strategic business planning for commercial producers how do goals and objectives implement my...
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Strategic Business Planning for Commercial Producers
How Do Goals and Objectives Implement My Strategy?
![Page 2: Strategic Business Planning for Commercial Producers How Do Goals and Objectives Implement My Strategy?](https://reader035.vdocuments.us/reader035/viewer/2022072009/56649d8b5503460f94a720fe/html5/thumbnails/2.jpg)
Strategic Business Planning for Commercial Producers
Business Goals and ObjectivesIn this section we will:
• Illustrate goals and objectives• Begin to develop your business goals
and objectives.
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Strategic Business Planning for Commercial Producers
Long-Term Business Goals
Goals are open-ended statements of what one wishes to accomplish, with no quantification of what is to be achieved and no time frame for completion.– They provide targets for assessing
progress in achieving the vision
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Strategic Business Planning for Commercial Producers
Long-Term Business GoalsDirectional – Move you toward the
general objectives of our vision statement
Reasonable – Are practical and obtainable; not extreme
Inspiring – Are challenging; affect you positively
Visible – Are easy to visualize
Eventual – Will be fulfilled at a future time
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Strategic Business Planning for Commercial Producers
Long-Term Business GoalsExamples of goals might be:
– Maintain a profitable farming operation– Be considered the top farmer in the
county– Be on the cutting edge of technology– Be able to service loans on time– Create employment for family members– Obtain a leadership position in the
community
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Strategic Business Planning for Commercial Producers
Short-Term ObjectivesObjective are the end results of
planned activities.– They should state what is to be
accomplished by when and should be quantified.
– Achievement of objectives should result in the fulfillment of the mission.
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Strategic Business Planning for Commercial ProducersShort-Term Objectives are:Specific – The objective achieves a
particular, detailed result.Measurable – There is a means to
determine the objective.Attainable – They are within
economic and physical capabilities.Rewarding – They are profitable and
self-satisfying.Timed – They have a deadline
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Strategic Business Planning for Commercial Producers
ObjectivesExamples of objectives might be:
– To increase gross revenues 5 percent each year
– To achieve 12-15 percent return on equity within 4 years
– To reduce fixed expenses by 7 percent within 3 years
– To achieve 21 pigs per sow per year by 2004– To hold a position on the local school board
within the next 5 years
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Strategic Business Planning for Commercial Producers
Areas for Defining Goals and Objectives
• Market standing• Productivity• Physical and financial resources• Profitability• Innovation• Manager performance and
development• Worker performance and attitudes• Public and social responsibilities
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Strategic Business Planning for Commercial Producers
ExerciseSpend some time developing long-term
business goals that will help you accomplish your business vision and mission.– You will find that many of these goals are
related to personal and family goals.
For each of your long-term goals develop a set of short-term objectives to help achieve the goal.– These objectives should be specific and
measurable.
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Strategic Business Planning for Commercial Producers
Strategic Business Planning for Commercial Producers