Goals for a “for profit” company, and for a “nonprofit” company are different.
Primary goal for a “for profit company” is to make money, to make a profit.
First step is to separate Primary and secondary goals.
When setting goals consider: customers, stockholders (owners), community, workers, family, and yourself when setting goals.
Set a goal to work toward making a better company by understanding financials,
grow your business as an asset, understand ratios on balance sheet like debt to equity.
Better Communication should always be a goal.
The Vision is a goal, update the 3 -5 year plan,
Work toward better execution, stop spinning wheels,
Fix the weak parts, ask yourself,
“what is the weakest part of your 4 point triangle” the 4 point triangle is how every business runs, and The 4 Point Triangle is explained and taught to our members at Cambridge Entrepreneur Academy
My business goals changed over the years
with The Vermont Teddy Bear Company
My first goals were about selling my bears on my teddy bear cart.
They changed on the journey to eventually taking my company public.
But making a profit and making more money always was my primary goal
- To make money to pay bills for my family
- To increase sales
- To not lose money
- To keep believing
- Changing how I sold the bears
- Increase wages every year
- Improve customer service
- Increase the value of the stock from 1 cent to $20 dollars
