bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Saturday 25.03.2017 | Name days: Māra, Marita, Mārīte
LatviaLatvia

Swedbank: every tenth business does not have a clear goal for this year

FaceBook
Twitter
Draugiem
print
(No Ratings Yet)

Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUStarting the new year, businessmen establish goals for their businesses to achieve. According to a study performed by Swedbank Institute of Finances among medium and small enterprises, 58% of companies have goals set up for 2017. 26% of businessmen are in the process of defining goals.

Every tenth business has no clear goals to achieve.

Interviewed businessmen admit that they most often involve their employees in the process for defining goals (60%). The situation is completely different in the category of newly-founded businesses – 65% of them do not involve employees in the process. In addition, only 18% of newly-founded companies have individual goals set up for employees. Although this can be explained with a small number of staff, it is nonetheless important for small companies to involve their employees in important decision-making processes to ensure their equal contribution to achieving goals.

Looking at results of the last year, 17% of small and medium companies managed to achieve their business goals. 24% managed to accomplish up to 90% of their goals. 33% of businessmen said they managed to achieve less than they hoped.

«Regardless of the size of the company and its chosen business area – be it an internet store, beauty shop or café – clearly defined goals and tactical steps towards their accomplishment will help grow them grow and develop. Financial results of each company depend on clear goals and the contribution of each employee for their accomplishment,» – explains expert of Swedbank Institute of Finances Elina Zvirbule.

How to establish business goals?

Accurate definition of goals is an important step towards accomplishing anything. Financial experts recommend using the most popular goal-defining methods ‘SMART’ (specific, measurable, assignable, realistic, time-related).

A business goal should be:

Specific – only specific goals are worth aiming for. For example, create a new product sample in January or create a process for customer services online or come up with a special festive menu.

Measurable – because only then will you be able to notice positive changes and tell if you’re goal has been achieved or not. For example – increasing customer satisfaction from 7 to 9.

Assignable – make sure you have everything coordinated with your employees. Make sure your employees have enough resources to accomplish their assigned goals. Resources are people, money, skills, equipment, knowledge, etc.

Realistic – the kind possible to accomplish. Ambitions are just as important. If a goal is set for too far into the future, it will seem hard to accomplish. For example: the goal should be compliant with personnel management strategy to ensure employees are satisfied with work conditions.

Time-related – possible within a specific period of time. It means setting terms for each milestone. Having a timeframe will help maintain motivation and assess priorities.

Ref: 103.109.109.0981


Leave a reply

BNN summary of the week: 5G in Latvia, fight against Lembergs, foreign trade balance deficit

BNN offers a summary of this week’s topical news in a variety of categories: Change; Business; Fight; Decline and Growth.

CC: restoration of trust – way out for cartel participants

This year, Competition Council provided positive conclusion in regards to recovery of trust to two companies previously punished for cartel agreement.

Kristovskis: coalition with Lembergs in Ventspils City Council is not possible

«If the party’s list enters the city council, our candidates will definitely not work with Lembergs,» said Girts Valdis Kristovskis in an interview to Latvijas Radio.

Sadales tīkls: energy industry enjoys stable growth in Baltics

Although the company does not experience the lack of quality labour force, when announcing vacancies it becomes clear that population density in regions continues to decline, and this makes it harder to find young specialists for work in regions, said Andis Pinkulis, CEO of Sadales tīkls, in an interview to BNN.

Airline Nordica not to ban tablets and lap-tops from being brought on passenger cabin

Estonia’s national airline Nordica has stated it would not follow the recent U.S. and British ban on such computer devices as tablets and lap-tops from being brought onto passenger cabin on flights.

Rinkevics invites Canadian companies to use Latvia’s transit and logistics infrastructure

«We’re hoping for more intensive economic cooperation and diversification of exports of Latvian goods, as well as attraction of investments from Canada. Canadian investors are awaited in Latvia,» says Latvian Foreign Affairs Minister Edgars Rinkevics.

Rimsevics: tax changes may increase lending volumes in Latvia

Lending volumes in Latvia may increase because of changes to the country’s tax system, says governor of the Bank of Latvia Ilmars Rimsevics.

Latvian authorities deport 19 Vietnamese citizens

19 Vietnamese citizens caught trying to cross the border of the Republic of Latvia last year have been deported from the country.

Latvia’s export and import volume was the lowest in January

Latvia’s export and import volume this January was below what was noted in Lithuania and Estonia. The largest foreign trade balance deficit among Baltic States was noted in Estonia.

Lithuanian population continues to shrink, some glint may be ahead

The shrinkage of Lithuanian population is nowhere close to a halt. In fact, the recent numbers by the Lithuanian Statistics and Eurostat, the European Union‘s statistics agency, purport the opposite: exodus has picked up last year - 50,000 Lithuanian citizens left the country for a better life abroad, up from 44,500 in the previous year.

Over 200 people could have died in Mediterranean

It is assumed that over 200 migrants might have drowned this week in the Mediterranean, off the coast of Libya, a Spanish humanitarian aid organisation feared.

Proportion of HIV-infected tuberculosis patients in Latvia is 17.4% - the highest in EU

The proportion of HIV-infected tuberculosis patients in Latvia is 17.4%, which is the highest not only among Baltic States, but also Europe, as mentioned by Jurijs Perescikovs, director of Disease Prevention and Control Centre’s Infection Risk Analysis Department in a discussion dedicated to the World Tuberculosis Day.

British police names London terrorist

British police has stated that the March 22 terror attack in London was committed by British-born Khalid Masood. Another of his victims has died.

Air temperature in Latvia to remain largely unchanged in coming days

On Friday, 24 March, high atmospheric pressure will remain in the country. Because of that, some clouds will be seen in the sky, wind speed will stay moderate, and air temperature will rise to +3° C…+8° C, as reported by the State Environmental, Geology and Meteorology Centre.

Kucinskis hopes to find a new director for State Chancellery within two weeks

Latvian Prime Minister Maris Kucinskis hopes to find a new manager for the State Chancellery within the next two weeks.

InnoEnergy business opens an office in Latvia

International business accelerator company InnoEnergy has opened an office in Latvia. This objective of this company is preparing new and innovative technologies developers for attraction of investments as part of InnoEnergy accelerator.

Bank of Latvia increases inflation outlook for 2017 to 2.7%

The Bank of Latvia has increased its inflation outlook for 2017 from 1.6% to 2.7%, as reported by the bank’s press-service.

CC permits Lithuanian company to acquire decisive influence over Latvian businesses

Latvia’s Competition Council has permitted two mutually associated deals to be performed by W.P.Carey and Kesko, allowing the two concerns to acquire decisive influence over Lithuanian Baltic Retail Properties and three companies registered in Latvia – K Prof, Polo LS and Daugavkrasts M.

Estonian military transport firm co-operates with leading Norwegian and British companies

Estonian military transport manufacturer Milrem has made a joint product with Norwegian weapon-maker Kongsberg and British remote system producer Qinetiq North America.

Welfare Ministry opposes diverting part of social budget to healthcare

Experts view Finance Ministry’s proposal to divert certain parts of the social budget to pay for certain healthcare services. Welfare Ministry is especially cautious about this proposal.

Saeima agrees to publish names of disciplinary punished judges

Publication of information about disciplinary penalties applied to judges, their names and surnames will no longer be prohibited, as stated by amendments to the Judicial Disciplinary Liability Law supported by the Saeima in the first reading on Thursday, 23 March.

Experts: internet users open up 30% of fraudulent e-mail letters

Cyber criminals are becoming more and more cunning and their fraudulent e-mails – harder and harder to differentiate from real ones. Internet users open up to 30% of fraudulent e-mail letters, explains eScan antivirus developers.

Minister: Latvia supports International Coalition’s fight against Daesh

«The fight of the International Coalition against Daesh has become a very effective instrument to help reduce Daesh military, financial and recruitment capabilities,» said Latvian Foreign Affairs Minister Edgars Rinkevics.

New pulp factory planned in Estonia

Estonian entrepreneurs have envisaged building a high-tech pulp-making plant near the city of Tartu and have submitted the plan for confirmation from Estonian national special planning authorities.

Ventspils Freeport Authority announces procurement

Procurement has been announced for the construction of an access road in Ventspils, Talsu Street 200 and landscaping of nearby territories so that one of the land tenants can commence construction of their building there, as reported by Ventspils Freeport.