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(SETTING SHORT & LONG TERMS GOALS FOR YOUR BUSINESS
This Article throw some light on how to evaluate, set and Achieve Business Goals
Table of Contents
WHAT ARE BUSINESS GOALS?-
Business goals describe what a company expects to accomplish over a specific period of time.
HOW TO SET BUSINESS GOALS AND ACHIEVE THEM
In setting goals for your business you will first have to consider and identify those internal and external factors that are favourable and unfavourable to the realization of the goals. This analysis is called SWOT analysis.
UNDERSTANDING SWOT ANALYSIS IN BUSINESS CONCEPTION
How to evaluate business goals
S.W.O.T simply stands for Strengths, Weaknesses, Opportunities and Threats. S.W.O.T analysis is a tool that helps the organisation to determine those critical internal and external factors that are likely to affect the goals of the business. The Strengths and Weakness are internal factors, while Threats and Opportunities are external factors.
BUSINESS STRENGTHS-
The strength of a business are those things that give it advantage over others. It is important for you to identify these things concerning your business and develop/maintain them. Examples could include: The quality of your products, the quality of your workers, your packaging etc.
BUSINESS WEAKNESSES-
These are those things or factors that place the business at a disadvantage relative to others. You must quickly identify these things and correct them as soon as possible. These may include: Poor manpower, Inability to respond to change quickly, poor customer care, slow service etc
BUSINESS OPPORTUNITIES –
These are elements that a business could exploit to its advantage. These may include: Change in market demand to your advantage, new government policy, local event, relocation of a major competitor to another area, thus leaving the customers for you to take over etc
BUSINESS THREATS –
These are situations or activities within the environment that could cause problems for the business. These could include: Poor power supply, high level of theft in your area of operation, your competitor improving his product/service or offering lower prices than you etc.
SETTING BUSINESS GOALS
After carrying out the above S.W.O.T analysis, you can now go ahead and set your goals by ensuring the following which is referred to as the S.M.A.R.T rule:
1. The goals should be SPECIFIC- Not vague or ambiguous.
2. The goals should be MEASURABLE- You should be able to measure the achievement or otherwise of the goal based or either percentage terms or other terms.
3. The goals should be ACHIEVABLE/ATTAINABLE- Don’t set goals that can’t be attained
4. The goals should be REALISTIC- Set goals within your reach. Setting a goal that by the end of this year your business which you are just starting will be as big as Dangote Group is not REALISTIC.
5. The goals should be TIME based- Don’t set open ended goals. Give your goals a time frame. When exactly are you looking at? Don’t say things like “One of these days” “Soon and very soon” etc
STEPS IN SETTING AND ACHIEVING BUSINESS GOALS
How are Business Goal Achieved
1. Decide exactly what you want to achieve
2. Communicate this will all concerned parties (Those who have a role to play in the actualization)
3. Think on paper- Write down the goal- Document the goal- Any goal that is not written is a wish not a goal
4. Give it a time frame – Start date and estimated end date
5. Identify the requirements and resources required to actualize the goal(s). List them out
6. Develop an implementation/execution plan- Sequence of operations and activities towards achieving it.
7. Start off immediately. Start from where you are and with what you have
8. Give yourself and all concerned personnel specific tasks and targets with deadlines for delivery
9. Monitor progress and measure implementation in percentage terms