Enjoy Business Success by Setting Goals and Objectives

A business starts with an idea. While some people fly by the seat of their pants, those who are the most successful develop their idea by setting business goals and objectives.

For Success, You Need a Plan

Establish short and long-term business goals and objectives, and put them in writing. This will establish a plan for your business. Your goals and objectives should be SMART – Specific, Measurable, Assignable, Realistic, Time-Related.

If you don’t routinely prepare a business plan, you may not know how to start. Here’s a simple procedure to follow:

  • First, think about your business and yourself, and establish your goals. These are big-picture accomplishments. For example, your primary business goal may be to double the revenues and profits of your business within five years.
  • Second, think about the things that need to be done to reach each goal. These are short-term goals or objectives. Using the example above, how will you double revenues? How will you double profits? How will you improve your business operation?
  • Third, analyze the strengths and weaknesses of your business as well as the external opportunities and threats to your business.

Conduct a SWOT Analysis

SWOT Analysis is a simple technique for analyzing your business. SWOT stands for Strengths, Weaknesses, Opportunities, and Threats.

Clear your head and think about every aspect of your business – every department, every function. What are your strengths? What are your weaknesses? What are the opportunities and threats? This thought process may help you develop additional short-term goals, and it will allow you to develop the strategies needed to reach those objectives.

For example, to reach your goal to double revenues, perhaps the objectives are to start a new division, introduce new products and services, and hire more salespeople. Your strategies detail the things that need to be done to accomplish each of those objectives.

You can do this all by yourself, but involving your staff in a SWOT session will be more effective. Make your business more successful by establishing goals, setting objectives that will enable you to reach those goals, and then identifying the strategies necessary to accomplish each objective. The result is your business plan. Then work the plan.

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