Vision and Business
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One of the most important aspects of any well-run business is that those in charge have an eye to the future. This is both simply common sense and difficult to achieve - this latter for at least two reasons. Business leaders often fail to plan sufficiently for the future because they become too embroiled in the details of the present to set aside time for setting their goals for the future and for attempting to determine how it is that those goals might be met. The second major reason why businesses fail to plan sufficiently and accurately for the future is that the future is notoriously difficult to forecast: Even when businesses do make sincere and organized attempts to make plans for the future those plans are often informed by faulty logic or problematic assumptions. This paper examines one of the tools that is open to businesses attempting to make the future better defined and more predictable: Target income.At its basis, target income is simply what the terms implies - an income that is being targeted (or aimed for) for either an individual, a division, or a company. to aim for. The term is often used to apply to small company as well as professional associations: A lawyer or a doctor may well have a targeted income just as well as a department store manager may use the concept. Perhaps the most important element of the concept of target income (and this should of course be true for nearly every aspect of business) is that it is not static. Even if the s
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rs, there is a natural tendency for them to concentrate on internal factors. Oil prices may rise (or fall), but an office manager (knowing that she cannot affect OPEC's production decisions) will focus on creating a more efficient and happier work force by instituting a flextime policy. This might seem to fall to come extent under the rubric of fiddling while Rome burns, but there is certainly a great deal to be said for addressing only those aspects of business that one can control. Except, of course, that any good business person understands that there are going to be factors on the macro-level (inflation, deflation, wars, plagues) that affect how business is done and must therefore at least consider the major possible ways in which things that happen Out There in the World are going to affect every aspect of business, including target income.
Home Depot and Target Income
The Home Depot company provides an excellent example of the importance as well as the limitations of target income. The company has been suffering in recent years from something of an embarrassment of riches, due in no small measure to factors extraneous to its own business decisions. The effects of the 9/11 attack have been widespread; among them have been
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Approximate Word count = 1872
Approximate Pages = 7 (250 words per page)
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