bnn.lv Latviski   bnn-news.com English   bnn-news.ru По-русски
Sunday 23.07.2017 | Name days: Magda, Magone, Mērija
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

Tourists die in Aegean Sea earthquake

A powerful quake that struck in the Aegean Sea has taken the lives of two persons in Greece, local authorities have stated.

Fashion in business: how to be heard in the modern-day world?

It would seem that nowadays strict fashion trends have «died». This is because people for ways to look beautiful and comfortable. One of the minds behind TRÉS fashion line, Enija Mugurevica shares advice how to start a business in the fashion industry from scratch and be heard and noticed in the modern-day world.

FCMC fines Norvik Banka for EUR 1.3 million and Rietumu Banka for EUR 1.56 million

Finance and Capital Market Commission in cooperation with Federal Bureau of Investigation’s Counterproliferation Center found out in a target inspection that Latvian banks – Norvik Banka and Rietumu Banka – have not followed requirements of regulations for the prevention of money laundering and terrorism funding.

Saeima approves controversial amendments to Credit Institutions Law

On Friday, 21 July, Latvian Saeima approved amendments to the Credit Institutions Law, which were previously returned to the parliament for a repeated viewing by President Raimonds Vejonis, completely unchanged.

Bank of Latvia: tax reform is a disappointment; it will not improve competitiveness

The tax reform submitted to the Saeima for approval is one big disappointment that will not improve competitiveness, said head of the Monetary Policy Office of the Bank of Latvia Uldis Rutkaste in an interview to LNT 900 seconds.

Betsafe predicts: will Duklavs remain Latvia’s Agriculture Minister?

Although Unity has asked the Union of Greens and Farmers to replace Agriculture Minister Janis Duklavs with someone else after the scandalous oligarch talks in Ridzene hotel, Duklavs will likely keep his post, according to Betsafe bookmakers. There is a 33% probability of Duklavs losing his post.

Latvian alcohol industry has an offer to increase excise tax rate

Experience shows – rapid increase of excise tax results in rapid increase of prices and rapid decline of revenue for the state treasury. Based on careful calculations, Latvian Alcohol Industry Association asks the government to stick with the current excise tax increase plan.

Air temperature to reach +24° C… +25° C in Latvia on weekend

Weather is expected to be largely dry this weekend in Latvia. Next week, however, is expected to be rainy, as reported by State Environment, Geology and Meteorology Centre.

Saeima deputies sign agreement on Oligarch talks committee’s formation

So far only parliament members have signed the agreement on the formation of a Saeima committee for the investigation of Oligarch talks. Neither of them represents Unity – Karlis Serzants from Union of Greens and Farmers and Einars Cilinskis from VL-TB/LNNK.

Seaima Praesidium approves parliamentary budget for 2018

On 20 July, Saeima Praesidium approved the parliament’s budget request for 2018. It is planned to be EUR 22.04 million, setting funding to maintain current functions on the level of 2017, BNN was informed by Saeima press-service.

Beer brewers: fooling around with tax reforms could destroy Latvia’s beer industry

By increasing excise tax for beer, the goal of reducing alcohol consumption will not be achieved. This is because consumption of other alcoholic beverages will increase as a result, notes CEO of Latvian Breweries Union Peteris Linins, commenting on the government’s plans to raise excise tax for beer.

4,558 marriages registered in Latvia in first six months of 2017

Over the past three years, Latvian birth number almost has not changed and constitutes 22 thousand annually. 10,175 children were born in the first half of 2017, which means 990 newborn fewer than in the same period a year ago.

Broadcasting organizations ask NEPLP to stop meddling with public media contents

The board of Latvian Association of Broadcasting Organizations urges the government and National Electronic Mass Media Council to continue realizing reforms in public media.

Kucinskis also met with Slesers in the infamous meeting room of Ridzene hotel

Latvian Prime Minister Maris Kucinskis admits having met with Ainars Slesers in the now infamous meeting room in Ridzene hotel a couple of times, specifically when the People’s Party made the decision to join Par labu Latviju.

Pumpurs hands 99% of Užavas alus capital shares to his son

Ildis Pumpurs, up until now the only owner and board member of Ventspils Užavas alus brewery, has handed 99% of the company’s capital shares to his son Oskars Pumpurs.

Repeated elections in Kekava – activity twice as high so far

Repeated election has commenced in Kekava’s 785 election site. 274 voters or 7% of local voting population took part in elections in the first day, according to data from the election site.

Estonia plans accepting from Turkey 160 Syrian refugees

Estonian police are looking into the documents on 160 refugees from Syria that are to be moved to Estonia in line with an agreement reached between the EU and Turkey.

Experts: potato harvest in Latvia may come later than usual this year

Potato harvest in Latvia may come one week later than usual. Still, the harvest is expected to be on the level of last year, BNN was told by Potato Growers and Processors Union.

News feed to be added to Google's website and mobile app

Internet search giant Google has said it would add a continuous feed of news and other content to its homepage and mobile app, which would be displayed before a user makes a search query.

NATO and Chinese ships perform joint manoeuvrer before entering Baltic Sea

This week, Standing NATO Maritime Group One welcomed in international a group of Chinese Navy ships that entered the Baltic Sea through the Strait of Denmark from the North Sea. Ships of both groups performed a mutually coordinated manoeuvrer for the ships to ensure safe entry of ships into the Baltic Sea, as reported by Latvian Defence Ministry.

Russia distances itself from proclamation of «Malorossiya» in eastern Ukraine

The Kremlin has noted that the proclamation of a county entitled «Malorossiya», or «Little Russia» in the pro-Kremlin-separatist-held eastern parts of Ukraine is a personal initiative of the rebel leader.

Expert: oil prices will likely remain zigzag-like

Aside from one week, oil reserves have been continuously declining since April. This trend will likely continue. Oil refining activities were not too high. This reduced demand for oil. In Q3, oil producers will increase production output and compound stores, comments macroeconomics expert Dainis Gaspuitis.

Construction output in Q1 in Latvia – tenth largest in EU

In Latvia, construction production volume in Q1 2017, when compared with the same period of last year, grew 8.4%. This puts Latvia on the tenth place among EU member states, according to the latest data from Eurostat.

Pabriks invites Estonia to focus on protecting Europe’s borders during presidency

MEP from Latvia Artis Pabriks invites Estonia as the presiding country in the European Council to focus on the protection of Europe’s borders and help motivate other member states to follow through with their objectives.

Do you have an acquaintance currently looking for a job?

View Results

Loading ... Loading ...

Polls Archive



Category feed: Feed: