Whether you have a 50+ employee company or a small company, your business success depends on your ability to set and achieve goals. A smart business owner understands the value of goal setting to steer a growing business in the right direction. Not sure where start with setting goals for your business? First you need to distinguish your long-term goals that can help grow your company.
Determine Your Long-Term Goals
Start by distinguishing your long-term goals from your short-term goals. Your long-term goals should have a timeline of about three to five years. Your long-term goals should articulate your company’s mission statement, reflecting the reason your company was founded.
These types of visionary goals usually fall within four general areas: service, social, profit, or growth:
- Service – Goals related to improving customer service satisfaction or customer retention.
- Social – Goals that focus on giving back to the community, through philanthropy or volunteer organizations.
- Profit – Goals set to increase profits by a certain percentage.
- Growth – Goals related to the expansion of the company, through new employees, for example.
Create Short-Term Objectives
Now that you’ve determined out your long-term goals, you need to figure out how to get there. Creating short-term objectives will help you reach your long-term goals. Set short-term objectives by breaking down specific actions to be taken by specific people.
When creating your short-term objectives, keep these points in mind:
- Specific – Great goals are well-defined and focused. Objectives need to be concrete and highly detailed.
- Measurable – Numbers are an essential part of a business. Put a figure or value, such as a dollar amount or percentage, to the objective.
- Attainable – Far too often, small businesses can set goals beyond reach. Get a handle on realistic grown in your industry to set smart goals.
- Relevant – Achievable business goals are based on the current conditions and realities of the business climate. You may need to update based on the realities of the market.
- Time-Based – Business goals and objectives just don’t get done when there’s no time frame tied to the goal-setting process. Set a deadline to keep things on track.
It’s important to periodically review your goals and make adjustments if necessary. Goal setting for your small business is an essential tool for success.
At Corporate Service Center, we can help you on the path to your business success. We know what it takes, and we know the challenges that small businesses face. We also have the services you need to get where you want to go. We can do so much more for you, than incorporating your business! Our range of small business services are here to help your small business achieve its goals.
For more information about growing your business, please contact a Corporate Service Center Representative today at 1- 866-411-2002, Monday thru Friday, 8 am – 5 pm PST.