There are many good goals for business. Establishing goals for your business is a must. Determining the best goals to focus on for your individual business can feel unnerving, as you obviously want to succeed and thus spend your time wisely. Here we will focus in on the top three good goals for business.
Although there are many good goals for business, the top three good goals for business are:
1) Provide quality products and/or services to your customers.
2) Maintain adequate records of income and expenses.
2) Incur a net profit within the first three years of starting business.
The products and services that you provide will be your overall bread and butter. The success of a business depends in large part upon the quality of your products and services and the trust this quality induces in your customers. A customer that trusts you will become a repeat customer and even refer others to you as well.
In order to stay on top of your revenue and expenses, it is extremely important to maintain adequate records of income and expenses. It is highly recommended that a computer software is used and that business bank and credit cards, loans etc. are setup so that all business transactions are recorded and accounts are able to be reconciled monthly.
An annual net profit is an obvious goal as a business is typically started to earn an income. It is a good goal to try to incur a net profit within the first three years of starting business especially, as the IRS may determine your business to be a hobby if it is not making a profit within this amount of time.
There are many good goals for business, but the top three good goals for business are quality of products and/or services, maintain adequate records, and incur a net profit.
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