Whether you’re just starting a business or evaluating a current one, it’s important to have well-defined goals and objectives. Without a clear understanding of what your business goals and objectives are, your business will be like a rudderless ship lost at sea. You need to know where you’re going in order to reach your destination. But how do you go about defining them?
The first step is to understand the difference between goals and objectives. Goals are the broad strokes; they’re the big-picture items that you want to achieve. To ensure your goals are attainable, make sure they fit the SMART criteria: Specific, Measurable, Achievable, Relevant and Time-Bound. In other words, they should be something you can realistically reach within a certain period. Your objectives, on the other hand, are the steps you take to achieve your goal.
For example, if your goal is to increase sales by 20% in the next year, your objective might be to increase your marketing budget by 10% and hire two new salespeople. Or let’s say you want to increase revenue by 30% within the next year. Objectives are the specific actions you’ll take to achieve your goal; they’re the steps you’ll take to get from point A to point B. So, using our previous example, an objective might be to “launch a new marketing campaign targeting potential clients in our target market.”
Once you understand the difference between goals and objectives, you can start brainstorming what yours should be. When doing so, it’s important to keep the following in mind:
Be Realistic
Don’t set yourself up for disappointment by setting goals that are impossible or improbable to achieve.
Make Measurable Goals And Objectives
For a goal or objective to be effective, you need to be able to measure whether it’s been met. This will help you track your progress and make necessary adjustments along the way.
Keep Your Goals And Objectives Relevant
Make sure your goals and objectives are relevant to your business; don’t set goals for the sake of setting them. They should contribute directly to your bottom line, whether that’s increasing revenue, reducing costs, or something else entirely.
Set A Deadline For Achieving Your Goal
Assign a timeline to each goal or objective so you know when it needs to be achieved. This will help ensure that you stay on track instead of being distracted by other projects or initiatives. As we mentioned before, all goals should be SMART—specific, measurable, achievable, relevant, and time-bound. That last part is especially important; without a deadline, it’s easy to push off achieving your goal indefinitely. So set a date for when you want to achieve your goal and make sure you stick to it!
Consider Who Will Be Affected by This Goal
Your goals should always consider your stakeholders—that is, the people who will be affected by your decision. For example, if you’re a small business owner considering expanding your operations, you’ll need to think about how this will affect your employees, clients, suppliers, and the community at large.
Define What You Want to Achieve
The first step is to figure out what it is you want to achieve. Do you want to grow your business? Increase profits? Expand into new markets? Once you’ve decided on your goal, you can start thinking about what steps you’ll need to take to reach it.
Make A Plan of Action
Now that you know what you want to achieve and by when, it’s time to start planning out how you’re going to get there. To have a clear direction and purpose, objectives are essential; they’re the specific steps you’ll take to reach your goal. Going back to our earlier example, if your goal is to increase sales by 20% in the next year, some of your objectives might include increasing your marketing budget by 10% and hiring two new salespeople.
Put Your Plan Into Action!
The last step is implementing your plan and putting it into action. This can be difficult at times—after all, running a business is no easy feat! —but as long as you stay focused on your goals and objectives, you’ll be on the right track.
Defining clear goals and objectives is essential for any business owner—whether you’re just starting out or have been in business for years. By taking the time to sit down and think about what it is you want to achieve and how best to go about achieving it, you’ll put yourself in a much better position for success.
Now that you know how to define your business goals and objectives, it’s time to start brainstorming what yours should be. Take some time (but not too much time!) to think about what you want your business to achieve in the short-term and long-term, and then start putting together a plan of action. The sooner you get started, the sooner you’ll be on your way to achieving your objectives—and reaching new levels of success.
