Business goals are an indispensable step towards the growth of any company. They help in various ways from improving customer service to maximizing profits. Ultimately, they help set the primary motive for the company.
In the corporate world, you might have encountered different long-term and short-term goal-setting strategies or frameworks like Objectives and Key Results (OKR), Balance Score Card(BSC), SMART goals, etc.
What exactly do these mean and what is their significance? Let us find out the answers to all the questions racing through your head.
What is a Business Goal?
Business goals are the primary and important outcome of an organization, towards which the actions and efforts are taken. These goals can be time-oriented, performance-oriented goals, or qualitative and quantitative goals. It is usually advised to set these goals multiple times during the year for desired results.
Let us investigate a few business goals examples so we get a clearer picture.
Increasing market shares – Expansion into new markets and gaining more profits, is a goal for every single business out there regardless of whether it is a short-term or a long-term goal.
Growing clientele – One of the major steps towards the growth of the organization is slowly and steadily building a larger customer base.
Branding- Setting and developing a brand image for your business helps earn credibility.
Enhancing Customer service – Once every business finds its potential customer base, it becomes a mandatory goal to improve its services for those goals to its clients.
Why Do We Need Business Goals?
- Creates a focus – When an employee knows their goals, it becomes easier for them to work in a much more organized and systematic way.
- Team cohesiveness – When each team member’s goals are sorted, they tend to work together with higher motivation and as a result, achieve their goals at a much faster rate.
- Helps the employees move in the right direction and accomplish company goals.
- It is the easiest way to measure success.
Business Goals and Objectives
To utilize these to our full capacity, we need to first understand the difference between business goals and objectives. Now we already know that goals are “milestones” for a company that they work towards whereas Objectives can be defined as the steps taken to reach these goals.
To put it simply, your Business Goal(s) is your destination and the Objectives, the journey. So, essentially, corporate goals should include roadmaps of where you want to go and how you will be going there.
Here are a few Business Goals and Objectives examples:
Say you have a particular goal; the objectives will answer the ‘how to reach this goal. To state a few Business Goal examples,
#1. GOAL- Expansion of business into new markets
OBJECTIVES –
Mode of entry
Market growth rates
Potential barriers etc.
#2. GOAL- Enhance employee experience
OBJECTIVES –
Performance reviews
Onboarding programs
Surveys and feedback etc.
#3. GOAL- Employee skill development
OBJECTIVES –
Cross-functional workshops
Team building programs
Group projects etc.
Organizational Goals
Organizational goals are nothing, but vital targets set by a company to reach a particular goal in terms of profit and success. They need to be concrete as well as realistic. These goals are usually mentioned in the business plan of a company. They are like your business goals but are more specific and hierarchal.
Organizational Goals
Organizational goals are nothing, but vital targets set by a company to reach a particular goal in terms of profit and success. They need to be concrete as well as realistic. These goals are usually mentioned in the business plan of a company. They are like your business goals but are more specific and hierarchal.