The Value of Setting Goals For Your Fashion Brand

By Maria Pesin | Business

It seems to me that new entrepreneurs are afraid of setting goals for their business.  They have no idea what their goals should be; so they either don’t do it or they set vague wishy washy goals.

Jay B. Barney and Ricky Griffin authors of “Managing Organizations: Strategy, Structure, and Behavior,” stated organizational goals serve four basic functions; these are:

  1. provide guidance and direction
  2. facilitate planning
  3. motivate and inspire employees, and help organizations evaluate and control performance
  4. Organizational goals inform employees where the organization is going and how it plans to get the job done

Having goals gives you a direction, clarifies your ideas and forces you to come up with a plan to achieve it.  If your goal is to have a volume of $5 million in 3 years there are different strategies you need to take then if your goal is $500,000 in 3 years.  It also required more money so by knowing your goal you can arranging for your financing.   You know the old saying, “Fail to plan, plan to fail,”  Planning your business is one of the most important activities an owner needs to take in order to inure success.

Research shows that specific and difficult goals lead to better task performance than vague or easy goals.

It is so easy to be distracted and want to everything.  Setting goals forces you to be focused, using your time and resources productively.  If an activity doesn’t help you reach your goal you don’t do it.

Your goals should be short term, mid-term, and long term.  This helps you to see if you are achieving your bench marks that will indicate the likelihood of reaching your long term goals.  If you aren’t achieving your short term goals you can course correct before it is too late.

Dream a little, then make your goals for your brand.  Make sure they are s.m.a.r.t.

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time sensitive

 

 

 

 

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About the Author

Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!

  • Nice article and thanks for the sharing.

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