business planning and goal setting

How To Set Business Goals (+ Examples for Inspiration)

Updated: July 22, 2024

Published: October 24, 2023

You’re a business owner — the captain of your own ship. But how do you ensure you’re steering your company in the right direction? 

Without clear-cut goals and a plan to reach them, you risk setting your sails on the course of dangerous icebergs. 

Table of contents:

• What are business goals?

Why business goals are important

How to set business goals, tips to achieve business goals, business goals examples, what are business goals .

Business goals are the desired outcomes that an organization aims to achieve within a specific time frame. These goals help define the purpose and direction of the company, guiding decision-making and resource allocation. They can be short-term or long-term objectives , aligned with the company’s mission and vision.

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Operating a business using your gut and feelings will only get you so far. If you’re looking to build a sustainable company, then you need to set goals in advance and follow through with them. 

Here’s what goal setting can do to make your business a success:

• Give your business direction. Business goals align everyone toward a common purpose and ensure all efforts and resources are directed toward achieving specific outcomes.
• Keep everyone motivated to keep pushing forward. Goals provide employees with a sense of purpose and motivation. According to research from BiWorldwide, goal setting makes employees 14.2x more inspired at work and 3.6x more likely to be committed to the organization.
• Create benchmarks to work toward (and above). Goals provide a basis for measuring and evaluating the performance of the organization. They serve as benchmarks to assess progress, identify areas of improvement, and make informed decisions about resource allocation and strategy adjustments .
• Prioritize activities and allocate resources effectively. Goals help you identify the most important initiatives, ensuring that time, money, and effort are invested in activities that align with the overall objectives.
• Make continuous organizational improvements. Goals drive continuous improvement by setting targets for growth and progress. They encourage businesses to constantly evaluate their performance, identify areas for refinement, and implement strategies to enhance efficiency and effectiveness.

Nothing creates solidarity among teams and departments like shared goals. So be sure to get everyone involved to boost camaraderie. 

Setting business goals requires careful consideration and planning. By defining specific and measurable targets, you can track progress and make necessary adjustments along the way.

Here are the steps to effectively set business goals.

Step 1: Identify key areas to improve in your business

Start by assessing the current state of your organization. Identify areas that require improvement or growth. This could include increasing revenue, expanding your customer base, improving employee satisfaction, or enhancing product offerings.

Step 2: Choose specific and measurable goals 

Setting clear and specific goals is essential. Use the SMART goal framework to ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of setting a vague goal like “increase revenue,” set a specific goal like “increase revenue by 15% in the next quarter.”

Step 3: Prioritize which goals to tackle first

Not all goals are equally important or urgent. Evaluate the impact and feasibility of each goal and prioritize them accordingly. By ranking your goals, you can focus your efforts and resources on the most critical objectives.

Step 4: Break down your goals into smaller milestones

Breaking down each goal into smaller, manageable tasks makes them more attainable. Assign responsibilities and set deadlines for each step. This approach helps track progress and ensures accountability.

Step 5: Decide what your Key Performance Indicators (KPIs) will be

Key Performance Indicators (KPIs) are metrics used to measure progress toward your goals. Set realistic and relevant KPIs that align with your objectives. For example, if your goal is to increase customer acquisition, a relevant KPI could be the number of new customers acquired per month.

Now that you have set your business goals, it’s time to take action and work toward achieving them. Here are some tips to help you stay on track:

1. Write down your action plan 

Develop a detailed plan of action for each goal. Identify the necessary resources, strategies, and milestones to achieve them. A well-defined action plan provides a road map for success.

2. Foster a culture that’s goal-oriented

Encourage your employees to embrace and contribute to your goals. Foster a culture that values goal setting and achievement. Recognize and reward individuals or teams that make significant progress toward the goals.

3. Regularly track and evaluate progress

Monitor the progress toward each goal and make adjustments as needed. Use project management tools or software to track and visualize progress. Regularly review and evaluate your performance to ensure you’re on the right track.

4. Seek feedback and adapt

Gather feedback from employees, customers, and stakeholders. Their insights can provide valuable perspectives and help you refine your goals and strategies. Adapt your approach based on feedback to increase your chances of success.

5. Stay focused and motivated (even when you fail)

Staying motivated to achieve goals is difficult, especially when you come up short or fail. But don’t let this set you back. Continue pushing forward with your goals or readjust the direction as needed. Then do whatever you can to avoid distractions so you stay committed to your action plan.

Also, remember to celebrate small wins and milestones along the way to keep your team motivated and engaged.

Free SMART Goal Template

A free template to help you create S.M.A.R.T. goals for marketing campaign success.

• Set your goals
• Calculate your metrics
• Evaluate your success

To provide inspiration, here are some examples of common business goals:

1. Revenue growth

Revenue growth is a business goal that focuses on increasing the overall income generated by the company. Setting a specific target percentage increase in revenue can create a measurable goal to work toward.

Strategies for achieving revenue growth may include:

• Expanding the customer base through targeted marketing campaigns
• Improving customer retention and loyalty
• Upselling or cross-selling to existing customers
• Increasing the average order value by offering premium products or services

Example: A retail company sets a goal to increase its revenue by 10% in the next fiscal year. To achieve this, it implements several strategies, including launching a digital marketing campaign to attract new customers, offering personalized discounts and promotions to encourage repeat purchases, and introducing a premium product line to increase the average order value.

2. Customer acquisition

Customer acquisition focuses on expanding the customer base by attracting new customers to the business. Setting a specific goal for the number of new customers helps businesses track their progress and measure the effectiveness of their marketing efforts.

Strategies for customer acquisition may include:

• Running targeted advertising campaigns
• Implementing referral programs to incentivize existing customers to refer new ones
• Forming strategic partnerships with complementary businesses to reach a wider audience

Example: A software-as-a-service (SaaS) company aims to acquire 1k new customers in the next quarter. To achieve this, it launches a social media marketing campaign targeting its ideal customer profile, offers a referral program where existing customers receive a discount for referring new customers, and forms partnerships with industry influencers to promote its product.

3. Employee development

Employee development goals focus on enhancing the skills and knowledge of employees to improve their performance and contribute to the organization’s growth. By setting goals for employee training and skill development, businesses can create a culture of continuous learning and provide opportunities for career advancement.

Strategies for employee development may include:

• Offering training programs
• Providing mentorship opportunities
• Sponsoring professional certifications
• Creating a career development plan for each employee

Example: A technology company aims to have 80% of its employees complete at least one professional certification within the next year. To achieve this, it offers financial support and study materials for employees interested in obtaining certifications, provides dedicated study time during working hours, and celebrates employees’ achievements upon certification completion.

4. Product development

Product development goals focus on creating and improving products or services to meet customer needs and stay competitive in the market. Setting goals for product development can prioritize your efforts and so you can allocate resources effectively.

Strategies for product development may include:

• Conducting market research to identify customer preferences and trends
• Gathering customer feedback through surveys or focus groups
• Investing in research and development to create new products or enhance existing ones
• Collaborating with customers or industry experts to co-create innovative solutions

Example: An electronics company sets a goal to launch three new product lines within the next year. To achieve this, it conducts market research to identify emerging trends and customer demands, gathers feedback from its target audience through surveys and usability testing, allocates resources to research and development teams for product innovation, and collaborates with external design agencies to create visually appealing and user-friendly products.

5. Social responsibility

Social responsibility goals focus on making a positive impact on society or the environment. These goals go beyond financial success and emphasize the importance of ethical and sustainable business practices. Setting goals for social responsibility allows businesses to align their values with their actions and contribute to causes that resonate with their stakeholders.

Strategies for social responsibility may include: 

• Implementing sustainable practices to reduce environmental impact
• Donating a percentage of profits to charitable organizations
• Supporting local communities through volunteer programs
• Promoting diversity and inclusion within the organization

Example: A clothing retailer aims to reduce its carbon footprint by 20% in the next two years. To achieve this, it implements sustainable practices, such as using eco-friendly materials, optimizing packaging to minimize waste, and partnering with ethical manufacturers. It also donates a percentage of its profits to an environmental conservation organization.

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How to Set Strategic Planning Goals

• 29 Oct 2020

In an ever-changing business world, it’s imperative to have strategic goals and a plan to guide organizational efforts. Yet, crafting strategic goals can be a daunting task. How do you decide which goals are vital to your company? Which ones are actionable and measurable? Which goals to prioritize?

To help you answer these questions, here’s a breakdown of what strategic planning is, what characterizes strategic goals, and how to select organizational goals to pursue.

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What Is Strategic Planning?

Strategic planning is the ongoing organizational process of using available knowledge to document a business's intended direction. This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees, and ensure organizational goals are backed by data and sound reasoning.

Research in the Harvard Business Review cautions against getting locked into your strategic plan and forgetting that strategy involves inherent risk and discomfort. A good strategic plan evolves and shifts as opportunities and threats arise.

“Most people think of strategy as an event, but that’s not the way the world works,” says Harvard Business School Professor Clayton Christensen in the online course Disruptive Strategy . “When we run into unanticipated opportunities and threats, we have to respond. Sometimes we respond successfully; sometimes we don’t. But most strategies develop through this process. More often than not, the strategy that leads to success emerges through a process that’s at work 24/7 in almost every industry."

Related: 5 Tips for Formulating a Successful Strategy

4 Characteristics of Strategic Goals

To craft a strategic plan for your organization, you first need to determine the goals you’re trying to reach. Strategic goals are an organization’s measurable objectives that are indicative of its long-term vision.

Here are four characteristics of strategic goals to keep in mind when setting them for your organization.

1. Purpose-Driven

The starting point for crafting strategic goals is asking yourself what your company’s purpose and values are . What are you striving for, and why is it important to set these objectives? Let the answers to these questions guide the development of your organization’s strategic goals.

“You don’t have to leave your values at the door when you come to work,” says HBS Professor Rebecca Henderson in the online course Sustainable Business Strategy .

Henderson, whose work focuses on reimagining capitalism for a just and sustainable world, also explains that leading with purpose can drive business performance.

“Adopting a purpose will not hurt your performance if you do it authentically and well,” Henderson says in a lecture streamed via Facebook Live . “If you’re able to link your purpose to the strategic vision of the company in a way that really gets people aligned and facing in the right direction, then you have the possibility of outperforming your competitors.”

Related: 5 Examples of Successful Sustainability Initiatives

2. Long-Term and Forward-Focused

While strategic goals are the long-term objectives of your organization, operational goals are the daily milestones that need to be reached to achieve them. When setting strategic goals, think of your company’s values and long-term vision, and ensure you’re not confusing strategic and operational goals.

For instance, your organization’s goal could be to create a new marketing strategy; however, this is an operational goal in service of a long-term vision. The strategic goal, in this case, could be breaking into a new market segment, to which the creation of a new marketing strategy would contribute.

Keep a forward-focused vision to ensure you’re setting challenging objectives that can have a lasting impact on your organization.

3. Actionable

Strong strategic goals are not only long-term and forward-focused—they’re actionable. If there aren’t operational goals that your team can complete to reach the strategic goal, your organization is better off spending time and resources elsewhere.

When formulating strategic goals, think about the operational goals that fall under them. Do they make up an action plan your team can take to achieve your organization’s objective? If so, the goal could be a worthwhile endeavor for your business.

4. Measurable

When crafting strategic goals, it’s important to define how progress and success will be measured.

According to the online course Strategy Execution , an effective tool you can use to create measurable goals is a balanced scorecard —a tool to help you track and measure non-financial variables.

“The balanced scorecard combines the traditional financial perspective with additional perspectives that focus on customers, internal business processes, and learning and development,” says HBS Professor Robert Simons in the online course Strategy Execution . “These additional perspectives help businesses measure all the activities essential to creating value.”

The four perspectives are:

• Internal business processes
• Learning and growth

The most important element of a balanced scorecard is its alignment with your business strategy.

“Ask yourself,” Simons says, “‘If I picked up a scorecard and examined the measures on it, could I infer what the business's strategy was? If you've designed measures well, the answer should be yes.”

Related: A Manager’s Guide to Successful Strategy Implementation

Strategic Goal Examples

Whatever your business goals and objectives , they must have all four of the characteristics listed above.

For instance, the goal “become a household name” is valid but vague. Consider the intended timeframe to reach this goal and how you’ll operationally define “a household name.” The method of obtaining data must also be taken into account.

An appropriate revision to the original goal could be: “Increase brand recognition by 80 percent among surveyed Americans by 2030.” By setting a more specific goal, you can better equip your organization to reach it and ensure that employees and shareholders have a clear definition of success and how it will be measured.

If your organization is focused on becoming more sustainable and eco-conscious, you may need to assess your strategic goals. For example, you may have a goal of becoming a carbon neutral company, but without defining a realistic timeline and baseline for this initiative, the probability of failure is much higher.

A stronger goal might be: “Implement a comprehensive carbon neutrality strategy by 2030.” From there, you can determine the operational goals that will make this strategic goal possible.

No matter what goal you choose to pursue, it’s important to avoid those that lack clarity, detail, specific targets or timeframes, or clear parameters for success. Without these specific elements in place, you’ll have a difficult time making your goals actionable and measurable.

Prioritizing Strategic Goals

Once you’ve identified several strategic goals, determine which are worth pursuing. This can be a lengthy process, especially if other decision-makers have differing priorities and opinions.

To set the stage, ensure everyone is aware of the purpose behind each strategic goal. This calls back to Henderson’s point that employees’ alignment on purpose can set your organization up to outperform its competitors.

Calculate Anticipated ROI

Next, calculate the estimated return on investment (ROI) of the operational goals tied to each strategic objective. For example, if the strategic goal is “reach carbon-neutral status by 2030,” you need to break that down into actionable sub-tasks—such as “determine how much CO2 our company produces each year” and “craft a marketing and public relations strategy”—and calculate the expected cost and return for each.

The ROI formula is typically written as:

ROI = (Net Profit / Cost of Investment) x 100

In project management, the formula uses slightly different terms:

ROI = [(Financial Value - Project Cost) / Project Cost] x 100

An estimate can be a valuable piece of information when deciding which goals to pursue. Although not all strategic goals need to yield a high return on investment, it’s in your best interest to calculate each objective's anticipated ROI so you can compare them.

Consider Current Events

Finally, when deciding which strategic goal to prioritize, the importance of the present moment can’t be overlooked. What’s happening in the world that could impact the timeliness of each goal?

For example, the coronavirus (COVID-19) pandemic and the ever-intensifying climate change crisis have impacted many organizations’ strategic goals in 2020. Often, the goals that are timely and pressing are those that earn priority.

Learn to Plan Strategic Goals

As you set and prioritize strategic goals, remember that your strategy should always be evolving. As circumstances and challenges shift, so must your organizational strategy.

If you lead with purpose, a measurable and actionable vision, and an awareness of current events, you can set strategic goals worth striving for.

Do you want to learn more about strategic planning? Explore our online strategy courses and download our free flowchart to determine which is right for you and your goals.

This post was updated on November 16, 2023. It was originally published on October 29, 2020.

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18 Tips For Setting Better Business Goals

Joseph Lucco

Joseph is the Vice President of Customer Success at ClearPoint

18 goal-setting tips to increase the likelihood of realizing your strategic goals.

Table of Contents

Strategic goals represent critical or important achievements in your organization's strategic plan . They’re objectives to be achieved over the next three to five years, which link out to your measures and initiatives. Here are a few examples:

• Balance the budget: A balanced budget reflects discipline in planning, budgeting, and management. It is typically seen in the public sector, or within divisions or departments of the private sector.
• Increase share of market: This customer strategy focuses on selling to more customers, thus increasing the market share. For example, a landscape company may want to reach more households; a hospital may want to serve a greater portion of the local population.
• Grow percentage of sales from new products: This objective focuses on the sales outcome your organization is hoping to achieve. It emphasizes constant innovation, even on your most successful products.
• Create a performance-focused culture: This objective can be used if your organization wants to change its culture to one that focuses more on performance management or incentives. This objective shows up a lot in government and nonprofit organizations.

( See 52 additional strategic objective examples in this article. )

These goals will identify what you’re working toward as an organization. The business goal-setting process includes three phases: Pre-work before goal setting, goal setting itself, and ongoing management after setting goals. The 18 business goal-setting tips below are divided by stage, to help you take this process step-by-step.

18 Principles To Follow For Business Goal Setting

Before the business goal-setting exercise.

• Complete a SWOT analysis.

SWOT is a high-level strategic planning model that will help you identify where your organization can improve and where it’s doing well. It’s an acronym for “ S trengths, W eaknesses, O pportunities, and T hreats.” This detailed SWOT analysis template provides the details of how to conduct the analysis. Doing the analysis first will help you think through your strategic challenges and opportunities before trying to set targets.

• Run internal and competitive benchmarking.

These exercises will help you compare performance in various areas across your organization, and across your competitors’ or peers’ organizations. This information will be helpful during the business goal-setting process by showcasing where you are strong or weak.

• Do a market analysis.

Where do you see your industry headed? What is trending for organizations in your space? A thorough market analysis will help you answer these questions.

• Review your past performance.

Without knowing where you’ve come from, it’s hard to decide where you should be heading. Past performance can help inform a number of your future business goals.

• Solicit input from employees.

Gaining insight from employees is a smart strategy, as it will give your leadership team insight from those on the “ground floor” of the organization. But if you do ask for input, be open to actually using it—otherwise, employees will be less likely to offer up their opinions in the future.

• Determine who will participate in the goal-setting exercise.

Determining who should be a part of this conversation is largely based on the size of your organization. Will you involve mid-level managers, or just senior leadership? What about your board of directors?

• Give all participants some pre-reading homework so they can come prepared.

You want everyone in the room to be on the same page and ready to go once the meeting begins.

During The Business Goal-Setting Exercise

• Be sure every goal ties back to your mission and your vision.

It ensures each goal is oriented on where your organization is headed in the long-term, not just something you’re thinking about in the moment.

• Make your goals descriptive.

The more specific and descriptive you can be, the more likely it is that everyone understands each goal in the same way. For example, a goal like “obtain at least six new corporate accounts per quarter” is more transparent and easily understood than “grow our customer base.”

• Be certain your goals are realistic.

Are all of your goals achievable? Are there some that are simply not within the realm of possibility? It’s great to have stretch goals, but you should be able to reach them within a three- to five-year time period.

• Make sure your goals are appropriately sized.

If you have any goals that are too large or too long, break down the goals into multiple steps and apply target dates for each component.

• Consider whether your goals are measurable.

You won’t be creating measures that coincide with your goals just yet (we’ll discuss that a bit later), but be certain your goals can be tracked, measured, and analyzed in some way.

• Consider what actions you’ll take to achieve these goals.

Sometimes, avoiding contradictions across your goals is easier said than done. For example, one goal might be to have 100% customer satisfaction while another might be to maximize profit. These two things may be incongruent, so one may have to give a bit in order to be realistic.

• Examine who will be responsible for each of your goals.

Who will ensure everyone stays on track? Who will ensure that reporting on progress takes place each month or each quarter? Consider the roles and responsibilities required to assure continuous advancement.

• Identify the resources you’ll need to achieve these goals.

For example, if one of your goals is to develop and use a customer relationship management (CRM) system, do you have the funds appropriated for it? Budgetary limitations should also be considered during the goal-setting process.

After The Business Goal-Setting Exercise

• Meet regularly to check in on your progress.

This ensures everyone involved stays on-task no matter how much time goes by. Keep in mind that some adjustments may be required as your team starts to pursue these goals. Don’t be afraid to adjust as needed!

• Communicate your goals internally (and possibly externally).

Does everyone in your organization understand the goals and why you selected them? The entire company is involved in reaching them, so every department and every individual should understand how their performance impacts the goals—and therefore, the overall success of the company.

• Make sure you have good data for the related measures.

Once your goals have been set, select measures (also known as key performance indicators ) that will help you monitor performance toward each goal. Ensuring you have data that informs each measure is imperative.

Don’t forget to reward your organization as you hit your goals!

The process of business goal setting can be challenging, but actually realizing a business goal is even more so! So when your organization achieves a goal, take time to acknowledge it. Knowing that the ‘wins’ are celebrated, not overlooked, will bring renewed motivation to everyone involved. Good luck setting—and reaching—your goals!

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The Ultimate Guide to Setting Business Goals

Written by MasterClass

Last updated: Aug 30, 2021 • 3 min read

Starting or running a business requires deliberate planning and goal setting. A healthy company will have a clear set of consistently updated goals to help it achieve smart objectives.

Table of contents

The Goal Setting Process for Strategic Planning

Introduction to the goal-setting process.

The goal-setting process is not just a task but an essential part of strategic planning in the business environment.

A well-defined goal-setting process aligns all layers of an organization, providing a clear roadmap that connects individual tasks to broader business objectives. From shaping the company's vision and mission to facilitating innovation and growth, goal setting is the heart of business planning and execution.

Understanding the goal-setting process is vital to achieving strategic alignment. This guide aims to cover goal-setting and the process involved to empower you to elevate your organization’s success.

Setting Clear and Achievable Goals

Effectively defining and realizing goals is a key aspect of business management.

Defining Specific Objectives

Breaking down high-level objectives into actionable and measurable targets is the starting point of the goal-setting process. These targets must be coherent with the company vision, and every team member should be aware of their role in achieving them.

Identifying Measurable Metrics

Metrics enable organizations to gauge success accurately. By setting clear and transparent measures, companies can hold everyone accountable and ensure that the goal-setting process is in line with desired outcomes.

Time-bound Goals for Success

Timelines bring realism to goal setting. By monitoring progress and making necessary adjustments, a business ensures that objectives are grounded in reality and achievable within a set timeframe.

Implementing the Goal-Setting Process

The methodical implementation of the goal-setting process can catalyze organizational transformation.

Understanding Your Organization's Needs

An insightful analysis of business requirements and available resources is foundational. Customizing the goal-setting process according to these insights ensures that the approach is unique and effective.

Aligning Goals with Business Strategy

Strategic alignment is paramount. Ensuring that goals are integrated with the overall business strategy cultivates an environment of collaboration between departments and teams.

Using Tools and Techniques for Planning

Embracing modern technology and proven methodologies is vital in the goal-setting process. Miro, as a strategic planning tool in the goal-setting process, brings efficiency and collaboration to new heights.

With real-time updates and interactive features, it can transform traditional goal-setting into a dynamic, responsive, and inclusive process.

Tracking and Evaluating Progress

The journey towards achieving goals is as crucial as the goals themselves.

Regular Monitoring of Progress Tracking objectives and maintaining alignment with business needs is an ongoing task. It requires vigilance and adaptability, allowing for changes to be implemented when necessary.

Adapting to Changes and Challenges The dynamic business environment demands flexibility. The goal-setting process must be robust enough to recognize and respond to unexpected obstacles or opportunities.

Evaluating Success and Learning from Failures Reflecting on what went right or wrong is insightful. These reflections enhance the ongoing goal-setting process by offering learning points that can be applied in the future.

Common Pitfalls and How to Avoid Them

The path to effective goal setting is fraught with potential pitfalls.

1. Avoiding Vague Objectives

Clearly defining and articulating goals ensures understanding across the organization. The specificity brings life to the goal-setting process, making it more actionable.

2. Ensuring Alignment with Business Values

The alignment of goals with the company's mission and values fosters a culture of trust and engagement. It makes the goal-setting process more meaningful and resonates with every member of the organization.

3. Managing Unrealistic Expectations

Setting attainable and realistic goals is a balance between ambition and feasibility. Open communication and continuous support maintain this balance, making the goal-setting process more successful.

Final Thoughts on the Goal-Setting Process

The goal-setting process is integral to strategic planning and organizational success. This guide has shed light on the various aspects, from setting clear goals to avoiding common mistakes.

Regularly reviewing and adapting the process to meet evolving business needs can create a dynamic, goal-oriented culture that aligns with the organization's mission and propels sustained growth.

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How to Set Achievable Business Goals

Set specific, challenging goals to realize the best results.

Table of Contents

Setting achievable goals is one of the key skills necessary for managing a business. However, as leaders try to envision their future, they can often stumble in determining what goals are achievable within a given time frame. They can also go wrong by being too vague or too easy.

No matter their industry or offerings, all companies need realistic goals to fuel business growth and success. By setting goals, organizations can allocate resources appropriately and get team members on the same page about priorities. Established businesses may have long track records to guide them on realistic goals, while startups must employ more guesswork.

We’ll explore how to set specific, challenging, and achievable business goals to help organizations map their blueprint for success. 

What are achievable business goals?

Achievable business goals are targets an organization sets for a specific period, such as a quarter or year. They’re realistic, not vague or hopeful expectations. When setting achievable goals for your business, it’s crucial to make them specific and challenging.

Many organizations use frameworks to help them set detailed, precise business objectives.  

1. SMART Goals is a common goal-setting framework. 

A popular business goal-setting framework is SMART Goals. SMART stands for specific, measurable, attainable, relevant, and time-based. The SMART Goals framework aims to help organizations stay on target with systematic goal achievement. 

For example, say your business wants to expand its operations. It’s unhelpful to set a goal of “make more money” or “have 10 times as many clients this year.” Both goals are too vague. Additionally, the first goal is too easy because making $1 more could count, while the second goal is difficult and overreaching. All three factors – being too vague, easy, or difficult – decrease the likelihood you’ll follow through as planned.

The SMART Goals framework urges you to consider your goal as an action plan. Be as specific as possible about what you will do, when it will happen, and how you’ll work toward it. Motivate yourself by aiming for achievements that are challenging but feel possible.

For example: 

• I will have a blueprint for a new workshop written out by March, test it with my local chamber of commerce in April, and start selling regionally in May.
• I will improve my media presence by signing up for HARO and responding to three to five queries per week.
• I will finish my e-book by March, send it to an editor in April, and start selling it on my website by June.
• I will pitch three new clients every week until I have doubled my client load.

Widely cited research on goal setting and task performance states that 90 percent of the time, setting specific, challenging goals leads to higher success rates.

2. Some businesses prefer other goal-setting frameworks.

Depending on the organization type and its objectives, other goal-setting frameworks may be a better fit, including: 

• WOOP . This framework stands for Wish, Outcome, Obstacle, and Plan. It’s the brainchild of German academic and psychologist Gabriele Oettingen. WOOP is a practical, motivational strategy that asks participants to imagine their future along with potential obstacles. It claims to help people reduce stress, increase engagement, and solve problems better. 
• Micro goals . Some businesses prefer setting micro goals rather than one overarching goal. This involves breaking a long-term goal into achievable steps and setting daily intentions to help you reach your overarching goal more quickly. 

How to determine the right business goals to pursue

When you own a business, it’s tempting to compare yourself to other entrepreneurs and small business owners and think you should be doing the same things. For example: 

• If another business opens franchises, you may think it’s time for you to pursue franchise opportunities. 
• If a colleague recently partnered with an investor, you may think you should also set a goal to land new funding. 
• If one of your competitors starts a podcast , you start looking into podcast opportunities.

There’s nothing wrong with any of these goals if you really do want to do any of these things, such as start a podcast, franchise your business , or pitch your business idea to investors . However, if you’re pursuing goals just because that’s what you see other business owners do, you’ll quickly lose motivation and get discouraged.

Instead, focus on what you want for your own business goals and career goals . Choose goals you feel passionate about and genuinely want to achieve instead of trying to check boxes you don’t care about.

Methods for determining the right goals

Many businesses use structured methods to help them determine the right business goals to pursue. SWOT analyses and Porter’s Five Forces are examples. 

• SWOT analysis . A SWOT analysis is a method many businesses use to determine the right goals to pursue. By breaking opportunities down into Strengths, Weaknesses, Opportunities, and Threats, they can map out a path with the biggest upside and the fewest inherent risks. SWOTs are valuable because they break down the complex terrain all businesses face into four easy-to-understand concepts.
• Competitive rivalry
• The bargaining power of suppliers
• The bargaining power of customers
• The threat of new entrants
• The threat of substitute products or services

Tracking business goals and progress

As they move forward, businesses must measure their performance relative to their goals. Many businesses utilize key performance indicators (KPIs) and data reporting. 

• KPIs . KPIs are the most essential data points for measuring a business’s growth. While revenue can be a KPI, KPIs can measure almost every aspect of a business’ progress. For example, if a company wants to expand its marketing reach, KPIs might include email marketing metrics , like how many people saw an online ad, how many clicked on it, and the price per click. 
• Data reporting . After determining the right KPIs for a specific goal and collecting data, businesses must organize and analyze that data. If they do so correctly, the resulting information can help them adjust their processes to maximize the outcome. 

What to do when business goals fail

Business goals fail for myriad reasons. The goal itself might be the problem, or there may be issues with the people pursuing them, tenacious competitors, market trends , among many other factors. However, when a company plans precisely and methodically, it’s likely better prepared to understand what went wrong and adjust accordingly. 

When a business goal fails, consider the following actions: 

• Reassess your goal . Take another look at your goal and consider if it’s inherently problematic. Was it too vague? Was it unrealistic? If the goal is still valid and extenuating circumstances undercut it, it may be worthwhile to try it again. If it was too vague or challenging, reset your parameters and revise your goal. 
• Set a new goal . If you decide it’s time for a new goal, evaluate your goal-setting process and focus on a new goal that’s specific, challenging, and realistic. 
• Work with a support team . Working toward your business goals in isolation may lower your accountability. It can also prevent you from taking advantage of others’ experiences and creative suggestions when facing challenges. Share your goals with partners and employees so everyone works with the same blueprint and understands how their individual contributions fit into the big picture. Track the company’s progress, and celebrate achievements to stay accountable.

Realistic goal setting is essential to success

Setting achievable goals doesn’t guarantee business success, but it’s almost impossible to succeed without them. SMBs make many small business decisions every day. Having clear, attainable goals keeps entrepreneurs moving in the right direction and lets them know when they’ve gone off course.

Katharine Paljug contributed to the reporting and writing in this article. 

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• 65 strategic goals for your company (wi ...

65 strategic goals for your company (with examples)

Strategic goals are a critical part of your strategic plan. In order to achieve your long-term goals, you need a clear sense of where you want to go—and an easy way to share those goals with your team. In this article, we take a look at the difference between strategic goals and other goal setting methodologies, then offer 65 example metrics and strategic goals you can use to get started. 

Goal-setting is a critical part of your business strategy. You want to make sure your team is cohesively moving in the right direction—and goals are a great way to do that. 

But in order for goals to be effective, they need to be measurable. The important thing isn’t just to create goals, but to create strategic goals that help you accomplish your overall company mission. 

In this article, we’ll walk you through when to set strategic goals—vs. other types of goals—and how to do so. 

What is a strategic goal? 

Because strategic goals are closely connected to strategic planning, they tend to be three to five year goals. But the most important part of setting a strategic goal is to identify where you want to go, and what goals you need to achieve to get there. 

How strategic goals compare to other business processes

There are a lot of different strategy and goal setting frameworks you can use. Here’s how strategic goals differ from other types of goals. 

Strategic goals vs. strategic planning

Strategic planning is the process of defining the direction your company wants to go in the next three to five years. A strategic plan includes longer term goals, strategic goals, and shorter-term goals that describe how you’ll achieve your strategic goals. The strategic planning process is typically run by decision-makers and stakeholders. 

Part of defining your strategic plan is coming up with strategic goals. Your strategic plan should also include customer insights, a SWOT analysis , your company values , your organization’s competitive advantages, specific goals on a quarterly or yearly timeline, and a high-level project roadmap if you have one.

Strategic goals vs. strategic management

Strategic management is the organization and execution of business resources in order to achieve your company goals. These usually help you implement your overall organizational strategy. 

Strategic goals, on the other hand, are generally three to five year objectives that tie closely to your strategic plan. 

Think of strategic goals as the specific things you want to achieve in three to five years. These strategic goals are part of your strategic plan, which provides more context and direction for why your company wants to move in that direction. Your strategic plan fuels your strategic management process, which is how you’ll actually achieve those goals. 

Strategic goals vs. strategic objectives

The difference between strategic goals and strategic objectives is somewhat subjective. In general, objectives tend to be more specific than goals—some people argue that objectives are always quantitative, while goals can be either qualitative or quantitative. 

Whether you use the terminology strategic goals vs. objectives , it’s critical to make sure your goals are specific, measurable, and actionable. 

Strategic goals vs. big hairy audacious goals (BHAGs)

Big Hairy Audacious Goals (BHAGs) are long-term goals that typically take between 10 and 25 years to complete. These are industry-defining goals, like Microsoft’s famous goal to put "a computer on every desk and in every home." 

Not every organization has—or needs—BHAGs. Depending on your business strategy, a vision statement might be enough. Whether or not you set BHAGs, strategic goals are shorter-term goals that help you accomplish these bigger, ambitious goals. 

Strategic goals vs. OKRs 

OKRs , which stands for Objectives and Key Results, is a goal setting methodology developed by Andy Grove that follows a simple but flexible framework: 

I will [objective] as measured by [key result] .

OKRs can span multiple years, but most commonly these are one to two year objectives that help your company accomplish your larger strategic plan. In a typical OKR structure, your OKRs feed into your broader strategic goals. 

Strategic goals vs. KPIs

KPIs, or key performance indicators , are qualitative measures of how you’re progressing. Like OKRs, KPIs tend to be shorter in time frame than strategic goals. This is partially due to the fact that KPIs are nearly always quantitative. Achieving several long-term KPIs helps you achieve your broader three to five year strategic goals. 

Strategic goals vs. business goals

Business goals are predetermined targets that organizations plan to achieve in a specific amount of time. Technically, strategic goals—along with BHAGs, OKRs, and KPIs—are a type of business goal. 

65 example strategic metrics and goals

If you’ve never written a strategic goal before, it’s helpful to check out common goals. Though your strategic goals are unique to your strategic plan, use these examples as templates to create measurable, actionable goals with clear success metrics. 

Set strategic goals that are:

Simply phrased

Easy to track

For more tips on what constitutes a good goal, read our article on how to write SMART goals . 

Keep in mind that these goals should be achievable in three to five years. For shorter goals, consider setting OKRs or KPIs instead. For longer goals, check out vision statements and BHAGs . 

Strategic goals: finance

Financial strategic goals typically center around a few different important financial metrics, including:

1. Increasing revenue

2. Attaining or maintaining profitability

3. Growing shareholder value

4. Diversifying your revenue streams

5. Becoming a financially sustainable company

6. Reducing production costs

7. Increasing profit margin

8. Setting revenue targets for new products

9. Reducing department-specific budgets

10. Influencing the percentage of local vs. international sales

Examples of financial strategic goals

These examples do not represent Asana’s goals, and are merely included here for educational purposes. 

11. Increase total revenue by $10M in the next three years.

12. Reduce cost by 12% to become a profitable company by 2024.

13. Grow a specific product’s revenue to 30% of overall business revenue within the next five years.

14. Reduce marketing budget by 10% in the next three years.

15. Update our sales profile so 50% of our sales are international by 2026.

Strategic goals: customer-focused

Strategic goals that focus on your customers can help you break into a new market or further develop a trustworthy brand. These metrics can include:

16. Reducing customer churn

17. Measurably increasing customer satisfaction

18. Increasing the number of new customers

19. Increasing customer retention

20. Offering great customer value

21. Boosting customer outreach

22. Increasing customer conversion rates

23. Breaking into new customer segments

24. Increasing the number of returning customers

25. Decreasing the percentage of returned products

Examples of strategic goals focused on customer metrics

26. Increase net promoter score (NPS) by three points in the next year, and 10 points in the next five years.

27. Capture 23% market share by 2025.

28. Provide the best customer experience in the market—measured based on reaction time, customer sentiment, and brand tracking. 

29. Increase customer retention by 3% every year.

30. Reduce the percentage of returned products to 2% by 2023.

Strategic goals: growth

On an organizational level, growth refers to how your company expands and develops. Growth metrics include:

31. Increasing market share

32. Breaking into new markets

33. Developing new products, features, or services

34. Increasing operational reliability and/or compliance

35. Increasing company velocity

36. Opening new locations

37. Building your brand on social media

38. Increasing website traffic

39. Acquiring a new company

Examples of strategic goals about growth

40. Open 12 new locations within the next four years. 

41. Increase market share to 8% by 2026.

42. Reach 5M followers on social media (including Instagram and Twitter).

43. Increase web traffic to 300K visitors per year by 2024.

44. Start three new product streams by 2027.

Strategic goals: internal

You can also set strategic goals focusing on your internal company goals. Example employee-centric metrics can include:

45. Increasing employee retention

46. Adding new team members

47. Building a healthy organizational culture

48. Implementing a performance review cycle

49. Standardizing titles and/or levels

50. Improving cross-functional productivity

51. Spinning up a project management office (PMO) to standardize processes

52. Attracting the best talent

53. Building high-performing teams

54. Investing in personal and professional development

55. Reducing burnout and impostor syndrome

56. Building employee-focused training programs

57. Reducing employee turnover

58. Improving workplace safety

59. Building better facilities management

Examples of internal strategic goals 

60. Add 20 new team members within the next four years. 

61. Increase overall engagement scores by 7% based on yearly surveys.

62. Increase new hire referrals to 5,000 team members per year by 2026.

63. Develop and circulate new company values by 2023.

64. Implement a biannual performance review cycle within the next three years.  

65. Attain maximum workplace safety score rating within the next three years. 

How Asana uses work management to effectively manage goals

Learn how Asana's Head of Organizational Strategy helps teams set, track, and achieve their goals.

Achieve your goals with goal tracking technology

Once you develop your goals, you need a clear way to track, measure, and communicate those goals. Too often, teams set great goals and then don’t know how to track those goals over time. 

Instead of letting your goals collect dust in a slide deck or spreadsheet somewhere, use goal tracking technology to connect your strategic goals to your team’s daily work. With Asana , you can track long-term goals, as well as the shorter-term objectives that feed into those goals. 

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• Strategy & planning

How to set strategic goals (with 73 examples you can steal)

Georgina Guthrie

March 23, 2022

As a project manager, setting strategic goals for your team is an absolute must. By establishing objectives, you can ensure everyone (including yourself) is productive and moving in the right direction. It also means you can track progress and make real-time adjustments — which is incredibly difficult to do without clear metrics . In fact, without measurable goals, it’s near impossible to determine whether initiatives are working or not.

But what should these goals be?

What are strategic goals?

A strategic goal is a broad, long-term objective that a company strives to achieve. It can be something as general as becoming the top player in your industry or as specific as increasing market share by 20%.

There are different types of strategic goals (which we’ll explore in a little more detail later on), and each goal will involve metrics — the  criteria you’ll use to measure progress.

Why are performance metrics important?

Metrics are important because they provide concrete evidence of whether a goal is being achieved. Without metrics, it can be difficult to determine whether things are working and how well. Metrics also help to identify areas of improvement and allow for targeted action.

Here are some common strategic goals metrics:

• Revenue growth :  this metric measures how much revenue the company generates over some time. You can break it down by product, market, or other factors.
• Gross margin : this measures how much profit the company earns on each dollar of revenue. Gross margins are useful for tracking product profitability or comparing performance against competitors.
• Customer churn : churn refers to how many customers leave the company over a given period. It can identify areas of improvement and indicate which aspects of a service or product are driving away customers.
• Employee turnover : the opposite of retention, turnover measures how many employees leave the company over a given period. A high turnover rate often indicates that the company needs to improve its employee retention strategy or benefits package.
• Social media followers : this metric measures how many people follow your company on various social media platforms. Follower numbers help you determine the strength of the company’s brand awareness or engagement levels.
• Website visits : this metric shows how many people visit your company website over time. You can use this data to track the company’s online visibility or marketing efforts.
• Product launch success : this metric measures the success of a product release. You can use factors such as sales, customer feedback, and market share to understand product launch success clearly.

Strategic goals vs. strategic management: what’s the difference?

While both strategic goals and strategic management are important, they’re not the same thing.

• Strategic goals are the objectives a company aims to achieve.
• Strategic management is the process of setting and accomplishing those goals.

Think of strategic goals as the long-term outcome you envision — the things you want to achieve in three to five years. To achieve your goals, you need a well-defined process for developing and monitoring them. That’s where strategic management comes in.

Strategic goals vs. OKRs: what’s the difference?

OKRs (Objectives and Key Results) are a popular framework for setting strategic goals. But there are some key differences between OKRs and strategic goals.

Firstly, OKRs are typically shorter-term compared to strategic goals. Secondly, OKRs are more specific and quantitative, while strategic goals are broader and qualitative. Thirdly, OKRs are often used in performance-driven organizations, while strategic goals can be used in any organization.

Strategic goals vs. KPIs: what’s the difference?

KPIs (Key Performance Indicators) are a popular framework for measuring performance. Here’s where they differ from strategic goals.

KPIs are usually more narrow in scope than strategic goals. And while KPIs are highly specific and quantitative, strategic goals are more broad and qualitative. Also, KPIs are best suited for measuring operational performance , while strategic goals are better for measuring business performance overall.

Strategic goals vs. business goals:

There are some key similarities between strategic goals and business goals. Both are important for driving organizational success and must be measurable and achievable to offer the most value. But here’s where they differ:

• Strategic goals focus on long-term growth or performance, while business goals are more immediate targets you must hit to achieve bigger objectives.
• Business goals tend to be specific and quantitative, while strategic goals have a broader and more aspirational focus.
• Strategic goals encourage you to take a comprehensive approach to achieve organizational success. Business goals are more modular and focus on improving performance in individual business units or departments.

Which framework is right for your company?

There is no one-size-fits-all answer to this question. The right goal-setting framework depends on your company’s size, culture, and industry. If unsure which model is right, speak with a business advisor or consultant for guidance. They can help you understand which operational factors impact your organization and choose a framework to drive progress.

How to set strategic goals

Now that we’ve covered some differences between strategic goals and other popular frameworks, let’s take a closer look at how to set effective strategic goals.

1. Start with the big picture

Start by thinking about the overall vision and mission of your company. What are you trying to achieve? Where do you want to be in three to five years? Once you have a general idea of where you want to go, you can start thinking about specific goals to help you get there.

2. Make them SMART

All goals should be SMART : that’s Specific, Measurable, Achievable, Relevant, and Time-bound. Your goals must be specific enough to be quantified and measured, achievable (not too easy or too difficult), and relevant to the company’s overall vision and mission. They should also have a specific timeframe for completion.

3. Communicate your goals to all employees

Make sure to communicate your goals to all employees, not just management. Employees need to understand what the company’s trying to accomplish and their role in achieving those objectives.

4. Hold everyone accountable

Holding employees accountable for meeting their goals is important to success. Use a system of rewards and penalties to motivate employees to stay on track.

5. Evaluate progress, and make changes as needed

Regularly evaluating progress is essential for managing the pace and success of your goals. If necessary, make changes based on what you learn from one milestone to the next.

Now, let’s get to some real-world examples.

73 strategic goal examples

We’ve split this list by goal type to make it easier to follow. Please note: the examples do not reflect Nulab’s goals; they’re here for educational purposes.

Strategic goals for finance

1) Increase revenue by 20% in the next three years 2) Reduce costs by 15% in the next 12 months 3) Invest in new technology that will improve our overall efficiency 4) Increase our market share by 5% in the next two years 5) Create a new product that will generate $1 million in revenue in the next 12 months 6) Diversify our revenue streams into two new markets 7) Become financially sustainable by 2023 8) Grow shareholder value by 20% in the next two years 9) Reduce marketing costs by 10% over the next year

Strategic goals for marketing

10) Increase website traffic by 25% in the next three months 11) Generate 1,000 leads through our website in the next six months 12) Double our social media following in the next six months 13) Increase customer satisfaction by five points in the next year 14) Increase brand awareness by 25% in the next year 15) Launch a new marketing campaign that generates a 10% ROI 16) Reach 10,000 people through our email list in the next six months 17) Secure two major partnerships in the next 12 months 18) Attend three industry tradeshows in the next year

Strategic goals for R&D

19) Develop a new product that will be in the market in 12 months 20) Patent our new technology by the end of the year 21) Increase our R&D budget by 15% in the next year 22) Hire two new senior scientists in the next six months 23) Double our current market share in the next three years 24) Develop a product that is fives times more efficient than our current products 25) Reduce the time to market for new products by 50% in the next year 26) Increase our customer base by 20% in the next year 27) Collaborate with two other companies in the next year

Strategic goals for employee productivity

28) Increase average billable hours per employee by 20% in the next three months 29) Streamline our billing process so that it takes employees less time to bill clients 30) Reduce customer support inquiries by 20% in the next month 31) Improve team productivity by 10% in the next three months 32) Implement a new CRM system that will make it easier for employees to find customer information 33) Create a training program for new employees that will shorten the learning curve 34) Hire two new customer service representatives in the next month 35) Allow employees to work from home one day a week 36) Give employees a 5% raise in the next three months

Strategic goals for innovation

37) Develop a new product that will be in the market in 12 months 38) Patent our new technology by the end of the year 39) Increase our R&D budget by 15% in the next year 40) Hire two new senior product designers in the next six months 41) Double our current market share in the next three years 42) Develop a product that is five times more efficient than our current products 43) Reduce the time to market for new products by 50% in the next year 44) Increase our customer base by 20% in the next year 45) Collaborate with two other companies in the next year

Customer-focused strategic goals

46) Increase customer satisfaction by five points in the next year 47) Decrease website bounce rate by 25% in the next three months 48) Generate 1,000 customer product reviews in the next six months 49) Secure a rating of 75% five-star reviews on Tripadvisor by the end of the quarter 50) Reduce refund time by one week by the end of next quarter 51) Host two focus groups in December to get feedback about the new product 52) Reduce customer call time wait by an average of three minutes in the next two months 53) Secure two major influencer partnerships in the next 12 months 54) Increase newsletter subscriptions by 20% by the end of 2022

Strategic goals for internal improvement

55) Increase average billable hours per employee by 20% in the next three months 56) Develop and implement new company core values by December 2023 57) Reduce staff turnover by 25% in the next six months 58) Increase employee satisfaction by 10% in the next six months 59) Implement a new training program for new employees 60) Give employees a raise of 5% in the next three months 61) Hire two new customer service representatives in the next month 62) Allow employees to work from home one day a week 63) Reduce the time it takes to process invoices by 50% in the next month 64) Implement new software that will improve team communication

Strategic goals to promote growth

65) Secure a new office space that is twice the size of our current one 66) Implement a new sales strategy that generates a 20% increase in sales in the next six months 67) Increase our customer base by 20% in the next year 68) Double our market share in the next three years 69) Collaborate with two other companies in the next year 70) Launch a new marketing campaign that generates a 10% ROI 71) Reach 10,000 people through our email list in the next six months 72) Secure two major partnerships in the next 12 months 73) Invest in a new advertising campaign

Final thoughts

Developing effective strategic goals is essential for any business, regardless of size or industry. By setting measurable, achievable objectives, you can ensure your company is moving fully ahead in the right direction and achieving its long-term goals.

As your organization or team grows and changes, choose tools that make collaborating and tracking your goal metrics as convenient as possible. By doing so, you’ll be able to work together as a team toward the success you and your business deserve.

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How to Set Smart Business Goals for Your Small Business

Colette Broomhead

8 min. read

Updated October 29, 2023

There’s nothing like the start of a new year to get us all goal setting like crazy. I don’t know about you, but I can count the number of New Year’s Resolutions that I’ve made and actually kept past January on the fingers of, well, one finger!

So why is it that we find goals so exciting to make, but so difficult to actually achieve?

Well, there are a number of reasons but mostly, it’s because the goals we set just aren’t smart .

• What is a SMART goal?

Yep, you’ve guessed it, this is another of those business acronyms that we all love so much. In a nutshell, your business goals should be:

Let’s break that down so you’re ready to set the smartest of SMART goals for your business this year.

• How to make your business goals specific

It’s easy to say things like “this year, I’m going to increase my revenue,” or “I’m going to build a following on Facebook.”

Perhaps you’re after more website traffic or you want to grow brand visibility. These are all worthy aspirations to have for your business, but they’re not specific.

How will you know when you’ve achieved them?

So let’s take another look, but this time our goals will be a little more defined:

• “I’m going to increase my revenue by 20 percent” would work, or “my revenue goal for 2020 is $100,000.”
• “I’m going to build a following of 5,000 likes on my Facebook page.”
• “I’m going to increase my website traffic to 5000 per month.”

See what a difference that makes?

Of course, plucking numbers from nowhere may seem more specific but is no more helpful unless the goals you choose are relevant to your current business performance and forecasts.

For example, if your current Facebook likes are at 1000 and your rate of growth is 50 new likes per month, then it would be feasible to set a goal of building your following to 5000 over the next six months. This stretches you, by exceeding your current rate of growth but isn’t an impossible target to achieve.

When your goals are specific, you know what success looks like and can measure it.

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• How to make your business goals measurable

Speaking of measuring it, there is no point in setting goals if you’re not able to track your progress and review your results. If you’ve made your targets specific, then you’ll already have given yourself some clear measurables, but the real skill comes in identifying the not so obvious metrics which help you to spot problem areas in your strategy and to improve them.

Let’s look at one of our examples again:

• Goal: Increase my website traffic to 5000 views per month
• Metric: Monthly views

So there we have a specific goal and a pretty obvious metric.

This metric will tell you if you have hit your goal or not, but you can also set smaller milestones which will allow you to track your progress—maybe you look at your website performance once a week so you get a sense of whether you’re heading in the right direction. This helps you to identify problems along the way so that you can tweak your strategy accordingly.

What else could you measure to help you monitor your progress?

How about monthly traffic by channel? That is to say, looking at the different places your traffic comes from, such as social media, search and so on.

By breaking down our metrics even further, we can see which channels are performing well and those which are falling short of our target and in need of some further development.

Another great advantage of setting measurable goals is that it keeps us focused on measuring the right things and stops us from becoming obsessed with those vanity metrics that we all love so much, but which often have very little to do with our actual business goals!

Lastly, when it comes to setting measurable goals, you need to know how to measure them. Make sure you have tools in place such as Google Analytics, which will allow you to view your data quickly and easily. The last thing you want is to waste time each month in manually measuring your results.

• How to make your business goals achievable

Your business goals and your business vision should be aligned, but they aren’t necessarily the same—especially when you’re just starting out.

Your dream may be to build a multi-million dollar company with global reach and impact; the reality for this year is probably going to be quite different.

Challenge yourself, but don’t set yourself up to fail by creating goals which are so out of reach, you have no hope of achieving them. Nothing is more demoralizing, and it will make you more likely to quit before you’ve even started.

How do you know what’s achievable? That can be tricky when your business is still new and you don’t have previous results to look back on. It’s not impossible though and your “aim” will get better with time.

If you don’t have past performance to use as a compass then use the information that you do have. Spend time researching your industry and doing a market analysis . You could also conduct a SWOT analysis which focuses on your current Strengths, Weaknesses, Opportunities, and Threats. The more research you can use to inform your decision making, the more accurate your goal setting is likely to be.

Stretch and comfort

This may sound spookily like the tagline for an underwear commercial, but I promise I’m still talking about your business goals!

You see, there are arguments to say that SMART goals don’t allow for stretching and challenging yourself and honestly, I disagree. Why not set your “comfort” goals (those which you feel pretty confident about) and alongside those you can also set yourself some stretch targets which may feel scarier but will push you to be innovative and focused.

• How to make your business goals relevant

Remember those vanity metrics that I mentioned earlier on? Well, those are the types of shiny object goals that can sometimes blind us to what’s really important in our business.

There is one very useful question you can ask yourself for each of your business goals in order to discover if it’s truly relevant or just something you think you “ought” to be going, something everyone else is doing or just something that will make you feel good about yourself.

That question is  “why?”

Let’s look again at that goal to increase Facebook likes.

So before it gets added to our official business goals, we’ll consider why we want to grow our Facebook following:

• “Because it shows my business is popular, right?”
• “Because XYZ have a trillion likes and I want to be more like them.”
• “Because I like spending time on Facebook!”

I could go on, but you see where I’m going with this. None of these reasons are relevant to your overall business purpose and vision, are they?

So, how about:

• “Because I want to increase my brand visibility on Facebook.”
• “My ideal clients mainly use Facebook so I want to increase my reach there.”
• “Community building is a key focus this year and Facebook is a great place to do that.”

Aha! Now these seem like more strategic and business-focused reasons to include increasing Facebook likes as a goal.

• How to make your business goals time-based

Well, this is the easy part (although still a part that gets missed all too often!). You know what goals you want to achieve, how you’re going to measure them and why they’re important to your business. Now, you just need to add a timescale.

Are you going to increase your Facebook likes by 5000 per month or per year?

As you can imagine, this is a pretty vital distinction to make! Not only does adding a timescale make your goals more specific and measurable, but it also helps when it comes to planning your time and creating your strategy.

Give your goals timescales, but also remember to set milestones too. This will allow you monitor your progress and review your strategy where necessary.

• Why SMART goals are just the start

So now you know how to create goals for your business that will get you off to the perfect start this year. Hurrah!

What happens next is up to you. You can do what we all do so often and let those goals gather dust for the rest of the year, lost and forgotten.

Or,  you can use them to shape your planning, to align all your business activities and manage your time. That’s what goals are meant for.

Your next step is to plan how  you will achieve them, to create lists of projects and tasks that will need to be completed and to break down your year into quarters, months, weeks—and yes, even days.

But that’s a whole different post!

Colette Broomhead is a startup strategist and helps people who want to quit their 9 to 5 and create an online business doing what they love. That's exactly what she did after a 13 year corporate career, working in marketing and CRM for a FTSE30 company.

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Examples of Effective Short-Term, Mid-Term, and Long-Term Business Goals

By Kate Eby | September 7, 2023

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Setting effective goals is vital to your business’s success. Good goals help organizations move forward and keep employees on track. We’ve talked with experts and gathered examples of solid short-term, mid-term, and long-term business goals.

Included on this page, you’ll find examples of long-term , mid-term , and short-term business goals and how they work together. Plus, check out an easy-to-read chart on which framework is best for setting time-based goals and a free, downloadable goal-setting worksheet that can help your team create your goals.

Common Time Ranges for Different Business Goals

Companies set large overarching goals to achieve in two to five years. To attain long-term goals, set goals with shorter time frames that work toward the long-term objective. Depending on the type of goal, some experts might refer to it as a strategy or an objective . However, there is a difference between a goal, an objective , and a strategy. 

Examples of Long-Term Business Goals

Long-term goals focus on the big-picture vision for the future of the organization, generally covering two years or longer. They typically don’t cover more than five years, since the business and technology environment can change drastically after that time frame.

Long-term goals are more aspirational and might not have the specificity of short-term and mid-term goals. “These goals ought to be aligned with the overall vision of the company,” says Izzy Galicia, President and CEO of global professional services firm the Incito Consulting Group and an expert in Lean enterprise transformation.

The long-term goals also must be realistic. “We know from the literature and practical experience that you want goals that are challenging, but they're also achievable. You don't want to have a goal that people don't buy into at all, or it's just so outrageous that you can't possibly achieve it,” explains Lee Frederiksen, managing partner of Virginia-based Hinge Marketing and former Director for Strategy and Organizational Development at Ernst & Young.

Here are four examples of long-term business goals:

• Increase Sales: A common long-term goal is to increase sales significantly. A company might establish a long-term goal of increasing total sales by 40 percent in three years.
• Become Niche Leader: Another company might have its sights on becoming dominant in its industry. It would set a long-term goal of becoming the leader in its market niche in four years.
• Expand Company Locations: Adding storefronts over the next few years is also a common long-term goal. A company with that aim would set a long-term goal of expanding its one restaurant location to four locations in four years.
• Create and Develop a Non-Profit Entity: An organization or group of people can also establish a long-term goal of establishing a successful nonprofit organization focused on environmental conservation.

Examples of Mid-Term Business Goals

Mid-term goals help an organization meet a long-term goal. They can take an organization six months to two years or so to reach. 

Here are examples of mid-term goals that will help a company reach a specific long-term goal: 

A company’s long-term goal is to open three more restaurants in the next four years. These examples are some of the mid-term goals they would need to achieve first:

• Systematize Standard Operating Procedures for Running the Restaurant: The mid-term goal would be to document and systematize its standard operating procedures to efficiently operate its original restaurant within a year.
• Develop a Hiring Process That Attracts Talented Employees: The company sets a goal of developing and implementing a hiring process to attract committed employees in the next 14 months. 
• Research and Evaluate the Best Locations to Open the New Restaurants: The company would set a goal of continually scouting and evaluating possible locations for new restaurants over the next two years.

A group of people have the goal of creating a successful nonprofit organization in five years. Here are some examples of mid-term goals they would set and meet first:

• Establish Partnerships with Local Environmental Organizations: The group of people would like to start a nonprofit focused on environmental conservation. A mid-term goal would be to develop and establish partnerships with key local environmental organizations within the next two years.
• Develop and Implement a Solid Fundraising Strategy: The nonprofit needs funding to be successful. The organization would set a mid-term goal of developing an effective fundraising strategy within the next 18 months.
• Build a Dedicated Team of Volunteers: To help it reach its long-term goal of establishing a successful nonprofit focused on environmental conservation, the organization would set a goal of building a system to attract and retain volunteers for the organization within the next year.

Examples of Short-Term Business Goals

Short-term business goals encompass work that helps an organization reach its mid-term goals. These goals are often meant to be reached in a month or a quarter. Some might take six months or so to accomplish. Only one department — or even only one worker — might work on some short-term goals.

Some experts call short-term goals objectives. They might call the shortest short-term goals tactics . (Learn more about the differences between business goals vs. business objectives and strategies vs. tactics .)

“If one of my goals is to develop a content strategy — so that more people are aware of my company — I can't jump into Year Three and say, ‘I have a content strategy,’” shares Keith Speers, CEO of Consulting Without Limits , which provides business consulting, leadership coaching, fractional leadership, and other consulting services. “Part of that one- to three-year plan is developing my audience, curating them, creating content, and establishing myself as someone who's a thought leader in a specific field. All of that requires establishing short-term goals or objectives.”

The short-term goals or objectives are “more about the measurable steps or actions to take in order to reach that (mid- or long-term) goal,” states Marco Scanu, a business coach and CEO of Miami-based Visa Business Plans , a consulting firm providing attorneys and investors with business planning services.

Here are examples of short-term goals to build toward achieving the mid-term goals associated with expanding a company’s restaurant count from one to four: 

• Assemble a Team to Develop a Standard Operating Procedures (SOP) Document for Current and Future Locations: To help reach the goal of systematizing its SOP for running its original restaurant, the company would set a short-term goal of developing a SOP document for the company’s original and future locations by the end of the next quarter.
• Work With an HR Consultant to Attract and Retain Qualified Staff: To reach the mid-term goal of developing a hiring process that attracts talented workers who will stay with the company, the business would set a goal of hiring and working with a human resources consultant to find ways to attract and retain employees within the next month.
• Create an Internal Team to Improve Compensation and Increase Retention: To reach the goal of developing a prosperous hiring process, the company would set a short-term goal of forming an internal team to assess ways to improve employee compensation and retention within the next two months.
• Research Demographic/Economic Trends in the Metro Area: To achieve the goal of researching and evaluating the best locations for new restaurants, the company would set a short-term goal of researching demographic and economic trends within neighborhoods where they want to add new restaurants.
• Work With a Real Estate Agency to Find Potential Buildings: To complete the mid-term goal of researching and evaluating the best locations for new restaurants, the company would set a goal of hiring and working with a real estate agency within the next two weeks. The real estate agent would continually search for good locations for possible new restaurants.

Here are examples of short-term goals necessary for a group of people to create a successful environmental conservation nonprofit:

• Research and Identify Potential Partner Organizations and Establish Connections: To reach the mid-term goal of establishing partnerships with local environmental organizations, the founding group would set a goal of identifying specific organizations that might be good partners and connecting with their representatives in the next six weeks.
• Research Grant Applications, Methods for Individual Donations, and Fundraising Events: To reach the goal of developing a solid fundraising strategy, the organization would set a short-term goal of researching the elements of  a fundraising plan that includes grant applications, individual donations, and fundraising events.
• Identify and Collect Contact Details of Potential Volunteers: To build a dedicated team of volunteers, the organization would set a goal of meeting and collecting contact details of potential volunteers over the next four months.

Examples of Short- and Mid-Term Business Goals Contributing to Long-Term Goals

These examples break down how to strategically set short- and mid-term goals to achieve a company’s long-term more visionary goals. “I think of short-term and mid-term goals as stepping stones to your long-term goals, things you have to accomplish to be able to get to the next goal,” Frederiksen explains.

• Short-Term Goal: Use customer relationship management (CRM) software to gather better information about potential and existing customers.
• Short-Term Goal: Increase production of website content.
• Short-Term Goal: Create and implement a new Google ad strategy.
• Short-Term Goal: Establish an engineering and product team to tweak product features.
• Short-Term Goal: Hire a new vice president of sales. 
• Short-Term Goal: Add three new members to the overseas sales team.
• Short-Term Goal: Hire a rebranding consultant.
• Short-Term Goal: Hire a contractor to lead the website redesign.
• Short-Term Goal: Find more opportunities for the new CEO to speak at industry events.
• Short-Term Goal: Become a key sponsor of an annual industry conference.
• Short-Term Goal: Empower the marketing vice president to pursue other sponsorship opportunities.

Business Goal-Setting Frameworks

When setting goals, it helps to use an established framework. Experts point out that, in setting business goals, people most often use one of five goal frameworks . Those frameworks are SMART, management by objectives (MBO), objectives and key results (OKR), key results areas (KRA) , or big hairy audacious goals (BHAG). Here are details on each of these business goal-setting frameworks and which goal length they work best for:

Which Business Goal-Setting Framework to Use

Learn more about goal-setting frameworks and use goal-setting and goal-tracking templates to get started working on your goals.

Business Goals Worksheet Template for Excel

Download the Business Goals Worksheet Template for Excel

Use this free template to guide your team in setting long-, mid-, and short-term business goals. Identify long-term goals, and then the mid-term and short-term goals that serve them. You have room to add any tasks and actions that must be completed to reach those goals. The downloadable worksheet is fully customizable.

Improve Your Goal-Setting With Real-Time Work Management in Smartsheet

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The Smartsheet platform makes it easy to plan, capture, manage, and report on work from anywhere, helping your team be more effective and get more done. Report on key metrics and get real-time visibility into work as it happens with roll-up reports, dashboards, and automated workflows built to keep your team connected and informed. 

When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

Discover why over 90% of Fortune 100 companies trust Smartsheet to get work done.

5 Ways to Set More Achievable Goals

by Rakshitha Arni Ravishankar and Kelsey Alpaio

Summary .   

Setting goals is a meaningful exercise. Still, so many of us struggle to achieve the goals we set out for ourselves. Here are five ways to set more attainable goals:

• Connect your every goal to a “why.” When you spend time understanding the “why” that’s driving your actions, it’s easier to avoid distractions and focus on pursuing your goal.
• Break your goals down. Instead of setting one big goal, break them down into smaller goals that you can accomplish every day.
• Schedule “buffer time” for your goals and increase your estimated deadline by 25%.
• Focus on continuation, not improvement. Embrace all the things you’ve already started and would like to continue or build upon with time.
• Don’t dwell on past failures. Know that it’s normal and everyone goes through a cycle of ups and down.

Setting goals is a deeply meaningful exercise. Research shows that it motivates us , gives us a sense of purpose, and helps us feel accomplished.

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5 Tips for Setting SMART Goals in Your Business Plan

Give your business goals clarity, structure and guidelines.

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Goals and dreams have crucial differences. Dreams are wishes and fantasies; for example, many of us long to be rich, famous, more successful, happier and healthier. In contrast, goals put your dreams on a deadline and require actionable steps toward achievement. 

As with personal goals, you have a greater chance of achieving business goals when you work within a structure that sets you up for success. We’ll explore the SMART goals system and how you can apply this goal-achievement method to your business. 

What are SMART goals?

SMART is an acronym for specific, measurable, attainable, relevant and time-based. The SMART goals framework is a way to stay on target and achieve your goals more systematically. 

The process includes the following components:

• Making your goal specific
• Quantifying your goal 
• Ensuring your goal is attainable, reasonable and realistic
• Hitching your goal to a deadline

An example of a SMART goal is to add 600 Instagram followers within 90 days.

How to incorporate SMART goals into your business plan

Here’s a look at each SMART goal element, along with implementation examples you can apply to your business. 

1. Make goals specific.

A specific goal clearly states what will be achieved, by whom, where and when (and sometimes why).

For example, let’s say you’re a wedding planner. Here’s how a non-SMART goal compares with a SMART goal in specificity: 

• Non-SMART goal: Market my business in Toronto.
• SMART goal : Start a monthly networking group for women on event planning in Toronto. Set a monthly attendance goal of 20 women, with two attendees per month signing up for my “How to plan your wedding without stress” workshop.

2. Make goals measurable.

Measuring your goal means evaluating the results and the milestones you must hit on the way. When you measure, you assess if you’re on the right track to achieve your goal by asking these questions:

For example, let’s say your goal is to increase sales to $96,000 per year. To measure your goal, you could take the following actions:

• Set a milestone target of $8,000 in sales each month. 
• Create a process that focuses on achieving $8,000 per month (adding up to $96,000 for the year). 
• Check your sales totals monthly to evaluate if you’re reaching your goal. 

Measuring draws your focus, helping you boost your odds of achieving your goal. One good way to measure is to have a dashboard arranged by month. For example, you could use a chart like this:

3. Make goals attainable.

Ensure that your goals are achievable. If you believe you can reach the goal, you’ll be more likely to do so. Setting unreachable goals is a mistake because you’re setting yourself up for failure. 

Setting attainable goals is also essential for team goal setting and can boost employee engagement . If you set unrealistic goals for your team, your team members won’t fully engage in the project. They need to be fully on board for the project to succeed. Everyone on the team should share in the goal setting so they own the goal and know it’s attainable. 

4. Make goals relevant.

Goals tend to fall into two categories: short-term and long-term. It’s essential to understand how both goal types fit your organizational or personal vision, mission and purpose.

It’s tempting to set a goal because it’s easy or sounds great, only to find out later that it is of no long-term importance to what you want to achieve as an individual or an organization.

5. Make goals time-based.

Setting a deadline attaches a time frame to your goals. A deadline can be an excellent motivator. For example, let’s say you want to run a marathon in a year. A time-based goal would look something like this:

Set up a system to get yourself marathon-ready in a year.

• Run twice a week for three months, gradually increasing your distance.
• Run three times a week for three months, gradually increasing your distance.
• Be ready for a half-marathon by the six-month mark. 
• Increase your frequency and distance over the next six months. 
• Be ready for the marathon in 12 months. 

Time-based goals help you avoid procrastination because your process offers incentives as you meet smaller achievements along the way. 

Why use SMART goals?

SMART goals allow you to chart a course and stay organized when reaching personal or professional goals. You’re more likely to succeed because you’re less likely to get overwhelmed and abandon your goal entirely. 

In a business setting, particularly, SMART goals provide teams with clarity, structure and guidelines. Here are a few reasons to use SMART goals in business:

• Setting specific goals provides accountability. Accountability helps ensure goals are achieved. For example, if your goal involves reducing customer complaints by a specific amount, your customer service manager should be the point person for the initiative and have some accountability for the goal’s success.
• Measurable goals help you refine strategies. When your goals are measurable, you can gauge your success — or how close you came to it. Tracking metrics and key performance indicators allows you to compare the efficacy of various strategies and use only the most successful ones in the future.
• Achievable goals boost morale. When you set achievable goals, employee morale is raised and your team is less likely to experience employee burnout and frustration. Employees are set up for success, helping you build an empowered employee culture .
• Relevant goals propel company growth. Goals are useless if they don’t contribute to overall business success. Find goals that help move the organization forward. Relevant goals can include meeting financial metrics, like increased profitability, and more general goals, like reducing business expenses , limiting waste and increasing recycling.
• Time-based goals provide accountability and urgency. Goals with deadlines are extremely motivating. A timetable brings a goal to life. Achieving time-based goals allows you to set new goals after your initial goals are met.

With SMART goals, you and your team know what success entails and can measure it within a project’s framework. Everyone knows the steps they must take to achieve their goals. With ambiguity gone and a direction mapped, SMART goals set up your team for success.  

How to identify and reach your goals

It’s crucial to set a goal that matches your personal or professional vision. After you set the goal, focus on a process that makes your goal achievable. Here are some steps to follow.

1. Identify your goal.

If you are unable to set a SMART goal, it’s usually because you need to clarify exactly what you want to accomplish within a set period. It’s inadvisable to skip the process of SMART goal setting and just “go for it.” You have a greater chance of success when you analyze your goals and match them to your vision.

To save time, prevent disappointment and avoid costly mistakes, perform the following exercise when you implement SMART goals.

What are your goals? Writing down your goals helps to clarify your thinking. Can you stretch yourself both personally and professionally by setting three goals in each area.

2. Determine what is reasonable. 

Because SMART goals are attainable and time-based, you must ensure you set a reasonable goal. For example, if your goal is to increase sales by 30 percent in a year but you have been successful in increasing sales by only 10 percent a year in the past, consider extending the period to two years or reducing the amount to 15 percent for one year. That way, you’re improving on previous years without being overly ambitious.

Also, examine the resources at your disposal. In the previous example, a 30 percent increase in one year might be attainable if you just received a cash infusion that you can put toward marketing expenses. Or, maybe you’ve recently made an acquisition or added to your sales team , making a once-ambitious goal more reasonable.

3. Focus on essential metrics. 

When you’re ensuring that your goals are relevant, specific and measurable, carefully determine which metrics to use. For example, you may want a better digital marketing return on investment (ROI) from your social media marketing . In this case, follower counts and engagement levels (likes, shares, comments) are appropriate metrics. If you have a relatively small number of followers, you may want to focus on follower counts. But if you have many followers who don’t contribute to sales, you should focus on engagement metrics.

It’s not enough to mindlessly pursue your goal; you must keep the overall business benefit in mind. In the previous example, if you wanted to grow your followers on social media, you could buy followers and seemingly accomplish that goal. However, this would not help you boost your social media marketing ROI, because most of those people would not engage with your company or become paying customers.

4. Identify and implement tactics to meet your goal.

Once you’ve set a goal, develop a system to achieve it. For example, if you want to write a book in one year and you’re not an author, you may feel overwhelmed. 

Instead, try writing 250 words per day. Don’t agonize over what you are writing — just write. At that rate, if you write five days per week (260 days per year), you will have 65,000 words in a year, or approximately a 250-page paperback.

Business goals work the same way. Set the goal, and then find a system to help you reach it. For example, when setting a sales goal, you may want to focus on consistently achieving 10 quotes per month with a 50 percent success rate.

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Going for goal—a dependable approach to setting 2024 objectives

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January 17, 2024 Goal-setting best practices proliferate in the new year. We often see the same tips, whether it’s sticking to 3-5 objectives or making them sufficiently challenging and SMART (specific, measurable, actionable, results oriented, and time bound). Although this is good advice, there are challenges that are less widely discussed yet perhaps more critical to success.

By addressing the following four pitfalls—with recommended antidotes—employees, managers, and organizations can get the most from the goal-setting process.

Pitfall 1: Goals feel mandated and disconnected from organizational strategy.

Employees often feel demotivated and disengaged when their goals are assigned and the connection to organizational priorities is not clear. The pitfall is not that goals are cascaded down by leaders but that employees are not involved and they lack necessary organizational context that links their work to the company’s strategy.

The antidote: Goal setting should inspire a productive discussion about how an employee’s work tracks to their individual purpose and fits into the organization's strategy. According to our research, 70 percent  of surveyed employees said their sense of purpose is defined by their work, and the leading driver  of performance and productivity is the sense of purpose work provides.

The goal-setting conversation can be a powerful unlock to bring purpose into work and connect the individual to something larger than themselves. Rather than exclusively cascading goals down the ladder, involve employees in the process through frequent discussions about business objectives and purpose, then partner to develop measurable, motivating targets  in which they have direct say.

Pitfall 2: Goals are made in a silo without consideration of interdependencies.

As work increases in complexity, collaborative and cross-functional teams are needed more than ever  to address the company’s biggest challenges. Whether developing a product, rolling out a process, or delivering a service, there are always critical cross-functional stakeholders on whom employees may be dependent. However, individual goals continue to be developed in a silo, focused on what they can do to drive an outcome.

The antidote: When establishing goals, consider the key stakeholders and collaborators who will be necessary for success. Inviting these individuals to discuss or weigh in can help identify interdependencies and align or reinforce goals.

For example, every leader at one pharmaceutical company sets a meeting with peers and collaborators critical to their team's success to share goals, discuss interdependencies, and ensure integration to achieve their objectives as part of the process.

Pitfall 3: Goals are set at the top of the year, then become irrelevant and forgotten.

Many employees work hard to set goals then immediately forget about them until the year-end review, only to realize they are out of date and not what was prioritized. Others make plans for the year ahead, but their projects often span more or less than a year, resulting in goals that feel irrelevant to the day-to-day.

The antidote: Have ongoing check-ins with team members throughout the flow of work and include goal setting as part of the conversation. These check-ins can help drive performance, development, and connection for greater engagement by focusing on the following:

• Performance: Discuss progress or barriers and adapt as needed.
• Development: Discuss personal goals and growth aspirations for the year, including skills to build and individual purpose.
• Connection: Connect with the person, focusing on who they are as an individual, what they value, and how they are doing.

Pitfall 4: Goals emphasize short-term successes more than long-term outcomes.

Goals direct behavior and signal what the organization values. When set poorly, studies suggest they can lead to short-term gains at the expense of the organization. In attempting to make a goal measurable and achievable, employees may focus on tasks and processes rather than outcomes, ultimately targeting what can be achieved in the short term instead of what’s best for the business.

The antidote: Clarify whether the work requires a performance goal or a learning goal. A performance goal focuses on achieving a specific number or target. A learning goal centers on the process of gaining understanding and the application of knowledge and skills. For example, a performance goal could be to increase sales in the APAC region by 10 percent. A learning goal might focus on developing and applying three new innovative growth strategies in APAC.

Performance goals often narrow focus and drive a target outcome in a short period of time. They work best when the team is familiar with the work and is required to perform the function, and when there is a shorter-term need. These types of goals can be detrimental in the early stages of learning or applying a new skill, or when new and innovative ways of working are required to succeed in the long run.

If someone is aiming to grow, innovate, or disrupt ways of working, a learning goal should be used. Learning goals can be outcome oriented, but they shift an employee’s mindset away from the task and focus more on the process required to achieve long term impact. They have been shown to better support complex business environments where innovative solutions to new problems are the key to value. They also are a great way to build a culture of learning and innovation and instill a growth mindset.

Despite an abundance of resources on goal setting, we still do not see effective goals used at work. The science is conclusive on what great goals look like —but common pitfalls still get in the way. Implementing the above antidotes can help managers, employees, and organizations increase motivation and performance  and drive more value throughout the year.

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Goal Setting Practice for Business Success

The best goals happen because there is a plan

Susan Ward wrote about small businesses for The Balance for 18 years. She has run an IT consulting firm and designed and presented courses on how to promote small businesses.

Goal setting is the process of deciding what you want to accomplish and devising a plan to achieve those desired results. For entrepreneurs, goal setting is an important part of business planning.

For effective goal setting , you need to do more than just decide what you want to do; you also have to work at accomplishing whatever goal you have set. For many people, it's the second part of the goal-setting definition that's problematic. They know what they want to do and they're perfectly willing to work on it, but they have trouble creating a plan to get there.

Setting Personal and Business Goals

The same goal-setting formula and strategies that work for business goals will also work for personal goals. The bonus is that applying the strategies used to set business goals will give you greater success in achieving personal goals .

Business goals are typically set on an annual basis and should be aligned with your long-term goals. These goals should be worked into your business plan and, when appropriate, specific areas like sales forecasts.

Throughout the year, you might have weekly, monthly, or quarterly sessions where you review your progress towards the annual goal. Examining results is essential for staying on track when you're working toward achieving a goal.

Daily Planning

At the end of each day, you should review what you have accomplished for the day and think about what you would like to achieve on the following day. Preparing a to-do list for the next day each night is an excellent practice that will help keep you on track.

Whether you prefer to do it at night or in the morning, daily planning is a highly recommended way to increase your business success. Regularly reviewing your goals and your progress toward achieving them keeps you focused and motivated.

Goals You Can Track

One easy way to ensure you accomplish your goals is to follow the SMART acronym, which stands for:

• Specific : Rather than, "I want to increase my revenue this year," try, "I want to increase my business revenue by 30% this year."
• Measurable : "Increasing sales" or "reducing debt" are measurable goals; "working harder" or "increasing my personal satisfaction" are vague and difficult to measure. Putting measurable goals in writing helps to keep you focused and see how much progress you've made at the end of the defined time period.
• Attainable : A goal should be challenging but achievable. If your business is a lumber yard, overtaking Home Depot in sales is not a reasonable goal. Perhaps a 5% increase in market share is just enough of a stretch.
• Relevant : Goals should be aligned with your long-term plans. If your ​long-term plan is for your business to attain $200,000 a year in sales, your short-term goals should directly relate to achieving this.
• Time-bound : Without a specific time frame for your goals, they can't be properly measured. A goal should contain a time limit (e.g., "by the end of the year I want to increase sales by 20%").

Effective goal setting begins with a clear understanding of what SMART goals are and an awareness of the process needed to achieve them. How will this new knowledge impact your business planning over the next year?

Goal Setting

What is goal setting?

Definition : Goal setting is the process of defining specific, measurable, achievable, relevant, and time-bound objectives that an individual or organization aims to achieve. It involves identifying the desired outcomes and developing a plan for achieving them.

Goals provide a framework for action and direction. They help identify what needs to be done, by when, and why. 

Goal setting process also serves as a motivational tool that helps people focus their efforts, stay on track, and measure their progress. It can help increase accountability and ensure that resources are used effectively and efficiently.

Goal setting process with examples

Step 1: Identify the desired outcome

Define specific outcomes, not just general goals or objectives. 

The goals must be SMART (specific, measurable, achievable, relevant, and time-Bound) so they are easily tracked and reported on.

For example:

“Increase online sales via web shop by 20% until the end of the Q4, 2023”

Step 2: Develop a plan of action

Break down set goals into smaller, more manageable steps. 

For example, if the target is to “increase sales by 20% over the next 12 months,” creating a detailed marketing campaign and optimizing your website for conversion are actionable strategies .

For our goal:

• Increase the number of organic monthly visitors with SEO and content marketing .
• Launch social media campaigns that will lead users to your website. 
• Launch Google and display ads. 
• Do influencer marketing.
• Implement email marketing campaigns that remind users to finish their purchases.

Step 3: Set a deadline for completion

If the aim is to increase sales by 20%, then what date does that need to happen by? A timeline gives purpose and urgency to goals.

Since our goal stretches over the whole year, you can set deadlines for all the smaller steps that need to be completed too. 

Step 4: Assess the resources needed

How many people will be involved in achieving this goal? What skills are required? What resources are needed (money, time, people, etc.)?

For our goal, the needed resources are:

• Content marketing manager
• SEO specialist
• Social media specialist
• Advertising agency
• Content writers and copywriters
• Influencers 
• Email marketer
• Marketing budget

Step 5: Implement the plan

This is where executing the action plan begins. Develop a reward system for achieving goals to act as a motivator.

Step 6: Track progress

Identify key performance indicators (KPIs) . What measurable benchmarks will best measure progress towards the goal? 

Tracking and reviewing progress helps to keep those involved on track and motivated. 

For our example, KPIs can be:

• % increase in monthly visitors to the webshop.
• Decrease in cart abandonment.
• Total revenue increase by the end of 2023. 

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Ecommerce Budget Planning: SMART Goals for Business

The term “SMART goal,” which stands for specific, measurable, achievable, relevant, and time-bound, was coined in 1981 to help managers and other business folk set clear, concise, and attainable goals. 

Instead of throwing spaghetti at the wall and seeing what sticks, this type of goal helps you focus your initiatives so you can work towards a results-based outcome.

Whether you're a seasoned online retailer or just starting, understanding how to set and leverage SMART goals for business can help you unlock your ecommerce potential and make the most of your budget — however big or small. 

Here’s a deep dive into the importance of goal-setting in ecommerce budget planning and important key performance indicators (KPIs) to consider, with a step-by-step guide to crafting SMART goals that align with your business objectives.

What Is Ecommerce Budget Planning?

Ecommerce budget planning is a yearly process where online businesses map out their financial strategy for the coming year. 

Here’s a breakdown of what it involves:

• Setting budget goals: This means deciding on your revenue and expense goals for the year. For example, an online clothing store might aim to increase sales by 20% or reduce shipping costs by 10%.
• In-depth ecommerce competitor analysis: This is where you examine your past performance, market trends, and competitors’ activities to understand what worked well before and what needs improvement.
• Resource allocation: The budget is divided among different areas of the business, including marketing (e.g., advertising costs), technology (e.g., software fees), and operations (e.g., shipping and customer service).

Most ecommerce brands typically start budget planning in the third quarter (Q3), giving them enough time to plan for the upcoming year, including the busy holiday shopping season .

The budget serves as a roadmap for the business, guiding decisions on spending and investments throughout the year. It helps ensure that resources are used efficiently to meet business goals and adapt to changes in the market.

For example, if the ecommerce industry analysis shows that mobile shopping is on the rise, you might allocate more budget to improving your mobile app or making your website more mobile-friendly. Or if customer acquisition costs are rising, you might pump more budget into customer retention strategies.

Here’s a closer look at the goal element of the budget planning process, diving into what SMART goals for business are and how they can help improve your efforts. 

Why Is Goal Setting Essential for Budget Planning?

Setting goals is a crucial part of budget planning because it helps create a clear financial direction for your business. Here are several reasons why goal setting is essential.

Goals Provide Direction and Control

Setting goals puts you in the driver’s seat of your business. By defining what you want to achieve, you can plan your finances to align with those needs. For instance, if you want to expand your product line, you can allocate a portion of your annual budget specifically for product development and inventory.

Goals Help You Measure Progress

Goals help you determine whether you’re on track or not. They’re a critical ingredient in tracking your progress, identifying improvement areas, and adjusting your strategies to match your results. 

Goals Motivate and Focus Efforts

Having specific goals keeps your team motivated and focused. They can provide a clear target to aim for — something which can be particularly helpful in an industry that’s always changing, like ecommerce. 

Goals Establish Accountability

Goals create a sense of accountability within the business. When goals are set, everyone involved knows what’s expected of them and can be held responsible for their part in achieving those goals. This accountability can be a powerful motivator to ensure that the business stays on track.

Goals Drive Results

The ultimate aim of setting goals is to drive results. By having defined targets, you’re actually more likely to achieve your desired outcomes. For example, setting a goal to increase revenue by 15% can lead to specific actions, such as improving your digital marketing efforts or optimizing your website for better conversion rates.

Goals Help You Prioritize Spending

Goals help prioritize spending by identifying areas that need investment. For instance, if the goal is to improve website performance, the budget can be allocated to technology upgrades and user experience (UX) strategies. 

Goals Enhance Decision-Making

With clear goals, businesses can make better financial decisions. For example, if the goal is to reduce customer acquisition costs, the business can evaluate different marketing channels and invest in the most cost-effective ones.

The 9 Most Important KPIs To Consider When Budget Planning

The trickiest part of setting ecommerce goals is choosing which metrics to focus on. Of course, you want more customers and more sales, but what are you actually supposed to measure?

• Customer Acquisition Cost (CAC): This metric helps you understand how much you typically spend to win new customers. With CAC , you can see if your marketing strategy and sales efforts are cost-effective and, if not, adjust your budget accordingly. 
• Average Order Value (AOV): This metric indicates how much customers tend to spend per transaction. Increasing AOV can lead to higher revenue without necessarily increasing the number of customers. 
• Conversion Rate: This KPI measures the percentage of website visitors who buy something. A higher conversion rate means you’re successfully turning traffic into sales. 
• Customer Lifetime Value (CLV): This metric estimates the total revenue a customer will generate over their entire relationship with your business. CLV helps you understand how much you can afford to spend on acquisition and retention. 
• Return on Ad Spend (ROAS): ROAS shows you how effective your ad campaigns are. 
• Gross Profit Margin: This KPI shows the percentage of revenue left after accounting for the cost of goods sold (COGS) . The gross profit margin is critical for understanding your pricing strategy and overall profitability. 
• Customer Retention Rate (CRR): CRR measures the percentage of customers who continue to buy from you over time. A higher retention rate means more profit (and, usually, happier customers).
• Website Traffic: Monitoring your website traffic helps you understand how well your marketing is paying off. It can inform decisions about how much budget you allocate to different marketing channels.
• Return on Investment (ROI): ROI measures the profitability of your investments across different channels and parts of your business. It helps you understand the success of different campaigns to help you make better decisions moving forward. 

5 Steps for Defining SMART Goals for Business That Support the Budget-Planning Process

SMART goals are a results-based way to track your business. They can help you see whether your budget is being spent in the right places and areas that need more attention.

Here’s how to define your SMART goals. 

1. Understand What a “SMART” Goal Is

First things first, let’s outline what exactly a SMART goal is.

• Specific : Define precise and clear objectives. A specific goal answers the question of who, what, where, and how. For example, instead of setting a vague goal like “increase sales,” specify “increase online sales of eco-friendly products by 20% within the next quarter.” 
• Measurable: Choose which metrics you’ll track and set up tools and systems to monitor KPIs. Your goals should have a measurable outcome — how will you know you’ve increased sales of eco-friendly products by 20% if you don’t have a way to measure that end result? 
• Achievable: Set realistic and actionable goals. Analyze past performance data and consider market trends to make sure your goals are within reach. If historical data shows a 10% growth rate, setting a goal for a 50% increase only sets you up for disappointment. 
• Relevant: Align your goals with your broader business strategy and make sure they contribute to your long-term vision and mission. For example, if you’re a sustainability-focused business, increasing sales of eco-friendly products is a relevant goal that supports your brand values. 
• Time-bound: Assign a clear deadline to each goal — and make it specific. For example, set a goal to “increase sales by 25% within the next quarter” rather than an open-ended timeframe. 

2. Gather Data

Before setting goals, gather quantitative data to analyze your current performance. This includes tracking metrics like website traffic, conversion rates, and sales figures. Understanding your baseline data will help you choose goals that are realistic and will help you drive your business to where you want it to be. 

3. Break Down Larger Goals Into Smaller Milestones

It’s far more manageable to think about getting 10 sales next month than it is to think about getting 100 sales in the next three months. When you’ve chosen your goals, break them down into more manageable chunks with fresh deadlines. You can even decide on monthly or weekly targets to help you get there. 

4.Develop Action Plans

Next, it’s time to put your goals to work. Outline the strategies that will help you achieve each goal. For example, if you want to increase sales of eco-friendly products by 20%, how will you get there? What initiatives do you need to put in place to realize that goal?

Once you have a series of actionable steps in place, assign responsibilities to team members so everyone knows what part they play in the plan. 

5. Review and Adjust Regularly

SMART goals are not static. Regularly review your progress and make necessary adjustments. This iterative process makes sure your goals remain relevant and achievable as market conditions and business operations evolve. It helps to schedule periodic goal assessments so you can see how far you are off hitting your targets. 

Unlocking Your Store's Potential: The SMART Approach to Ecommerce Budget Planning

Setting SMART goals is an important part of planning your ecommerce budget effectively. By following the steps in this guide, you can create clear, measurable, and realistic goals that fit your business strategy and help you grow.

Keep in mind that setting goals is an ongoing process. You should regularly check on your goals and adjust them as your business changes and market conditions shift. With SMART goals as your starting point, you'll be better prepared to use your resources wisely, track your progress, and succeed in the competitive ecommerce landscape.

Whether your focus is on increasing sales, keeping customers coming back, or making the most of your marketing budget, SMART goals give you the structure you need to realize the true potential of your online store. 

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Written by: Lizzie Davey

Lizzie Davey (she/her) is a freelance writer and content strategist for ecommerce software brands. Her specialty is combining customer research with actionable copy to create pieces that people actually want to read. Over the past 10 years, she's worked with top industry brands to bring their vision to life and build...

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Goal Setting 101

Goal-setting frameworks.

Setting goals at any scale has a range of benefits. You can set short-term, immediate goals for your study session, or long-term, ambitious goals for what you want to accomplish over time. Goals help you identify direction and purpose for your efforts, enhance focus and motivation while you’re working, and research has shown they help improve performance and accountability (Locke & Latham, 2002). 

Consider these two goal-setting frameworks as a place to get started.  

The WOOP framework helps you visualize the outcome, identify obstacles, and plan to overcome them which can be useful for goals that seem challenging.  

The SMART framework helps you state your goal with specific criteria (measurable, attainable, etc.) and define the goal clearly, which can aid in accomplishing it.  

Regardless of the goal-setting format you use, a few strategies can help support your follow-through:  

6 Tips for Setting Goals

Create a system. Goals don’t happen just because we set them. Figure out how you will accomplish the goal – the timeline, the steps, your resources, etc. – and use time management tools to organize your work.  

Break your goal into smaller tasks or action steps. Smaller tasks can seem easier to accomplish, making the work less intimidating, and completing tasks, even small ones, can give you a motivating sense of accomplishment.  

Imagine your achievement. What will completing your goal look and feel like? Imagining your accomplishments can motivate your work and progress. And remember to track your progress in a way that helps you recognize the work you’ve already completed. 

Tell people. Let other people know about your goal – that act alone can be motivating. If you want more accountability, find someone working towards a similar goal or ask someone to check in on your progress.  

Anticipate possible challenges. Obstacles and setbacks are a part of life. For each of your goals, try to anticipate some challenges you might encounter. Generate a list of resources that can help you overcome these challenges and get ahead of obstacles by overestimating the time it may take to finish your goal. 

Reward yourself. Incentives can be a fun way to encourage yourself. Structure your work with little rewards along the way. They give you something to look forward to, which can help you get started in the first place.

More From Forbes

Strategy and planning are both essential … but don’t confuse them.

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SANTA CLARA, CALIFORNIA - OCTOBER 29: Brock Purdy #13 of the San Francisco 49ers checks his playbook ... [+] during the fourth quarter of the game against the Cincinnati Bengals at Levi's Stadium on October 29, 2023 in Santa Clara, California. (Photo by Loren Elliott/Getty Images)

Corporate planning season is upon us. With only about a hundred days left in the year, execs are limbering up for the annual marathon of meetings to decide next year’s goals, metrics, and resource allocations. Even those with financial years that don’t start in January are feeling the pull to plan.

In doing so, though, they risk falling into a common trap: confusing planning with strategy.

Make no mistake, good planning is a crucial factor in any company’s success. But that planning should only be the result of a separate effort to review and revise the overall company strategy. With any luck, that strategy, in turn, grows out of a bigger vision of why the company exists and its place in the world.

Unfortunately, though, these very distinct ideas tend to get merged together under the comforting rubric of “strategic planning,” which in reality just means …planning. Strategy doesn’t get more than a cursory glance. And vision gets relegated to Super Bowl ads and success posters.

I recently had a conversation with a chief strategy officer at a media company that perfectly captured the issue. She wanted help figuring out how to confront her business’s growing competitive challenges. Core revenue is declining. New businesses have been slow to develop. And a raft of new competitors have appeared. In other words, she needed a strategy. But she needed to be finished in two weeks because that was the deadline for next year’s planning cycle.

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My advice to leaders in that situation is to just go ahead with the planning, assuming whatever strategy is in place now. But once that’s underway, it’s time to take a step back and face the bigger questions head-on.

The Dangerous Comfort of Planning

Planning is the implementation of a strategy. It’s the process of agreeing and measuring specific actions, such as product launches, cost cuts, or geographical expansion, that over the next year should move an organization toward its longer-term strategic goals. My friend, the renowned management guru Roger Martin, describes planning as a “thoroughly doable and comfortable exercise” that doesn’t question assumptions.

Strategy is a very different beast. If planning is about templates and trade-offs, strategy is about insights and ideas.

A winning strategy should focus on how a business can play and win in a changing and uncertain world over a longer time horizon of 5-7 years. This makes it an inherently uncomfortable process, involving experimentation, risk, and coming face-to-face with painful scenarios such as how competitors or other threats could kill you.

Beyond that lies vision—the bigger “why” of a company’s existence. That could be a higher social purpose—such as Patagonia’s “to save our home planet”—or a more practical vision of where a company sees itself in the world over a longer time horizon stretching out a decade or more.

In short, if you know what you're going to do and when, you have a plan. If you know what might kill you and what you're going to do about it, you have a strategy. And if you know why you should even exist, you have a vision.

Strategy is the crucial bridge between vision and planning, but very few companies spend enough time on it and even fewer are really good at it. In a society that prizes doing things over learning things, planning feels good. It makes leaders and teams feel productive. It enables them to focus on the present rather than the future, which most of us are wired to do . And it’s much easier and more comfortable to tackle than the deep learning required for strategy work.

To be sure, strong planning and execution are vital qualities for businesses to have, and are more important at some times and in some industries than others. During the pandemic, many companies succeeded by just focusing on execution issues like overcoming supply chain challenges. Good planning was a differentiator.

For pharma companies Novo Nordisk and Eli Lilly, the big challenge right now is the planning and operational one of meeting exploding demand for Ozempic and Zepbound, their respective GLP-1 weight-loss drugs. Similarly, Nvidia’s main challenge now is to make enough of its GPU chips to satisfy booming demand for AI capabilities. These companies can focus on execution because they have a winning strategy.

But many companies in a range of industries are crying out for a strategy rather than a plan.

For example, dating apps are struggling as Gen Z singles desert them in droves, jaded by endless swiping and the lack of human connection provided by these sites. The Bumble CEO’s recent pitch for a near future in which personalized AI bots will “date” other users’ bots seemed tone-deaf to the fundamental reason why subscribers are leaving.

Companies like Hinge, Tinder, and Bumble don’t lack a vision—they see their place in the world as helping people to hook up and form relationships. And they have plans, which aren’t working so well. What they desperately need are new strategies centered on somehow restoring trust and humanity to the online dating experience.

Streaming platforms are in a similar mess. Many platforms spent big on content to compete with Netflix but are now losing subscribers who are overwhelmed with viewing choices and are only willing to pay for a couple of services rather than four or five. They need a strategy that differentiates themselves in a crowded market of similar services.

Why Planning Leads to Sameness

Therein lies one of the biggest problems of focusing solely on planning: when you focus solely on execution, you often end up copying the strategy of everyone around you. And that can lead to a sea of sameness.

Novo Nordisk and Nvidia may be coasting right now, but only thanks to a defining vision and strategy that were set years ago.

In Novo Nordisk’s case, the Danish firm’s development of Ozempic was born out of its decades-old push to become the leading developer of more effective ways to treat diabetes. The seeds of Nvidia’s dominance were sown by CEO Jensen Huang’s strategy of differentiating the chipmaker at least as far back as 2006 when he announced the CUDA software technology. That enabled Nvidia’s GPUs to go from chips used in video gaming to more general purpose ones that could be used to power a range of computing functions.

But no company can rest easy in the planning phase and ignore strategy for long. Novo Nordisk needs to be strategically wary of recent progress by other pharmaceutical firms to develop GLP-1 treatments that can be swallowed as pills instead of being injected. AMD’s recent $4.9 billion acquisition of AI infrastructure company ZT Systems is the latest signal that Nvidia’s dominance may be under threat and that it will need a revised strategy to defend it.

For leaders who are crashing into their annual planning cycles now, this isn’t a call to tear everything up and begin a strategy and vision quest. That would likely be a recipe for confusion and chaos. They should go ahead with the planning, but with a clear awareness that it is just planning. Planning season is upon us. But strategy and vision need their own seasons, too.

Dev Patnaik is the CEO of Jump Associates.

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Original text

Small businesses are usually an idea taking the form of a pragmatic solution for the target audience. So, they often juggle multiple tasks, responsibilities, and goals. With a lot to achieve, identifying potential challenges will be the key to ensuring consistent growth and less daunting setbacks. 

This is especially true if your business is planning to go online. Working with experts like  VIE Media can help you tap into the market with hard-to-miss offers and an appropriate understanding of the target audience. Nonetheless, optimizing business operations and seeking assistance is crucial to ensure your business makes progress and becomes a top customer preference. 

Here are some vital mistakes to look for and avoid:

Not Investing Time in Planning

Planning and strategizing are crucial for a small business as they outline the steps that must be taken throughout the month (or a specific tenure of time) to achieve specific goals. This step also helps a business identify if its goals are practical, the resources needed, and the legal requirements that should be fulfilled before the business can be launched and operated. 

Setting Short-Term Goals 

While small goals will be excellent for getting the wheel moving, their effectiveness may not last long beyond a certain period of time. Instead, focus on establishing a bigger goal and segmenting it into smaller, clearly laid out, and attainable goals. It ensures that every progress made is tracked carefully and optimized for performance. Not only that but seeing goals being achieved lowers stress and increases productivity. 

Not Creating a Budget

Overspending or underspending are two significant possibilities that blooming small businesses struggle with. While they are looking to acquire new technology for  payments , process management, and streamlining overall operations, being on a stringent budget will significantly lower one’s ability to avail top-notch services. To avoid this, outline every possible expenditure that can come and allocate a budget to deal with them. At this point, it is worth noting that while shifting funds to cover expenses is normal, avoid turning it into a habit.

Taking Everything Upon Yourself

It is common among entrepreneurs to take it upon themselves to complete every business operation and task that’s there to be done. Not only is this mentally and physically exhausting, but you will have nearly no time left to brainstorm newer ideas and inclusions that your business can make to stay relevant, capture the attention of your target market, and generate ROI. Instead, consider hiring experts in your industry who help you achieve goals and become an integral part of your growth strategy. Doing so can also cause  decision fatigue in the long term. 

Not Having a Strong Contract

Regardless of what your business deals with, contracts are pivotal in preventing fraud and inconsistencies in deliveries and maintaining transparency. You must focus on creating contracts for vendors, partners, and employees while adhering to local laws and regulations. Having a contract also protects your business idea and data from getting shared through unauthorized access. Ensure that these contracts are being updated or reviewed regularly to align with your country's laws. 

Undervaluing Your Products Or Services

Selling your products or services at a reasonable price range is different from selling them for cheap. While the practice may work initially, the effects will dry out soon. To prevent this from happening, consider conducting a thorough market analysis, carefully understanding the contents of the cheapest offer in the market as well as the priciest one. It will give you a fair idea of the price range you want to tap into and what products or services you will offer. Opening doors for honest customer feedback and regular data monitoring will further help refine the overall experience. 

Losing Focus 

Setting clear expectations, vision, and mission will enable your business to work smoothly without needing intervention. It aligns all levels of the organization with the same purpose and working principle, ensuring they can work together for mutual growth and success. 

Whether your small business is delivering products or providing services, making progress is essential to the growth process. To ensure that your business is constantly moving forward despite initial setbacks, identifying mistakes and working towards creating a bulletproof strategy is crucial to saving time, money, and resources. 

Copyright © 2024 SCORE Association, SCORE.org

Funded, in part, through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.

• IKEA Global
• Our business
• IKEA Sustainability Strategy – IKEA Global

IKEA sustainability strategy

We want to be a force for good for people, society and the planet. For us, it’s about balancing economic growth and positive social impact with environmental protection and regeneration.

Through our business we have a unique opportunity to be a good example for positive change. This requires us to look critically at all aspects of our business, but also to engage in the wider debate and enable all stakeholders across the IKEA value chain and beyond to take action and contribute.

The purpose of the IKEA Sustainability Strategy, launched in 2018 is to inspire, activate and lead us in our planning, decision-making and goal setting so that we together can achieve the big positive changes we want to see for the IKEA business, and in the world.

The strategy identifies three major sustainability challenges that are highly relevant for the IKEA business: climate change and nature loss, unsustainable consumption, and rising inequality. These challenges help us define the sustainability issues where we have the most impact: Healthy & sustainable living; Climate, nature & circularity and Fair & equal. The sustainability ambitions and commitments for each of these focus areas are set for FY 2030 in line with the UN Sustainable Development Goals.

The strategy (previously called People & Planet Positive) is reviewed annually to align with the latest science and legal requirements. Our latest update in 2024 reflects the next step on the IKEA climate journey going from “Climate Positive” to Net Zero and Beyond, with strengthen climate goals and an increased focus on the nature agenda. We are committed to reduce the absolute greenhouse gas emissions from the IKEA value chain by at least 50% by FY 2030 (compared to FY 2016 baseline) and reach net-zero emissions by FY 2050 without relying on carbon offsets. IKEA is committed to the Paris Agreement and to contribute to limiting the global temperature rise to 1.5°C.

TechBullion

A business owner’s guide to choosing the right financial advisor.

Selecting the right financial advisor is crucial for business owners aiming to enhance their financial stability and capitalize on business opportunities. A financial advisor needs to offer more than basic trading skills; they must excel in financial planning, goal setting, risk management, and legacy planning. This guide outlines key factors to consider when choosing a financial advisor who can effectively support both your business and personal financial planning objectives.

Understanding Business Owners’ Financial Needs

Business owners should prioritize finding financial advisors who have experience in owning or managing a business themselves. Advisors with firsthand business experience are better equipped to understand the unique challenges and dynamics of running a company. They can offer valuable insights derived from their own experiences through different business stages, significantly enhancing the quality of their advice.

It’s essential for business owners to work with a financial advisor who has a passion for financial planning within the business context and possesses the necessary expertise and experience. A competent financial advisor understands how to manage the erratic cash flows typical in business, develop investment strategies that align with business needs, and navigate complex tax situations effectively.

Choosing the Right Financial Advisor

• Depth of Experience and Expertise: Evaluate potential financial advisors on their ability to understand and discuss the unique challenges of your industry. An advisor who provides insightful commentary on industry trends and challenges is likely well-equipped to offer practical, effective financial planning advice.
• Extensive Professional Network: A financial advisor suitable for business owners will have robust connections in finance-related and adjacent fields. Effective financial planning often involves coordinating with investment bankers, tax professionals, insurance consultants, and legal experts. These connections can enhance the financial planning process, providing holistic insights and facilitating comprehensive strategies for your business.
• Verifiable Track Record: Trust is critical in a financial advisory relationship. Request references from other clients who are at similar business stages or within your industry to better understand the advisor’s approach and effectiveness.
• Alignment with Financial Planning Philosophy: The financial planning philosophy and operational approach of your financial advisor should resonate with your personal and business financial goals. Meeting the advisor’s team can provide deeper insights into the firm’s capabilities and the level of support available, ensuring that the financial planning services are comprehensive.
• Collaborative Approach: The relationship with your financial advisor should be collaborative and long-term. You want a financial advisor who is proactive about understanding your goals and integrating your personal, family, and philanthropic objectives into your financial planning. This shows that the advisor has taken the time to understand your specific needs and is committed to tailoring their advice accordingly.

Optimizing Financial Advisory Services

An ideal financial advisor for a business owner acts as more than just a planner; they are a strategic partner in navigating the complexities of both business and personal finances. Effective financial planning enables business owners to utilize financial resources to achieve broader business and personal goals. By choosing a financial advisor skilled in understanding the nuances of business management, business owners can ensure robust financial growth and a lasting legacy.

Finding the right financial advisor involves selecting someone who embodies the expertise and experience to enhance your financial strategy. Such a financial advisor not only addresses immediate business needs but also supports long-term personal and professional aspirations through strategic financial planning.

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