Why It’s Important to Define Your Business Goals

Operating your own business is a big commitment, in fact barely 10% of people are willing to undertake the challenge.  Most businesses fail within the first two years, making planning and commitment even more important to the entrepreneur.  If you don’t which way you’re going how can you ever arrive at a destination?  First you need to define your business goals and then move toward them with purpose.

Imagine for a minute that you are a boat adrift on the open water, you have no sails and no engines.  Everyone on board is subjected to the whims of the waves.  Don’t let your business be that boat.  Take the time and clarify your business goals, have some direction.  You have a crew that can help you by doing their part.  Now that you can appreciate the importance of planning, it’s time to make a plan.  If you’re unsure what questions to ask yourself watch the video below.

Know where you come from

This is often overlooked when you are trying to establish your business goals, you need to take a long look at where you have been and how you managed to succeed in the past.  This helps you learn what your strengths are.  Be honest in what your successes and failures were.  Understanding this will help you determine how your business goes forward in the market.  Break your strengths down into specifics not generalities like “provide good customer service”.  Have you exceeded sales quotas, are you strong in things like ontime delivery or upsells?  Your goals should reflect where you want your company to improve as well. Make sure and take into account all forms of costs like Internet marketing, SEO Edmonton and other digital Marketing, Offline marketing , human resources, staffing ect. Check out My profile about online marketing 

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Know where you are now

Don’t get lost in the past or in planning the future, you still need to have an eye on the current market situation in order to plan your next move.  Learn the trends in your industry, so you can work within them.  Like people companies can adapt and change in order to survive.  If you have elaborate plans in the future and they are beyond your present means the chances of success are reduced.  It’s important to be realistic and honest with yourself at this stage too.  Plan for achievable goals.

Last but not least, know where you are going

Nobody can predict the future and the best laid plans can go wrong, but don’t allow yourself to become paralyzed trying to predict the future.  This is called analysis paralysis and it can kill your business.  You’ve done your research and made your company into a viable enterprise.  Now is the time to lay the foundation for your future.  Focus on the things you do well and take the opportunity to increase the value of your company to your customers.

Remember that without goals you are wandering aimlessy, choose a path and act definitively.