Goal Formulation (Restaurant Business)

Topics: Strategic management, Management, Strategy Pages: 2 (697 words) Published: October 8, 2012
Goal formulation statement.
Goals are developed from the SWOT analysis. This is not a wishful thinking. Goals describe objectives that are specific with respect to magnitude and time. A goal is a realistic, measurable, time-dated target of accomplishment in the future. Why goal formulation so important thing for strategic planning? Strategic planning is a process that determines the future of organization. Goal formulation determines resource allocation needed. Having a proven process for strategic planning and goal formulation makes the effort more efficient. This assures that a strategic plan will provide a frame that will shape a company’s future. Goals formulation converts the company’s mission, objectives, strategic vision to specific performance targets, something the company’s progress can be determined. All goals must be stated in quantifiable or measurable terms, contain a deadline for achievement. Let’s consider a goal formulation process in terms of mobile restaurant business with food to-go, which is popular in the United States but still not presented here in Kazakhstan. Worldwide crisis gave a way to this specific business where not only professionals – chief cooks that has been fired or lost their business due to being unprofitable – even simple ex-office clerk who lost job during recession can run it. Cooks prepare and sell food right on the street where truck parked. The main goal of every business is to generate profit. However, the goals of every business change, depending on the type of industry they are in, the demands of the market, the current condition of the market. To be specific

When setting business goals, entrepreneur should keep in mind that specificity is really important to visualize exactly how the end result would be. For example:” Generate sales of $ 500 000 after running my mobile restaurant entity for year” is more specific goal, than simple “I want to be rich”. Then, one more specific goal is how much “branches”...
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