After three months, management reviewed the goals and determined that their position in the market had improved.
After three months, management reviewed the goals and determined that their position in the market had improved.Tags: Critical Thinking WorksheetStudies Abroad For And Against EssayCreative EssaysFqxi Essay ContestHow To Assign Formal ChargeBusiness Decision Making AssignmentEssay Treaty LisbonEthan Frome Critical Lens Essay
Setting goals is an important part of any business plan.
Part of the planning process, business goals describe what a company expects to accomplish over a specific period of time.
However, in their case, upper management decided not to implement new goals to help minimize their risk.
After only five months, the company had lost six percent of the market share and subsequently their quarterly profits were down.
When the leadership team clearly understands what the business is trying to accomplish, it provides greater rationale for the decisions management might make regarding hiring, acquisitions, incentives, sales programs, etc. Knowledge is power - If an employee knows and understands the goals, it becomes easier for him or her to make daily decisions based on the long- and short-term goals that were established. Reassess goals - When goals are set, they can be monitored on a regular basis to verify the business is headed in the right direction.
If the business is not achieving or moving towards accomplishing its goals, then changes or adjustments need to be made.
For example, if a business is not headed in the right direction, the manager might want to get all the employees together to review what is happening and make changes to help achieve the goals.
Whether the management is good or bad, it still needs to keep the employees informed about how the business is performing and how the employees are doing with respect to the goals.
Is a course direction needed to get the business closer to achieving the goals?
Are the goals still relevant with the ever-changing business world we live in?