To Provide A Direction To The Business Part-3

Goals

• A company’s vision may span across a few years. It should be broken into annual milestones. These milestones can be further divided into goals.
• Goals give a definite focus to synergize all the energies of the employees of the company towards a set of objectives. It is a great motivation factor in any organization to work as a team to achieve together. Every goal must be SMART (Specific, Measurable, Achievable, Realistic and Time-Bound).
• Some ideas for the organization to set goals are:
  • Sales turnover
  • Profitability
  • Market share
  • Profit margin
  • Return on capital employed
  • Earning per share etc.
• The leader must guide the company to set goals as per the mission, vision and priorities of the company.
• These goals can become the central theme around which all the activities within an organization can be organized.

Looking Into the Future

A leader must keep his eyes on the future. He must try to understand trends which are shaping up the tomorrow. He should be able to guess what is around the corner, what is coming up. For that, the leader must be constantly updated about the developments in the industry and in the market of his business. He should also keep a watch on the developments in technology and the global markets.

 

For getting awareness about the new trends, a leader can do the following:

• • Studying industry related literature (Journals, magazines, web sites etc.)
  • Visiting the events and exhibitions of his own industry as well as his customer and vendor industries.
  • Actively participating in the industry association’s activities, either as a part of the committee or as a participant in the association meetings and events. Participating in the association activities helps one in networking with the other industry people. It also provides an opportunity to establish oneself as a leader, if one chooses to do so. Moreover, we get to know the developments shaping up our industry.
  • Regularly keeping in touch with the customers to get an early idea about how customer tastes and preferences are changing or to know what the competitors are doing.
  • Spending some time in trying to gauge the customer’s requirements in future.

A leader can set a vision only through his ability to set his aim into the future.

Innovation

Every business is started to fulfill some needs of the customers or to solve some problems of the customers. A business leader must ensure that the business is attracting and retaining more and more customers. The company’s customer base should continuously increase. In the highly competitive and ever changing markets, this is possible only through continuous innovation. Through ongoing innovation process, a business must constantly strive to improve its:

• Products or services
• Internal processes
• Customer focus
• Marketing activities
• Costs

To keep the spirit of innovation alive in the business is the leader’s responsibility. The leader must create a culture in the organization such that creativity is nurtured, new ideas are encouraged and mistakes are taken as learning experiences.

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(Expert advice to GROW your business wherever you are, whenever you want.

SMEBusinessGuide.com… https://goo.gl/E3pfoQ)

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