An important part of the business planning process is determining business objectives that are translated into actionable business goals. Goal writing does not have to be overly complicated.
Providing an overview of your business can be tricky, especially when you're still in the planning stages. If you already own an existing business, summarizing your current operation should be relatively easy; it can be a lot harder to explain what you plan to become. So start by taking a step back.
Think about what products and services you will provide, how you will provide those items, what you need to have in order to provide those items, exactly who will provide those items Consider our bicycle rental business example. It's serves retail customers. It has an online component, but the core of the business is based on face-to-face transactions for bike rentals and support.
So you'll need a physical location, bikes, racks and tools and supporting equipment, and other brick-and-mortar related items.
You'll need employees with a very particular set of skills to serve those customers, and you'll need an operating plan to guide your everyday activities. Sound like a lot?
It boils down to: What you will provide What you need to run your business Who will service your customers, and Who your customers are In our example, defining the above is fairly simple. You know what you will provide to meet your customer's needs.
You will of course need a certain quantity of bikes to service demand, but you will not need a number of different types of bikes.
You need a retail location, furnished to meet the demands of your business. You need semi-skilled employees capable of sizing, customizing, and repairing bikes. And you know your customers: In other businesses and industries answering the above questions can be more difficult.
If you open a restaurant, what you plan to serve will in some ways determine your labor needs, the location you choose, the equipment you need to purchase Changing any one element may change other elements; if you cannot afford to purchase expensive kitchen equipment, you may need to adapt your menu accordingly.
If you hope to attract an upscale clientele, you may need to invest more in purchasing a prime location and creating an appealing ambience. So where do you start? Focus on the basics first: Retail, wholesale, service, manufacturing, etc.
Clearly define your type of business. You cannot market and sell to customers until you know who they are. Explain the problem you solve. Successful businesses create customer value by solving problems. In our rental example, one problem is cycling enthusiasts who don't--or can't--travel with bikes.How to Write a Great Business Plan: Overview and Objectives The third in a comprehensive series to help you craft the perfect business plan for your startup.
By Jeff Haden Contributing editor, Inc.
In this edited excerpt, the authors help you decide what your goals and objectives for your new business are before you ever start writing your business plan.
You’ve decided to write a business. Below we demonstrate how to write S.M.A.R.T. goals for two typical business scenarios: completing a project and improving personal performance. We’ve also created an easy-to-use S.M.A.R.T.
goals template and worksheet to help you get started. Characteristics. Write strategic goals according to characteristics that make them different from objectives and action steps. Each is a statement . Below we demonstrate how to write S.M.A.R.T. goals for two typical business scenarios: completing a project and improving personal performance.
We’ve also created an easy-to-use S.M.A.R.T. goals template and worksheet to help you get started. Writing SMART goals for yourself or your students is a simple process if you understand the acronym and how to apply the steps it prescribed, as follows: "S" stands for specific.
Make your goal or objective as specific as possible.