Using Business Goals to Develop a Business Plan
Starting and running your own business can be a big undertaking. Therefore, in order to be successful in this venture, you will want to set certain business goals for yourself. These business goals can help you plan for the future and keep track of how close or how far away you are from where you want your company to be. Creating business goals is one of the first things you should do when you start your own company and while these goals can be particularly helpful when it comes to keeping yourself on track, they will also be a crucial component of your business plan.
A business plan is a primary resource for one of these two common goals:
- Finding investors or partners for your company
- Getting the start up support and funding you need to get your business off of the ground
A business plan can also be used as a road map as you develop your company; this will allow you to gauge where your company is and where it needs to be. Your different business goals will be used as the framework for your company’s business plan.
The first way you will want to utilize the goals you have for your company is by developing a mission statement. As the name suggests, a mission statement describes just what your company’s ultimate goal of mission is. Look at your company goals and find out what your main objective is based on these goals. This will help you craft a mission statement, or a primary business goal for your company. The mission statement will be used to keep your company going in the right direction as it grows and expands, and will also help you show potential investors just what your company is all about.
You will also use your company’s business goals to create an outline of where you want your business to go, how much money you want to make, how many employees you want to have and any other important aspects of your organization. For example, if you plan on building a multi-million dollar business, then you will want your business plan to outline the steps you will take to get your company to this level.
Ultimately, your mission statement and company objective are beneficial additives that arrive from your business goals. Having these goals solidified in a business plan will not only help you craft a business plan that will help you take your company where you want it to go, but it will also help you remember the goals you had for your organization later on down the line.
Remember, you will want your business goals to be as precise as possible, especially if you are using them as a framework for your company’s business plan. You should never have a general goal like, “expand the company.” The goals you have should be more specific, such as “expanding the company to have two locations and at least 20 employees in the next ten years”. This is a much more concrete business goal, and this is the type of goal that will actually keep you on track and constantly moving forward. Putting these types of tangible business goals in place as you start your company can not only lead to a better business plan and mission statement, but a more successful future for you and your organization.