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Planning your business: number then of a series of modern business talks (classic reprint) - Business Plan Goals & Objectives - Entrepreneur



RMIT University acknowledges the Kulin Nations as the Traditional Custodians of the land on which the University stands. The University respectfully recognises Elders both past and present. RMIT also acknowledges the Traditional Custodians of lands across Australia where it conducts its business, their Elders, Ancestors, cultures and heritage.

You may start out as a corporation of one- just you, by yourself at your dinner table: making sales, helping customers online, writing invoices, cutting checks. But that’s not the dream, is it? A small business you can run yourself may be the dream for some, but many entrepreneurs see something bigger. They see a bustling business with happy employees and happy customers exchanging plenty of money for plenty of products. But it has to start somewhere.

Even though you’re a corporation of one right now, and your growth may not necessarily include additional employees in the near future, here are the steps you’ll want to start taking to plan your HR needs. These steps will also work for a growing business that already has employees.

Step Two: Develop an HR inventory. – This is fairly easy for most small businesses: there’s just one of you! But if you’re a growing business with a couple of employees already, that should figure into your planning, too. Do you forecast a need for ten employees but currently have 2? Simple math suggests you need eight additional employees. As you grow, this step becomes more important as you factor employee turnover into the equation, too.

A strategic business plan is a step-by-step guide a business puts in writing to achieve its business goals and objectives. The five primary elements of the plan are the company vision, mission statement, critical success factors, strategies and actions for objectives, and a prioritized implementation timeline.

Kristie Lorette started writing professionally in 1996. She earned her Bachelor of Science degree in marketing and multinational business from Florida State University and a Master of Business Administration from Nova Southeastern University. Her work has appeared online at Bill Savings, Money Smart Life and Mortgage Loan.

RMIT University acknowledges the Kulin Nations as the Traditional Custodians of the land on which the University stands. The University respectfully recognises Elders both past and present. RMIT also acknowledges the Traditional Custodians of lands across Australia where it conducts its business, their Elders, Ancestors, cultures and heritage.

You may start out as a corporation of one- just you, by yourself at your dinner table: making sales, helping customers online, writing invoices, cutting checks. But that’s not the dream, is it? A small business you can run yourself may be the dream for some, but many entrepreneurs see something bigger. They see a bustling business with happy employees and happy customers exchanging plenty of money for plenty of products. But it has to start somewhere.

Even though you’re a corporation of one right now, and your growth may not necessarily include additional employees in the near future, here are the steps you’ll want to start taking to plan your HR needs. These steps will also work for a growing business that already has employees.

Step Two: Develop an HR inventory. – This is fairly easy for most small businesses: there’s just one of you! But if you’re a growing business with a couple of employees already, that should figure into your planning, too. Do you forecast a need for ten employees but currently have 2? Simple math suggests you need eight additional employees. As you grow, this step becomes more important as you factor employee turnover into the equation, too.

RMIT University acknowledges the Kulin Nations as the Traditional Custodians of the land on which the University stands. The University respectfully recognises Elders both past and present. RMIT also acknowledges the Traditional Custodians of lands across Australia where it conducts its business, their Elders, Ancestors, cultures and heritage.


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