Explain Why All Business Should Have Written Goals

All business plans should have written goals. In terms of growth, market shares and profitability these goals can describe what a company plans to accomplish. Business goals should be attainable, measurable, relevant, specific and timely (Anthony, 2010). There is no downside to setting goals, business owners should not fear goal setting or projections Goal setting is not only about revenue, it is also about employee retention, innovation, service or anything that a company feel is important to enhancing their business (Olguin, 2013).

Companies should always work to improve, grow and become more profitable. Planning helps to set goals, goals provide clear ways to measure the success of a company. Goals ensure that everyone understands what
they are working towards. Planning brings about leadership and team cohesion, planning eliminates a lot of the uncertainty that goes with employees not understanding company goals. When a company’s goals are define, employees develop a deeper understanding of leadership decisions regarding strategic planning, having this knowledge is power (Olguin, 2013).