Business Goals and Plans

In this lesson, we will discuss the importance of a mission statement, vision statement, and goal-setting to the success of a business.

In the last lesson, we learned about the functions of business and we discovered that planning and organizing are important parts of the management function of business. Managers at all levels of an organization need to make decisions and plans. For planning to be successful, the company needs a clear vision statement, mission statement, and clearly defined goals.

Vision Statement, Mission Statement, and Setting Goals | Video

Watch the video presentation below to learn more.

SMART Goals | Knowledge Point Activity

Successful organizations also understand that just setting goals is not enough. Goals should be in SMART format. Explore the interactive below to find out more about SMART goals.

Vision Statement, Mission Statement & Goals | Practice Activity

Test your knowledge by completing the practice activity below. Click the arrow at the bottom to continue.

Reflection

Leaders and managers need clearly defined goals as well as well-written mission and vision statements in order to lead the organization to success. A well-written vision statement states a clear vision for the future while a good mission statement helps customers and employees understand the organization’s top priorities. Organizations need clear and specific goals in SMART format in order to aid in decision-making while also serving as a benchmark for success.

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