Understanding the direction in which you want your organization to go is essential to your overall success and longevity. And setting clear business goals will help you get there. Goals answer the question, “What will it take to get where I want to go?” Therefore, consistently setting and accomplishing goals will help your business’s vision become a reality.
What Are Business Goals?
We define Goals as a person’s object of effort or ambition, an aspiration or desired outcome. Business goals are the results that a business works towards and aims to achieve.
A Quick Note About Vision, Mission, Goals, and Objectives
Your vision, mission, goals, and objectives serve very different purposes. But they must function together to succeed and thrive as an organization. Your vision statement is your aspirations and what you aim to fulfill as an organization. Your mission statement is a directive guiding your daily decisions and actions. It’s how you’ll realize your vision. As stated above, your goals are the activities you need to accomplish to achieve your vision and mission. And your objectives are specific steps and timelines required to reach your goals.
Types and Examples of Goals
Types of Goals
Short-term goals generally take six months to three years to achieve. Long-term goals typically take 3-5 years to complete. Both long and short-term business goals can include:
- Employee growth or recognition
- Audience and consumer reach
- Customer service
Examples of Different Goals
A few examples of business goals include:
- Creating two blog posts per week, increasing audience engagement and traffic
- Growing product sales by 3% by the end of the year
- Beginning a customer recognition program for subscribers
The Importance of Setting Goals
Setting goals is a vital part of continually growing, improving, and staying on track with your vision. Establishing goals helps you:
- Monitor progress
- Be held accountable
- Go on to achieve bigger goals after you accomplish smaller ones
- Succeed overall
How to Set Goals
There are several important factors to consider when creating business goals.
1. First, ask yourself, “Why do we do what we do and what do we want to accomplish?”
Your organization’s why is the center of your purpose and vision. And it’s a foundational block to building your goals. After identifying your “why,” consider what can push your business forward. It’s good practice to look at both the big picture and the details to get you there. And consider making sure your goals are worth your time and effort. Finally, you can consider executing a strategic analysis, such as the SWOT analysis, to assist you in setting goals.
A SWOT analysis helps you establish a sound business strategy by examining your organization’s strengths and weaknesses (internal – e.g., location) and opportunities and threats (external – e.g., competitor pricing).
2. Be as specific and clear as possible.
When you take the time to describe, visualize, and define your goals clearly, you’ll be likely to experience greater success. A common acronym used when creating goals is S.M.A.R.T. Your goals should be
- Time Specific
3. Commitment and consistency are non-negotiables in goal setting.
Commit to your goals, and don’t quit! Consistency and persistence will build authenticity, strong work culture and help you achieve your goals. And don’t forget to appreciate the journey along the way!
4. Establish a system to track and measure your progress.
Without tracking and measuring your goals, you might not reach them as efficiently (or not at all!). You can utilize spreadsheets or other software to track your progress. You can then determine what is and what isn’t working and then adjust accordingly.
5. Don’t forget to celebrate your wins, however small!
You should celebrate even the most minor attained goals! Acknowledging the wins will boost morale and encourage you to keep going in your pursuit of achieving bigger goals.
Setting clear business goals is essential for organizations because it makes your vision a reality. But to establish, track, and reach goals takes time. Here at Belfield, our team has over 170 years of cumulative experience. As a result, we can help your organization not only set clear business goals but accomplish them as part of your long-term success. Experience the Belfield difference!