Writing a business plan is the first step to get your business on success track. It is important because it clearly identifies the business goals and specifies the road map to achieve the same.
However, for new entrepreneurs, identifying the goals and objectives itself is a tricky task. And, without a proper set of goals and objective, you cannot develop a business plan, nor can the venture go successful!
So, if you are having trouble deciding the goals and objectives for your startups, here are some questions to ask yourself:
- How determined am I to build this venture?
- Am I willing to invest my own money? If yes, how much?
- Am I willing to work long hours for no pay?
- Am I willing to sacrifice personal time and lifestyle? It may take year!
- What options do I have if this venture doesn’t work out?
- If it goes well in next six months, how many employees will I need by then?
- Can I start small from home?
- Will I need a larger space as it grows? If yes, how much it will be?
- What will be the annual revenues next year?
- What will be the annual revenue after five years?
Join Our Small Business Community
Get the latest news, resources and tips to help you and your small business succeed.
- What will be its market share in that time frame?
- What about the geographic expansion? Local? National? Global?
- As it grows, how will I be delegating the tasks to others?
- What will be my role in next six months, one year and after that?
- How comfortable am I taking direction from others?
- What type of investment will I be looking for?
- Could I work with partners or investors who demand input into the company’s management?
- Is it going to remain independent and privately owned?
- Will I look for this venture to be acquired or go public?
Ask yourself the above questions, note down the answers. All these answers collectively identify the goals of the business. Dividing those goals into SMART (small, measurable, achievable, relevant and timely) portions will give you the short term objectives for your business.