What Is A Business Goal
Updated: Aug 30, 2021
A business goal is a specific, measurable target set by an organization to achieve success. Achieving these goals can be challenging because it requires dedication and determination. It's essential to understand the purpose and why you are setting it to have a better chance of achieving it.
What does your business want? How do you plan on getting there? These questions will help you write down what type of goal would be best for your company so that you know exactly where you need to go.
Types of Business Goals
The first type is financial.
Businesses set financial goals to reach the first break-even point. Financial goals can be short-term or long-term, depending on the plan for making money.
Another way that businesses set goals is to make them more specific and measurable. For example, a company might have a goal of gaining two new clients in the next year.
The other business goal (and probably one of the most important) is your customer goal. When writing down what you want from your customers, keep it short and sweet because being too wordy can confuse the customer.
For example, "I want to provide professional and quick service at all times" is a much better goal than "I aim to gain repeat business".
Why Businesses Set Goals
The main reason businesses set goals is because they give you the ability to show your customers how challenging you are working for them. Most companies already have a goal, but it's more of a mission statement, which doesn't help anyone.
You can set up the goals however you want, depending on what they are for. However, goals can be hard to accomplish if you don't have a plan. It is why it's essential to write these down and put them in order of how your company will follow through on them.
The goals that benefit your company the most are customer goals because they tell the customer exactly what you want from them.
How To Write A Goal Statement
There are steps to follow when writing out a goal statement, so it is easier to read and understand:
Know your goal and what you are trying to achieve. Write down in bullet points what your plan is for achieving that goal and how much time it will take.
Talk out a little louder as if you were talking to a customer about your plans of achieving. This goal is so that anyone can read it and know what the company has planned on doing.
If you want, put a date on when this goal will be accomplished.
If you feel that the goal isn't being met, change it to increase your business's growth. The goal should be easy to read so that everyone on your staff knows how to follow through with it. Do you have trouble writing your business goal? You can consult people who are experts in Business Advisory Services - they know best what’s superb for you!
An Example Of Goal Statement
Kindly follow this simple example of a goal statement:
I want to gain three new clients at my company within the next year because I have noticed that repeat customers are vital for our success as a company. I plan on gaining these new clients by creating lots of social media sites and taking advantage of advertising my business.
I will also be posting on other websites like Reddit.com and free advertising sites to bring new customers through our company's door.
Goals For Your Business
There are massive goals that you can set for your business, but only some are beneficial. For example, if you work at a bakery and decide to have the best cupcakes in the city, you may be setting yourself up for failure.
Why? Well, because there is no way to know if your cupcakes are considered "the best". It's more specific to have a goal such as having 25 customers come in and order a personalized cake that they can pick up within 10 days of ordering it.
Goal Analyzation
There are a few reasons why that goal is better than the first one. First, you can quantify what "the best cupcakes" means, so customers know what they are getting and how good it is supposed to be.
Next, if your company has a financial goal, such as gaining 5 new clients within the next year, writing a measurable goal statement will help you reach your financial plan.