Are you looking to take your business to the next level but aren’t sure where to start? This is something most business owners face at some point in their careers. Success is measured differently for everyone, but it almost always includes your ability to visualize an ideal outcome and outline a game plan to get there. It all starts with setting short and long-term business goals and objectives.
Starting with Your List of Business Goals
How do you go about creating your goals? First, you must start with a list of business priorities. As a business owner, really think hard about what your business needs, and use this vision as a foundation for your goals.
Every business has a different path, so no two business owners top priorities will be the same. You can start by conducting a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis and deciding what your core business needs are. Then, you can design goals and priorities that address these four areas.
Types of Business Goals
Before creating business goals, you must understand the main types. Distinguishing the difference helps you outline a more effective business plan.
Personal and Professional Business Goals
Why did you first start your business? When you think about your business goals, your first thought may be about making money and gaining more clients. These are essential for business growth, but they are a small component of your personal and professional journey.
As you set your goals, think back to your initial motivations and what keeps you working towards those motivations. Evaluate things like the number of hours you want to work for the week, family and personal life needs, mindfulness, and your mental health.
Short-Term and Long-Term Business Goals
The best strategy is to set both short and long-term goals for your business. Develop a strategic vision that inspires you and provides you something fulfilling to work towards. Then, break this long-term goal into specific short-term goals with essential deadlines. A big picture goal could include reaching a certain earnings level, creating passive income, retiring early, or moving to a new location.
Qualitative and Quantitative Business Goals
How you measure your business goals helps track your company’s key growth. Qualitative goals are those that you cannot measure with numbers. These include managing your stress better, gaining confidence, becoming more passionate about your work, and improving your communication skills.
Quantitative goals are those that you can numerically measure. Some examples of this are gaining five new clients before the end of the quarter, earning $20,000 next month, or working no more than 25 hours this week toward the business.
Monthly, Quarterly, and 5-Year Business Goal Examples for Your Business
Once you and your team establish your top priorities, it is time to form your business goals. Below are some critical objectives you can apply to your monthly, quarterly, and 5-year business goal plan:
- Implement a new customer service process – The best marketing tool is word of mouth, so you can develop a creative customer service process to establish a proper brand identity.
- Utilize social media marketing – Grow your brand and reach your target market better by providing value through social media in the form of contests, knowledge, and special offers.
- Increase your business productivity – Identify areas of your business where you could save time, money, or deploy resources more effectively.
- Decrease business expenses – Be strategic about reducing daily/monthly costs like eliminating debt, streamlining operations, or utilizing more technology.
- Extend your network – Find the businesses in your community that your customers also enjoy, and create a relationship that both parties can gain value from.
How can you begin achieving objectives like these? You must ensure that you and your team are on the same page. Below are some key strategies to achieve goals in business:
- Set hard deadlines.
- Review your goal progress on a weekly, monthly, and annual frequency.
- Keep the goals visible to you and your team so that they can remind you daily of your motivation and your progress.
SMART Goal Setting
SMART goal setting gives you the foundation for achieving company goals and objectives. SMART represents an acronym that helps set five criteria for your business goals: specific, measurable, achievable, realistic, and timely. The SMART method creates a list of goals that help you and your team fulfill your business's most important priorities.
Setting goals, is the easy part. Now it's time to get those goals into action!
About the Author, James Webster
James Webster, founder and Executive Chairman of ROK Financial has almost two decades of experience within the financial services industry. His passion for helping small business owners and his innovative way of thinking, has allowed him to run multiple successful businesses including National Business Capital & Services. Under the National name, the team was able to help secure over $1 Billion in financing for small businesses nationwide.