When people start their own business, it generally initiates with the dream of implementing a love or passion into a livelihood of personal wealth and happiness. I say personal wealth, because this means different things to different people. Wealth comes in many different forms besides money, such as overall happiness and quality of life. However, whatever the motivation to start your own business is, the goals for the business are essentially the same. The following are a few (but very important) business goals:
Generate a client base & recurring income:
Whether your business is service or product based, the first thing you need is a client base. Most people get their client base from advertising and marketing strategies, but ultimately, it all comes down to client satisfaction. The ultimate goal would not be to just sell one product or service, but to have people keep coming back for more and keep referring your business. Having a solid client base will not only generate sales but hopefully will also generate profit!
Increase the value of the business:
The more profitable a business is the more valuable it is. The profitability of a business is measured on the following basis:
- Business Return – how much income it generates for the amount of assets its business operations employ.
- Business Margin – how much income it generates for the amount of revenue it realizes.
Basically, the ultimate goal is to earn as much income as possible, while keeping costs and expenses as low as possible, hence generating a good profit.
Secure the income and value of the business:
- Desire and demand for the products and/or services the business provides.
- Ability to maintain the customer base as well as the ability for the customers to afford the products and /or services that you are providing.
- Maintain a unique and competitive business model.
- Constant control of the quality and efficiency of production activities.
- Maintain a good business reputation.
Whether you just started your own business or have been a business owner for 50 years, these goals are probably running through your head constantly in one way or another.
There is always a way not only to sustain but to improve upon and better your business, your passion, your livelihood… these are all done through goals that you set not only for your business but for yourself.
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