Goal Setting in Business

Topics: Goal, Goal setting, Management Pages: 7 (2259 words) Published: July 10, 2010
THE IMPORTANCE OF GOAL SETTING IN
SMALL AND MEDIUM SIZED BUSINESSES

INTRODUCTION
What is the difference between a small business that struggles and a small business that thrives? Perhaps it is because one business has more educational backing or initial monetary investments. Or could it be location of the business? Although all these points are factors in whether or not a business will succeed or fail the real answer to these questions are goal setting. Goal setting can either make or break a small business. It is essential early on to realize the desired level of success of a business and to turn those thoughts and ideas into something tangible. This is where goal setting comes in. Whether it is a small business that is just beginning or a business that has been around for awhile setting goals for direction is never too late. Today’s world is ever changing and constantly advancing; therefore a goal setter must always remember that goals should be viewed in the same way. Once a goal is set, it does not mean that it is set in stone. They should be reevaluated at consistent intervals and should change according to company progress. Failing to Plan

If a business fails to plan, then ultimately, the business plans to fail. Without goal setting, a business will lack direction and motivation to excel. This lack of direction and motivation often times will result in a loss of production that effects revenue. This study will show that goal setting will prove to be a worthwhile endeavor and therefore should be given priority because of its importance in business success. Purposes of the Study

The purpose of this report is to demonstrate the importance of goal setting in small business. Compare the differences between businesses that struggle and those that succeed. I will examine common mistakes made early on in a business and how early goal setting could prevent many of these mistakes. Also, goal setting is not something that is “set in stone,” but rather always changing to fit the ever changing needs of a growing business. Scope of the Study

This study investigates what goal setting entails and how to get started setting goals. It also includes strategies and explains how important goals are to a small to medium sized business. A goal is a statement of general purpose or intent. Goal setting is defined as a motivational technique based on the concept that the practice of setting specific goals enhances performance, and that setting difficult goals results in higher performance than setting easier goals. According to this, if a business sets attainable goals, this will improve performance. This will result in the need to reevaluate and reset goals in order to maintain ever increasing improvements in performance. Goal Setting

Creating goal setting in home business can be an interesting experience. Similar to goal setting in life, it can involve the significance of having strategies and clarity in the planning. One can also learn that goal setting has many different forms of strategies that individuals can use effectively. For example, a strategy that one can include in their planning is being consistent in taking action daily. Such action taking includes ensuring doing things that helps to promote the home business development. The actions taken can be minimal but the importance is its great consistency. Secondly, as part of the plan, one can include impacting others positively as one of its main objectives through the business. For example, the knowledge, experiences and products sharing with others in home business can enable individuals to experience worthy causes through the business and impact others positively. Thirdly, the strategy can include focusing on having big dreams in developing the business. Thinking big here can be impacting others positively, becoming a leader and expert and building a successful business that enable better lifestyles for their loved ones. Fourthly, it is also...

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