6 Business Goals Examples
Setting goals are one of a business’s essentials for it not only helps in earning more profit but also helps in creating a lasting impact on consumers that will be echoed in the generations to come. Brands like Ferrari, Samsung, Apple, Coco Channel, and a lot more continue to make it big in the field of business due to the smart goals they set. Be it a small or big business, it is necessary for you to set your business goals so that your investment on money and time will not be wasted.
Business goals or business objectives give different departments of a company their purposes, enabling the workforce to function effectively and smoothly. These goals, although shared by all employees and employers in different departments, are a big help in defining department goals and individual goals. Being oblivious to the type of business that you have makes defining your goals difficult. A good understanding of your business and its flow is necessary for long-term and short-term goals to be defined with ease. Once you have a profound understanding of your business, coming up with logical and attainable goals which are timed perfectly, rather than overly ambitious ones, becomes easier.
Importance of Business Goals
Business goals consist of expectations of business projects, tasks, or business proposals that must be accomplished within a given time frame. Having this stated, the importance of setting business goals can then be easily pointed out. The importance of business goals are as listed below:
- Setting business goals makes tracking successes and failed attempts at various projects of a company smooth. In the events of project proposals which will be disseminated to different departments of a company, the effectiveness of a specific project and its loopholes can be easily determined by management once it is imposed in the business operations. The key strengths of a project and its weaknesses are going to be listed down for the management to come up with plans or goals that will close all loops of faults. Through this, business goals will be redefined and become critically thought out than how it was.
- Business goals allow the workforce to understand not only the tasks but also the aims and objectives of the organization or the company too. Through the means of carefully set up business goals, stakeholders become willing to participate in the business operations with a standardized performance. Employees and other participants in the business operations are also concerned about their personal and professional growth. If by chance a company does not have any goals, its downfall would be instantaneous considering that it does not have any directions but only to earn profit which is the greatest impediment to the personal and professional growth of its employees. And when there is no individual and professional growth in a company, stakeholders would not hesitate to leave or stop making business deals with the company.
- Business goals are the foundation of various departments and employee goals. The goals of the business define the goals of the different departments of your company which enables the workforce to function efficiently. Additionally, business goals help employees set their own goals that cater well to their personal and professional growth. This makes them good assets to the company and great contributors to the objectives and goals of the company.
Having all of these stated, business goals should never be set unrealistically high which can be perceived as punishment to your employees. They have to be carefully and critically thought out and must be reassessed should they be cumbersome to the employees.
6 Examples of Business Goals
There is no need for you to limit your goals with numbers and stop thinking about the right time when you should set your goals, for some business goals can be realized during pleasant and unpleasant business circumstances. If you are troubled with coming up with long-term goals, this section of the article offers six general business goals which help any type of businesses. You can even set your own business goals from the examples that we have listed below.
1. Eliminate Factors of Distractions and Focus Mainly on Being Productive
There are lots of ways your mind can come up with when it is stricken with boredom in your office. You have to start disciplining yourself by resisting to the temptations that can hamper down your productivity. By challenging yourself in the means of hitting more than the desired numbers that the company expects you to meet can keep your mind busy. This challenge can also enhance your determination to anything you do in general. One example of distractions during business operating hours is endless talking about senseless matters with anyone or complaining about how impossible the business tasks are without even working on them yet. Training your mind to think of bettering your performance and dismiss any welcoming thoughts of distractions which only promises you with work delays is certainly a good investment for the other business goals you set. You may also see the strategic goals.
2. Be Strict with Your Business Expenses.
For you to feel the returns of your investment you have to discipline yourself with business budgeting. Always consider your profits as something that can be used for effective advertising or building renovation in the future. Never squander your business expenses by making business dealings with ineffective and worthy of doubts stakeholders. Doing a research on background about prospective stakeholders is necessary to guard your business earnings. One example of these prospective stakeholders is hiring targeted prospective employees with a questionable work credibility. The talent acquisition department of your company has to be extra keen on doing background checks towards potential employees so that you will not be wasting your money by paying them for their outputs that barely meet company standards. Another example of this is signing up your business in a contract with a complementary business with a company that you know next to nothing about. Knowing what the odds are before engaging yourself in such decisions should always be considered. That is why there is a need for you to always perform a background check on the people and company that will become participants or have an impact on the business operation of the company.You may also see the Work Goals.
3. Be an Optimist When it Comes to Expanding Your Business.
When you have profited well over the years and consumer demands are continuing to increase, you have to start thinking about expanding. Start off first by hiring highly docile prospective employees with exemplary work histories. Training examples within given a period of time are only needed before they become a pro in the tasks that are going to be handed to them. This hastens catering the demands and wants of your consumers. After you have acquired the best people who commit themselves to the objectives and goals of the company, you have to think about business expansion like setting up a new business branch. When planning to grow a branch, there are factors that you need to consider and they are as listed below: you may also see the career goals.
- Numbers of loyal consumers or prospective consumers in the area.
- Numbers of highly docile, prospective employees that are willing to be assigned in the area or are present in the area.
- The convenience of the location to employees, employers, existing consumers, and prospective consumers.
4. Come Up with Five-Star Customer Service Process for the Employees and the Consumers Not to be Hassled.
For your business to continuously prosper, you need to come up with business transaction processes that are less hassle to the employees and the customers aside from just providing them a quality product or service. A complex process of customer service can inspire anger and frustration, especially if the process consumes a lot of time in doing things that could have been easily sorted out by common sense. If a part of your customer service process needs filling up papers or forms, you have to make sure that the forms only ask customers things that are relevant to what is being asked for. Otherwise, looking at the irrelevant details on the paper can be the root of customer confusion. Aside from the process, you have to train your employees well when it comes to dealing with different people. Politeness must be instilled first so that customers who only listen to their made up assumptions with an attitude of an I-demand-the-presence-of-your-manager can be handled well, even without the manager to resolve the issue or issues. Proper training for handling customers are factors that make irate customers or those who threaten to discontinue services stay or give your company a second chance.
5. Do Better with Your Marketing Approaches
Increasing brand awareness is most effective through the current and traditional ways of marketing. Although there are challenges that will be faced including necessary fees and time that will be spent, never settle for mediocrity. Effort must be manifested on all the marketing schemes before penetrating a market so that you’ll be able to convince and persuade the audience you have targeted. The combination of digital marketing and the marketing styles like best brochures and flyer productions have to be appealing to the demands and needs of your customers. An argument might be carried out about how the traditional methods of marketing still apply when there is only a need for digital marketing to be focused on considering the generation that we are in now. The development of banners, posters, flyer designs, business postcards, and brochures are still effective due to the digital software with advanced features that enable graphic artists to come up with outputs that are effective in stirring the interests of a targeted audience and compel them to make business dealings with your company. Digital marketing is also efficient considering that people rely heavily now on gadgets. Online marketing can be easily shared by various digital platforms which makes it easier for you to transform prospects into customers. With the combination of the traditional and the digital marketing approach, your chances of acquiring more customers and attaining other business goals in a matter of time increases.
6. Create an Incentive Program for Employees and Employers.
Incentive programs are factors that compel the employees to deliver a quality performance. Aside from financial benefits, incentives can also be in the form of gadgets or devices, company t-shirts, gift cards or gift coupons that the company wishes to reward an employee for his or her excellent performance. But of course, incentive programs consist of challenges that an employee has to meet before the incentive reward is attained. If you think that most of your employees have been tardy or absent in the past few weeks, you can include perfect attendance as one of the prerequisites of the incentive program to resolve the issues about absenteeism and tardiness.
With the six business goals that are discussed above, you can definitely create long-term and even short-term business goals that cater to the growth of those who are participating in the operations of your business. Before coming up with goals for your business and implement them to the operations, take some time to carefully gauge the goals you come up with and see if these goals do not violate the principles of business or work ethics– you have to consider the perceptions of your employees than just being blinded by your own. Whatever team goals you come up with, make sure that the benefits can not only be felt by the managers but also to those employees who have worked hard for business demands to be met.