As the festive period comes to an end, more businesses and services resume in full swing.
As a business owner, you might want to set new business goals for the year.
However, you would be making a mistake if you embark on any strategic business goal setting without a consideration of these factors.
The world is constantly changing. As the world changes so does the environment which your business operates.
But what exactly is this market environment? The market environment simply refers to the factors that affects a company’s capability to carry out its operations effectively.
These factors affect marketing decisions and they could be internal or external. Some of the external factors are political, technological, socio-cultural and environmental.
Although a number of businesses usually incorporate market analysis at the onset of their business, it is advantageous to carry out a form of market re-assessment before drawing up any strategic business goals.
Products and services
Just like a farmer wakes up in the morning and carries his hoe or cutlass to the farm. Your products and services are your tools whilst the market is the farm.
There is no farmer that just wakes up to embark on a planting spree without some previous considerations.
The farmer might consider the season, the weather,the type of soil, seeds and man-power required to plant his seedlings. Therefore, his timing would take cognisance of these factors.
The same unwritten rule should apply in business.
Never embark on setting or executing any business goals without considering your current products, services or situation versus the current market situation.This is because,your product and service are your tools for profit.
Setting goals without proper consideration of the financial implications is like searching for a parcel of dry ground on a cold snow-laden winter morning.
Probably difficult if not almost impossible isn’t it?
But what if you as a business owner were to assess your current financial situation with a to view asking the following questions.
What is my current financial capabilities? What is my average monthly income? What is my current profit versus estimated profit for a set period?
What are my goals for a set period? How much do I need to execute specific actions towards achieving these goals?
What other alternative sources of funding are available for my business? If I do not have all the initial funding requirements, what sponsorship, partnership or collaboration do I need to achieve my goals.
A careful consideration of these questions would provide you a broader view and help identify alternative funding options.
Goal setting is usually a buzz word at the beginning of the year. However, it takes a smart business owner to see beyond the buzz by considering the critical factors outlined in this article before any action.
Ngozi Ojo is a business consultant. When she is not helping businesses develop marketing communication strategies,she cooks and writes. For further enquiries,please email her on email@example.com