Topic Content:
- Definition of Business Goals
- Need for SWOT Analysis
- Strengths of a Business
- Opportunities of a Business
- Weaknesses of a Business
- Threats to a Business
Definition of Business Goals:
When setting up a business an entrepreneur or organisation must identify goals to be achieved on a short or long-term basis.
Short-term goals are those goals that are attainable within the period of a year while long-term goals are set for a much longer period of time, for example, 5, 10, or even 20 years.
A business goal can therefore be defined as a business objective or target to be achieved within a specific date or period.
Goals can be set relating to the company as a whole or a particular department, employers, or customers of the business. They will help the entrepreneur monitor the progress of the business. A business may fail if its goals are not identified at the initial stage.
Why do a SWOT Analysis:
A SWOT analysis helps you identify and assess internal factors (strengths and weaknesses) and external factors (opportunities and threats) involved in setting up a business venture that might affect your business.
SWOT is an abbreviation for:
You should perform a SWOT analysis before you set up business goals or objectives.
Strengths of a Business:
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