Posted on 04/08/2018 in Business

Useful Tips about Creating Business Goals

Useful Tips about Creating Business Goals

 

Every business achieves success because of having clear and realistic goals. Even a small business that is being run by a single person can achieve much success by having good business goals. As a professional with an MBA and Technology degree I have studies how small businesses can grow significantly by having good goals. Statistics show that in Australia most businesses especially the ones run by just a single person close down within the first three years. So, don’t you think it is important to have clear goals for your small business?

While setting goals for your business it is paramount to consider a number of factors. This post will inform and educate you on the main things you need to consider while setting goals for your business. Some of the factors are pretty simple but others will require proper planning. The RiseAtop Education Series is written for a business owner who wants to achieve the much needed success. Here are the main factors you need to consider while setting goals for your small business.

Finances

As a small business owner, you will need to plan your finances properly while setting goals. The importance of this is that you do not want to have debts which you cannot manage. You will carefully need to consider financial sources to fund your enterprise. You either must have saved some money or you might need to borrow from a financial institution. Depending on the amounts you have set aside for your business you will still need to plan for this.

Competition

While setting goals for your small business you should also consider your competition. You might be dealing with goods and services which are sold by many established businesses. In such a situation you need to plan how you will be able to penetrate the market effectively. In the modern world, you are most likely going to consider using technology to gain an edge over the competitor. As a start-up, it is often very difficult to compete based on price.  

Marketing

It serves no purchase to have a great product or service if no one knows about it. Thus, you should seriously consider investing carefully and vigorously into processes that market the business. This means that you should have plans on how you will be able to reach out to the people who might become your customers. Almost eighty percent of small businesses in Australia use the internet to market their businesses. This is because the internet is an excellent channel to reach out to more people in a convenient and cost-effective manner. While making business goals you should be able to plan which will be the most effective marketing strategy for your business.

SMART Goals

It is also very important to set realistic business goals. You should understand that your small business cannot grow to be a multinational company within a few days. It is important to know that it will take time for your business to grow. Consequently, the goals you set should be specific, measurable, achievable, and realistic and time-bound. They should be aligned with the rate at which your business grows. If increasing your online audience by 5% or more is one of your business goals, then you should consider creating a professional business profile on riseatop.com, a technology platform that will allow your happy customers spread the word about how wonderful your services and products have helped them.

RiseAtop is a membership technology platform that makes it easy for business owners to publish their digital articles, generate leads and connect with more customers. If you want to boost and increase your marketing efforts, first check if your business is listed and claim the rights to manage your company details, then complete your profile by uploading as much useful information for your ideal customers as possible.

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