Business Goals |
Business Goals are an extremely important component of success. While no one can predict the future with any certainty, lack of goals will result in lack of focus. The business plan should at minimum include:
Business goals should be in writing and they should be "SMART". Research has conclusively shown that written goals are much more likely to be be attained! SMART goals are:
Short Term GoalsShort term goals are generally very specific, even for a start-up business. These goals can generally be specified by date of completion. Items listed on short term goals might include:
Long Term GoalsLong term goals capture the strategic direction the business is taking. Long term goals should take account of:
Constraints on Business GoalsGoals will only be attained if time to taken to identify constraints. Possible areas to consider include:
Family GoalsIf the goals of the business are not compatible with the goals of the family, then problems will surely follow! A farm, or any business for that matter, is very much a family affair. Take time to think through how the business will support, or interfere, with the goals of the family. This should include input from children as well as spouses/partners. Consider the dairy farmer we know. He dreamed for years of passing the family owned farm on to one or more of his children. They all moved on after college. He was forced to sell the farm at age 60, since he was no longer able to operate it. Upon consummation of the sale his wife left him, taking her half of the proceeds, and went traveling - something that she had wanted for many years but was unable to do since she was tied to the farm. This farmer's failure to consider the goals of the family cost him far more than the business. |