Mission and vision statement for the new business
The mission statement will be to represent and make student opinions and preferences known to local merchants and national chains while at the same time seek to gain funding from any market research firm within the area. The vision statement will be to create an environment for students within and outside the campus to live in that will see the businesses offering a broader range of affordable services to the students.
Five SMART goals for the first year in business
The criteria for SMART goals are that they should be specific, measurable, attainable, relevant, and time-based. For a goal to be specific it has to be well defined and focused. The specific goal for the first year of business will be to create an awareness of the student’s preferences and opinions to the local businesses. The measurable goal will be to obtain one new market research company that will provide financial support to the company. An attainable goal will be to change the environment that the students live in. The relevant goal will be to recruit, maintain, and develop more personnel who are effective in their work to improve business operations. A time-based goal will be to ensure businesses offer affordable services to students by the end of the year
Comparison of the SMART goals with the mission and vision statement
The specific and measurable goals meet the mission statement where awareness will be created on the preferences and buying habits of the students on the campus as well as getting funding from a local firm. The vision statement has created an attainable and time-based goal that will see businesses near the campus offering affordable products and services that will see the environment in which the students live changing.
Alignment between the goals and the mission, vision
There was alignment in all the goals apart from the relevant goal of hiring additional staff for the business. It was a relevant goal that would be accomplished once the operations of the business began to pick up after creating the proper awareness about the business and gaining a considerable number of financial supporters that would see the employees being paid for their efforts.