There is no downside to the process of setting business goals; instituting them in company culture is important for establishing leadership cohesion and measuring the success of the company and its employees. Similarly, having clear, well communicated, and smart business goals allows all employees to be on the same page for how the company operates and what the most effective ways are to reach the goals.
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Business Goals: Examples | Long & Short Term Goals for a Business
Laura has taught college English for three years. She is currently at University of Rhode Island completing her Ph.D. in Literature with a specialty in U.S. American Late Modernism focused on the work of William Faulkner. Laura received her MA from University of Massachusetts Boston in 2020 and her BA from University of Delaware in 2011.
Business goals provide a clear understanding of what a business expects to accomplish through a specific time period. They help establish a desired result that employees can work towards and allow for observation of the progress being made, which boosts morale.
Business goals generally focus on more broad effects throughout a company rather than providing specifically outlined behaviors. Business goals can be made for a company as a whole, for specific departments, or for individual employees.
Business Goals Examples
There are a variety of business goals that can be made for a company and are determinate on the desired outcome. However, when beginning the process of setting business goals, it is important to figure out what wants to be achieved and how it can be achieved. The table below features characteristics of business goals and examples of how they work in operation.
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| Business Goal | Example |
|---|---|
| Outcome-Focused | Introduce bathing suits to your clothing line by the end of the Spring season |
| Process-Focused | Hold weekly meetings with employees to gauge the progress of the bathing suit line |
| Performance-Based | Restaurant improves customer satisfaction on existing menu items by 20% by end of Summer |
| Qualitative | Shoppers think store redesign presents product aesthetic in a more pleasing way |
| Quantitive | Increase traffic and interaction on the store website by 40% |
| Short-Term | Have a greater presence and following on the company’s social media |
| Long-Term | Get restaurant listed in ”best of” section of a city magazine |
Ramp Up Productivity in Your Business
Your level of productivity can directly impact your bottom line, so it’s never a bad idea to set a goal to boost your productivity and the productivity of your team. You can become more productive by eliminating distractions during the work day, improving the way you use business tools such as email, and by incorporating the use of productivity apps.
How do you communicate with your employees and ensure their satisfaction with your business and products and services? Set a goal that focuses on making your customer service process exceptional, handling customer complaints more effectively, or incorporating customer service into your social media practices. And don’t forget about the power of asking your customers for feedback in order to identify what your business can be doing better.
Increase Traffic on Your Business Website or Blog
More website traffic often translates into increased sales and customer loyalty, making this a great goal for small businesses. There are many ways to get more eyes on your website or blog. Start by creating a plan to ramp up your content marketing strategy. Then, once you have relevant and engaging content ready to share on your website or blog, try one of these five ways to drive targeted website traffic.
If you haven’t changed up your product line in a while, one way to give your business new life is by creating a new product to add to your offerings. Consider the feedback you have received from customers and their buying behavior as you get started with this goal. You can also consider changing up the way you market an existing product since sometimes a new spin can give an older product new life.
What are business objectives?
A business organization’s objectives are things it aims to attain or accomplish over a certain period of time. These could include making a profit to fund the company’s growth and development, providing high-quality items to customers, and protecting the environment, among other things.
Your company’s objectives are the particular actions and measurable stages it must take to achieve its objectives. They provide you with a clear picture of the exact tasks or projects that must be done in order for your company to grow closer to its goal.
Goals and objectives are two distinct concepts, yet they work together to help you achieve your objectives and increase your team’s productivity. Making a goal without a clear objective will result in a goal that will never be achieved.
The term “object” appears in Objectives. Objects are solid. As a result, objectives can be defined in terms of timetables, budgets, and measurable outcomes. To establish and measure targets, many businesses employ the S.M.A.R.T criteria and goal-setting technique. The acronym S.M.A.R.T stands for:
Specific – Objectives are very specific, with genuine metrics and timeframes that must be accomplished. “Generate 50 leads from the United Kingdom before October 30th,” for example, is more specific than “increase the worldwide client base.”
Measurable – Make sure you can track how well your goal is working. What are you planning to track as a key performance indicator (KPI)? (Don’t forget to name the person who will be in charge of tracking each goal.)
Attainable – A goal is difficult but not impossible to achieve. “Assisting 10 million international enterprises to become more productive” is commendable, but if you only have 100 customers, it’s difficult to put into practice. Don’t expect to rule the globe in a single day.
Long-Term and Short-Term Goals
While there are many distinct sorts of goals, short-term and long-term goals are the most common. Short-term goals may usually be completed in six months to three years, whereas long-term goals can take anywhere from three to five years (or even longer).
A long-term objective frequently necessitates and comprises numerous smaller, short-term goals. These smaller objectives break down the “big picture” concept into manageable chunks. For example, before launching a new marketing campaign, you may need to complete a few short-term tasks, such as researching a niche market, establishing a landing page, and assessing your brand strategy.
Tips for creating short-term goals
Identify long-term goals– Knowing your long-term objectives will enable you to divide them down into smaller, more manageable objectives to achieve before you reach your end goal. Consider and choose a goal that will take a significant amount of time and work to achieve, such as building a physical store.
Tips for creating long-term goals
Have a 10-year plan– Your objectives can be divided into several categories, ranging from financial to personal. It’s also beneficial if your goals align with your values and what matters most to you. This makes things more personal, and you’ll be more motivated to finish them in the long term.
Work backward– Working backwards may be counterintuitive. Starting at the end — as if you’ve already accomplished your objective — allows you to take small, manageable actions without feeling overwhelmed and losing sight of the big picture. Working backward helps you feel the success while also providing you with a boost of insight into getting there.
Break into attainable steps– Make short-term goals for the incremental steps leading to your long-term goal’s bottom line. For example, if you want to write a novel, you may set a short-term target of producing 100 words every day (long-term goal).
Adjust goals- Your objectives may shift over time. Check in with yourself as often as possible, and don’t be hesitant to change, adapt, or even scrap your plans in order to restart your long-term goal path. Use your monthly check-ins to ensure that you and your objective are on the same page.
Sources:
https://study.com/learn/lesson/business-goals-long-short-examples.html
https://www.thebalancesmb.com/small-business-goals-4126116
https://www.mygreatlearning.com/blog/what-are-business-goals/