Your business plan is nothing without your objectives and goals for your business.
Firstly, as a general rule, it’s good to have objectives and goals in your life.
Secondly, it’s crucial to have them for your business. They will help it run smoothly and ensure a focus to continually improve on.
Moreover, they will help define what and where you want your business to go.
“If you do not know where you are going, every road will get you nowhere”
Henry A. Kissinger
Have a read of my 2 cents about goals and objectives that hopefully will be of help you and your business.
Objectives and goals need to be clear when outlining them for your business.
Objectives for your business
These are the steps, journey, actions and tactics needed to reach your goal.
Your objectives and goals must be specific and measurable. For example, typical business goals should include areas such as profitability, growth, and client development. You then need to develop your objectives so you can reach those goals.
The SMART acronym is a good framework to use when setting your business objectives:
Specific- be clear with your objectives
Measurable- make sure you can track what you implement
Attainable- be realistic with what you can actually achieve
Relevant- ensure it’s related to your business vision
Timebound- set deadline that’s reasonable
Goals for your business
A goal is where you want to end up. In other words, your destination and what time frame you’re setting yourself. Business goals do not say how to do something but tell you what the results will look like. They are measurable, in terms of quality and quantity. Goals are time based – e.g. within 3 years. A good business goal could be to increase profits by 10%.
To get there, objectives could be as follows:
• Increase annual sales by 10 percent,
• Getting three new clients each month
• Introduce 2 new products e.g. by end of 2021
To sum up, if you want you your business to be successful make sure you get your objectives and goals drawn up as soon as possible.
Get in touch with us to find out more about objectives and goals for your business and why they’re important to have. For more business and finance , news, advice and tips, don’t forget to watch our weekly broadcasts, listen to our weekly podcast I Hate Numbers.
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