It is often said that if you fail to plan, then you plan to fail.
Small businesses should not neglect to use business theory techniques such as the SWOT Analysis or SMART goals.
There are a number of people who will suffer if you don’t establish goals. Employees need direction and motivation in order to feel that they have a future with your company. Customers like to know that your business is a strong one that will be around for many years to come. Most importantly, as the business owner you personally need direction in order to prevent the company from going off the rails.
Before setting goals, it is important that you fully understand the position that your business is currently in. In order to do this, you must conduct a full SWOT Analysis of your business. This involves identifying the strengths, weaknesses, opportunities and threats that are currently having an impact on your company, so that you can start making positive changes.