THE IMPORTANCE OF GOAL SETTING IN A BUSINESS.

in Project HOPE2 months ago

Having a business plan is really important when going into the business territory, I strongly believe that it is the business plan that keeps one in check from time to time. Studies have proven constantly that within the first five years of business operation, only very few businesses survive others fail and are unable to survive and some of the reason behind this is usually:

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The absence of customer service: When a business lacks adequate customer service, it is only normal for such a business to fail, the strong reason why a business would stand is because they have a strong customer base that feels loved and respected, so the moment a customer does not feel respected and loved around your business any longer, they just look elsewhere.

Inadequate product: A business needs to always keep the product it offers readily available to customers, when customers always find whatever they need with you it is only normal for them to keep coming back to you because it is sure that they will get what they want. If you however promise your customers a product and you are not able to provide it, they begin to lose trust in the values of your business.

Poor logistics and leadership: The success of a business lies also on the leadership capacity of that business, when a business lacks the capable hands to manage a business successfully it will surely not last for a long time.

Lack of plan: This is one of the strongest and biggest reason why businesses fail, a business without a direct plan will be moved and tossed around by different advice and doing things abruptly will result in the failure of such business. Without a proper plan in place, a business will not know if growth is occurring and even with what direction to face next. The success or failure of business lies greatly in the plans put in place for that business.

Considerations in writing a business plan.

Now that we know how important it is to have a business plan, we must take into consideration the things that needs to be looked out for when writing a real business plan.

A clear vision is one of the strongest quality that must be included in a business plan, when starting a business there are so many great accomplishments often desired for the business but as time goes on, those things begin to fade away gradually when pressure begin to take its toll. However having those goal written down at the beginning of the business, will help you create a mission that will guide you through the achievement of that goal on a daily basis.

These plans should be categorized into short term, immediate as well as long terms goals too basically describing how well your business should have grown within a certain period and the things you need in order to make that achievable.

The service or product you are offering either has an existing competition or a competition that will occur in the future, your goal must include your strategy that will make you desirable by customers amongst the available competition.

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Hello friend, I agree, a company must have well established goals and strategies in order to move forward and stay on its feet. Certainly having a business is not an easy thing, there will always be ups and downs but having clear what we want is essential to not let us fall and customers are the cornerstone so having a good customer service should be important. Greetings!

Thanks for reading friend.

Hello friend, I find your content very valuable, very educational for those who begin to undertake some business, provide at all times to customers the product they are looking for is essential for the customer to always return.

See you later, thanks for sharing your experiences, I hope your week ends very well !

Customers are really important and valuable to the business, thanks for reading.

Hi @ben-edom
Certainly, the elaboration of a business plan is fundamental and one of the most important points to consider in order to start structuring a business.
Without a well-structured plan, it is not possible to measure and evaluate the results obtained in a given period of time, and it is considered a vital tool for decision making.
Great reading, best regards

A well structured business will help in the evaluation of results in time.