Goals Of A Business Plan

M - Measurable – the business can put a value to the objective, e.g. A - Agreed by all those concerned in trying to achieve the objective.

R - Realistic – the objective should be challenging, but it should also be able to be achieved by the resources available.

The competitive environment might change, with the launch of new products from competitors.

Technology might change product designs, so sales and production targets might need to change.

Profit satisficing – try to make enough profit to keep the owners comfortable – probably the aim of smaller businesses whose owners do not want to work longer hours.

Sales growth – where the business tries to make as many sales as possible.

This may be because the managers believe that the survival of the business depends on being large.

Large businesses can also benefit from economies of scale.

So its important to start off on the right footing.

Understanding your market, your competition, your strengths and weaknesses are important in order to understand what to do next, how to approach those challenges and how to stand out from the crowd.

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