What are business goals? Why is setting business goals important? Business goals are what a business expects to accomplish over a specific period of time. These could be outlined by the management or the business owner. The success or failure of a business is dependent on many things, one of them being the business goals a company sets for itself.
Having clear and defined business goals give you a clear picture of where you want to see your business in the future. These goals can be specific to a department or the company as a whole, they can be short-term or long-term goals, and they can be as simple as tidying up your workstations by the end of the month or bagging a certain number of clients by the end of the year. But what is important is for all businesses to have goals. Without goals, there’s nothing to chase or strive for. And as a business, if you’re not doing that, then what are you even doing?
One of the prime reasons behind the failure of a business is that they are unable to predefine their organizational goals. So, how does one achieve organizational goals?
Make a complete list of goals that you want your business to achieve. Once you have a list of goals in place, all that’s left is to prioritize them and assign various tasks to various team members in order to get them done. Sounds easy right? It’s not. But that’s exactly why you’re reading this article! We’re here to help you define and achieve your business goals!
Here are some tips to help you define your business goals:
Irrespective of whether you’re setting big goals or small goals, remember to keep them time-specific. Unless your goal is time-specific, it doesn’t really hold any value. For example, one of your goals might be to generate 10 leads. But in how much time do you want to generate these leads? A week? A month? A year? 10 leads a week sounds great! But 10 leads a year? Not so much.
Set a time frame for every goal that you define as a business. They can be weekly, monthly, quarterly, or yearly. It’s not necessary to stick to these, many businesses have 3, 5 and even 10-year goals! So if you have identified a business goal, the next step is to put a time cap on it.
Goals that you set for your business must be realistic and achievable. They should be practical and viable for your business. Once you identify your goals, you should be able to chalk out a plan of how you are going to get there. If you’re unable to define exactly what you need to do to get to your goals, you’re probably reaching out for one that isn’t achievable. If you set the bar too high, you or your team may feel like they’ll never get there. So start with goals that are easy to achieve and work your way up from there.
Measurable goals are those that can be measured in terms of progress towards achieving your goals. This progress can be based on numbers, leads, views, website traffic, number of walk-ins, number of sign ups, etc.
Setting goals that are measurable are easy to track and also let you know whether your team or company is capable of achieving them. Unless you are able to measure your progress towards attaining your goals, you’ll never know if you can really do them.
Don’t just set goals that sound attractive. Each goal you set should have a reason. Ask yourself, why did you set a specific goal? What is the purpose of setting these goals?
The reasons for setting goals could vary from business to business. Some businesses may set goals in order to improve their brand image and reputation. Others might do it to improve revenue generation or improve company culture. Either way, your business goals should have a purpose.
Having a purpose behind your goals will also act as a reminder of why you made a goal in the first place.
There are mainly two types of business goals: short term goals and long term goals. Once you have identified your goals and their timeline, you will be able to categorize them into short and long term goals.
Short-term goals are bound to have a higher priority. But this does not mean you stop working towards achieving your long-term goals. Long-term goals are usually those that come with a lot of effort, time and patience. For example, becoming a Fortune Global 500 company could be a long-term goal, simply because it would take your business a long time to become established and credible enough to become a Global 500 company.
You’ve set a realistic, time specific and measurable goals. Now it’s time to track and analyze it. Whether it’s a long-term or short-term goal, it is important to track and analyze your progress.
Tracking and analyzing your progress will give you a good idea about whether you’re coming closer to achieving your goals. If you really want to achieve your business goals and objectives, you’ll have to track every step. If something isn’t working to bring you closer to your goals, tweak your strategies. If something worked brilliantly, try doing more of that. But unless you track and analyze, you’ll pretty much feel lost.
Does your business have goals? If not, we hope this article helps you set and identify business goals and objectives. If you do, we hope this article motivates you to work harder towards your goals! If we missed out on anything, let us know in the comments below!
Anuja is the Co-founder and CEO of RedAlkemi Online Pvt. Ltd., a digital marketing agency helping clients with their end to end online presence. Anuja has 30 years of work experience as a successful entrepreneur and has co-founded several ventures since 1986. She and her team are passionate about helping SMEs achieve measurable online success for their business. Anuja holds a Bachelors degree in Advertising from the Government College of Fine Arts, Chandigarh, India.