2. Mission Statement: As a business owner, you must know why you are even in business. Your mission statement should illustrate how your business plans to satisfy market needs and how expansion will take place.
3. Timeline Goals: Short term and long term goals are great measuring tools for success, and motivating factors for growth and expansion. Where would you like to take your business 6 months from now, or even 5 years from now?
4. Marketing Approaches: A business must be marketed! It is important to find the best types of tools and approaches to appeal to your target market. Consider social media outlets, events, blogs, and trends. Also, monitor the effectiveness of your marketing approach over time.
5. Financial Analysis: A business’s purpose is to profit. Therefore, financial analysis is highly important. As a business owner, you’ll want your profits to be high.
Maintaining order is the only way to keep finances on track. Consider monthly expenses, pay-outs, personal expenses and business expenses (to name a few).
6. Competitor Observation: Businesses that also cater to your same target market are competitors. Emphasis should not be on comparison, however, it is useful to know what competitors are doing to win over the market, what trends are being utilized, and what is driving the success is other businesses. Be as unique as your mission statement, but understand that your business’s approach should be one that effectively caters to and wins over your market.