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Category - Goal-setting

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1
Dive Into Your Business With A Multi-Level SWOT Analysis
2
From “Vision” To Reality
3
Planning – Where Do You Want To Go?
4
Do Your Team Members Have Their Individual Objectives?
5
Are Your Short Term Goals Aimed At Long Term Objectives?

Dive Into Your Business With A Multi-Level SWOT Analysis

I’m guessing you have heard of the SWOT analysis where you identify the Strengths, Weaknesses, Opportunities and Threats of your business.

I wrote an article on how you can conduct a SWOT analysis and use it to improve your business, but this week I wanted to really help you to dive deep into your business and conduct a multi-level SWOT analysis on your business.

First, let me explain for the uninitiated.

A SWOT analysis is a critical tool to analyse where your business currently stands in various performance areas. It is used as a key stage during the business planning process.

Strengths and weaknesses are internal characteristics, within your control to develop or eliminate. Opportunities and threats are external influences like the economy, legislation or natural disaster which you cannot control but can to manage their effects.

An analysis of the strengths, weaknesses, opportunities and threats of your business will help you to identify strategies to improve on strengths and take advantage of opportunities, as well as eliminate weaknesses and mitigate against threats, and thus improve your business performance.

However, did you know that you can use the SWOT analysis to dive deep into every part of your business and develop immediate tactics as well as longer-term strategies to correct weak areas and build up strong ones?

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From “Vision” To Reality

Last week I wrote about how all planning starts with a clear vision of where you want to go. I gave you three simple steps to create a vision for your business that also establishes clear measurements of how close you are getting to “success”.

And yet, some pragmatic small business owners are still concerned that spending time on this “vision-thing” is not really productive, They can’t see how a wild and woolly “vision” can really help them succeed amongst their daily grind.

Well, that may explain why they feel they are in a daily “grind” rather than feel that they are successfully building the business of their dreams.

Before I show you exactly how you can use your vision to create a reality in your business – one that ensures everyone in it knows exactly what to do without being told and where everyone is pulling toward the same targets of “success”, let me ask you something.

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Planning – Where Do You Want To Go?

The first stage of any planning exercise is to define where you want to go.

Imagine starting on a journey to visit mum without knowing where she was? Imagine getting on a plane to go on holiday without knowing where the plane was going?

Without knowing where you want to go, you cannot take steps to get you there.

Obviously, it is the same in Business Planning. In order to know what to do to make your business grow and be successful, you need to decide what you want the business to be like when it is successful.

This week, I’m going to show you how to do that in your Business Planning process.

The clearest way to define what your business will be like when it is successful is to create a Vision Statement and define it for measures of success.

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Do Your Team Members Have Their Individual Objectives?

Do your employees have written Job Descriptions?

No? Okay, let’s slide past that one quickly!

I can’t tell you how important it is for effective teamwork that everyone has a Job Description that helps them do their job, and fit into the team working together to meet the business objectives.

After this week’s video I hope you will now prepare individual Job Descriptions, but even if you do have written Job Descriptions for all your team members right now, does it include a clear objective for their role that fits into the overall objectives of the business?

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Are Your Short Term Goals Aimed At Long Term Objectives?

Not many small businesses have prepared a business plan.

How can anyone risk their savings and their dreams to open the doors of their new business without a plan?

Don’t get me started! You wouldn’t go grocery shopping without some sort of plan – the shops you need to go to, the route to them in the right order, preparing a shopping list and taking it with you, making sure you have enough fuel in the car, working out where you will park.

Yet many people start or run a business without any plan at all – and a to-do list does not constitute a plan by which you should risk your thousands of dollars!

Now if you do have a business plan, good on you! It means you are taking this seriously, as you should!

But let me ask you this – are the goals that you have listed long-term goals or short-term goals? Read More

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