ECONOMY: Three Strategic Economic Goals of Any Company Will Drive Local Economic Growth When Implemented
AGN.News Team
March 3, 2024
WASHINGTON (AGN.News) – Local or global economic competitiveness driven by motivated leaders can and will result in reaching any overarching goals established by a company’s management team. This holds true regardless of the size of the company.
The 1st Strategic Goal of Any Company
The first strategic goal: Implementing company policies to sustain growth. Small and medium-sized businesses, like major corporations, are required to have a business plan and build the company around it. Properly implemented, the business plan can have an upward trajectory of profits.
Company policies are designed to grow the company and to build a committed team of professionals. First, let’s explore the definition of business.
Business is the practice of making one’s living or making money by producing or buying or selling products or services. It also includes any activity or enterprise entered into for profit.
Therefore, the business plan, the employees, management team, and the ownership of the company are not in business as a non-profit organization, rather a for-profit organization.
Understanding this concept will help anyone associated with the company to have the same priority in mind when involved in any company-related activity. This oneness of mind will reflect itself when implementing the company policies and procedures – the result is sustained growth and productivity as defined in the business plan.
The 2nd Strategic Goal of Any Company
The second strategic goal: In this highly competitive economic climate it’s important to have a plan relating to advertising and promotions. In simple and easy to understand language, a company must have a way to connect with future clients or customers. This is accomplished with advertising and promotions.
Maintaining an image of the company is important when making this connection. From the company colors to the color and design of the logo requires careful attention to detail. Also, any graphics used must meet the high standards of the company. If you’re not sure of how to proceed, consider hiring a professional to help. Your local print shop can usually offer some assistance with graphic designs and more.
For example, if you’re opening a tennis shoe store your salesperson can wear a referee shirt and a whistle around his or her neck. That will not work in a dental office. So, the attire must match your company’s image. The main thing is to project a consistent look. There are companies who specialize in this area and can help.
The 3rd Strategic Goal of Any Company
The third Strategic of Any Company: There are many ways to deliver products and services to customers. In one geographic area a particular delivery plan may work well. In another area that plan may not work as well.
For example, many years ago self-checkout was the thing. Initially, many customers greeted self-checkout with a smile because there were almost no lines. Today, news story after news story are showing disdain for self-checkouts.
Many companies began scaling back on cashiers in hopes of customers connecting with self-checkouts. Now, many of those stores are seeing record losses due to constant theft and skip-scanning by people. Skip-scanning in its simplest form is when an item is quickly scanned across the optical reader without registering the item. Some of this happens when a person places their hand over the barcode as they pretend to scan the item.
A customer in Florida, who was also a local bank employee, used skip-scanning to steal hundreds of dollars from local supermarkets. Those thefts worked so well; she took her craft on the road to multiple counties. The thefts only ended when the company installed a facial-recognition system to identify the thief. She returned to the same store and all alarms went off. She was arrested.
When people steal from companies it drives the cost of the product or service up for everyone. Therefore, many companies are turning to promoting home delivery as an option to coming into the store. This plan appears to be preferred by many retailers.
When it comes to providing services, careful attention must be given to the details of how to deliver the best services at a good cost with 100% reliability.
Strategic Goals Have Many Rewards
A main consideration for any business is directly related to profits. The company can not operate without profit. Whether its a product or service the company has to make a profit. Profits drives the economy of every local community.
When selecting products to sell always know the exact cost of the product delivered to your door. Next, know the exact cost of processing the orders for the product (sales staff, order processors, package help, shipping cost). Now, you can set your price for the product delivered to the customer.
A similar process is involved in delivering services. However, one must determine what applies to their unique situation. It always helps when you have a year or two working for a service-related company prior to starting your own. That way you can earn while you learn without having to go through trial-and-error processes.
The most rewarding part of reaching your stated goal is knowing your business plan was properly implemented and your team stayed focused on reaching those goals.
There are many strategic goals to be had and obtained in any business – never underestimate your ability to reach any goal you set for yourself or your company.
We touched on three strategic goals of any company in this story, but there are many more. The main idea is to know that anyone can reach their goals. That will help drive their local economic growth when implemented. A well-planned business program as well as a management team who will successfully manage it equals profitability long term.
Setting Economic Goals Helps America
The global economy appears to be resilient despite challenges. GDP growth was 3% in 2023, and there are positive indications for continued expansion in 2024 and beyond.
When local business owners set realistic goals for their companies, they have a realistic chance to see their company grow, slowly at first, then have modest gains over time with stronger performance in future months and years.
The United States economy is particularly strong, outperforming others globally, with a 3.3% GDP gain in the last quarter of 2023. We’re not where we want to be yet, but as a country, we’re on our way to a stronger and an improved GDP. That’s news you can spread!
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