is thriving, especially after the whole Equifax breach. I offer identity theft protection plans and it is in need by the public and almost everyone I talk to needs to protect themselves and their families.
Thanks to Kamil Faizi, ID Shield!
#10- Redefining the space of business plan consultancy
In the next 5 years, we plan to have carved a whole new space in the business plan consultancy industry. Business plans have traditionally been the same for many years, although the landscape of investor funding is changing. We are approaching this change with a new business planning process and a new way of representing startups to investors. As the innovators of this new process, our five-year plan is to completely change the business planning space and give our startup clients a much better opportunity to secure investor funding.
Thanks to Mike Sims, ThinkLions!