Your business goals and objectives are the cornerstones of your whole business. A business is going nowhere without these. Its existence can be even disputed without these.
Now that you’ve set up your business plan, it’s time to think about your business goals and objectives.
Develop a Mission and Vision
A Mission statement talks about HOW you will get to your target destination. It defines the purpose and primary objectives.
For example this mission statement from HP: “To provide products, services and solutions of the highest quality and deliver more value to our customers that earns their respect and loyalty”
A Vision statement outlines where you want to be. It communicates both the purpose and values of your business.
For example this vision statement from HP: “To view change in the market as an opportunity to grow; to use our profits and our ability to develop and produce innovative products, services and solutions that satisfy emerging customer needs.”
Should be SMART (Specific, Measurable, Attainable, Realistic, and Timely)
- Specific – A specific goal is more achievable than a general goal. To set a specific goal you must answer the six “W” questions: Who, What, Where, When, Which, and Why.
- Measurable – Establish concrete criteria for measuring progress toward the attainment of each goal you set. When you measure your progress, you stay on track, reach your target dates, and experience the thrill of achieving your targets.
- Attainable – When you identify goals that are most important to you, you begin to figure out ways you can make them come true.
- Realistic – A realistic goal should represent something that you are willing and able to do to get it in any way possible.
- Timely – A goal should be grounded within a time frame. With no time frame tied to it there’s no sense of urgency.
Conceive the goals as a group
Do the setting of goals along with other employees. It’s good to know their views on what the company’s goal should be. It also gives them importance making them more motivated in seeing goals and objectives come to fruition.
Write down all goals
Make sure every employee knows the goals of the company. It should be written down and posted where every employee can see or can get ahold of.
This keeps them in track with the company. All will be working towards one goal only.
Implement the plan
Along with the foundation of business goals and objectives, there should be an action plan laid out in tandem with it.
It should describe what steps the business should take in order to achieve their ultimate goal.
Measure your progress
Break each goal into smaller ones. Make them more achievable for a given time frame.
These milestones should serve as a measure of progress and to keep everyone in track of how’s the company doing in achieving its plans.