I have had many clients who start new businesses. I also have clients who already have businesses. When I have my very first conversation with them I usually ask what their goals for their business are. Many do not have goals. Or they don’t have specific goals. More like vague ideas of where they want their brand to go. It is almost like they are afraid to have any, because if they do maybe they will be to hard to hit. So you may ask yourself “Why a business needs goals”?
One of the most important reasons why a business needs goals is to measure success. Good organizations should always be trying to improve, grow, and become more profitable. Setting goals provides the clearest way to measure the success of the company. When you are looking at your company from a three- or five-year perspective, you are looking beyond the tactical side of your business and instead taking a much more macro view, which allows you to see the company from a competitive, business vertical or economic perspective. It also helps you make decisions based on where you want to go. If you want a small volume but highly profitable fashion brand you might want to sell small boutiques as opposed to high volume department stores.
Goals move entrepreneurs from “I have a dream” to “I have a strategy and a plan.” Which to me is probably the most important reason. It makes your business real as opposed to a hobby you’re dabbling in. It forces you to take your business more seriously.
Using S.M.A.R.T. goals is probably the best way to make your goals.
S.M.A.R.T. Goals are
Specific
Measurable
Attainable
Realistic
Timely
Having clear goals will help you grow you business which is why a business needs goals.
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