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Chapter 8. Steps in the Planning Process > Step #4 Identify Your Business Objec...

Step #4 Identify Your Business Objectives.

Businesses do not become successful by accident. Rather, the entrepreneur must establish objectives for the business. Objectives should be measurable and attainable benchmarks for goals. Objectives are usually expressed in terms of survival, growth, profitability, or revenues. For example, a business’ goal may be “to maximize profitability,” whereas the corresponding objective might be “to attain a 12% return on net worth during the initial year of operation.” Such an objective is specific enough that an entrepreneur can continuously evaluate the business’ progress and can take corrective action as necessary. To not have objectives or monitor progress is like bowling in the dark. You hear sounds of pins being struck (or missed), but there is no way of knowing the score. It would also be impossible to know what adjustments are required.


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