Wednesday, August 10, 2022
Employees and ManagementSetting Effective Business Goals for the Year

Setting Effective Business Goals for the Year


Having goals helps businesses and individuals make progress toward the desired end. Whether the goal is short or long term does not matter. Goal setting enables progress to be made as long as you are working toward fulfilling it. Although anyone can set goals, business goals require careful planning to ensure they are realistic and obtainable.

Create the Dream

When setting business goals, you want to start with determining where you want the business to be at the end of the year. Take time to think about how your business may have failed in the past year and choose a goal or goals that will move the business forward. Dream about it and aim high – but be realistic.

Break It Down Into Parts

Once you have reached your goal for the year, break it down into monthly goals. There may be several types of goals, such as financial goals, team goals, customer service goals, educational goals, company growth, and you will also have short and long-term goals. There may be some daily goals, as well.

Goal Setting

Whatever goal you set, you need to be careful not to set it too low or too high. It needs to be high enough to create a challenge – stretching those involved. If the goal is set too low, it will not motivate those involved to push themselves to see what they can achieve. If it is too high, it will discourage those that the goal is set for.

Make Goals Specific

A general goal is hardly worth having. With a general goal, you will never be able to pinpoint when you had reached it or not. Make the goal specific, whether it is for production, sales, education, leadership training, or whatever. Steps also need to be determined to enable people to know what may be needed to reach that goal.

Goals need to be specific – including the goals given to teams, leaders, individuals, etc. Choosing a general goal such as, I hope to make more money this year, is not nearly specific enough. If that is your goal, make it more specific by adding: I will make $10,000 more this year than last year: then, decide what you need to do to reach that goal. This breaks down into having a monthly goal of making an additional $834 per month.

Create SMART Goals

Before any business goal is assigned to the people involved, make sure that it is a S.M.A.R.T. goal. A S.M.A.R.T. goal is one that is Specific, Measurable, Attainable, Relevant, and Time-Based.

Celebrate Goals Won

When a goal is reached, be sure to recognize those involved. If you do it in front of all of your employees, it will help motivate them as well. Make sure the recognition is more than just a pat on the back.

Check Your Goals Often

Once you have set your goals, realize that that is when the work begins. It is easy to become so busy that you forget your goals, which means you will not achieve them at the end of the year – and possibly never. You need to look at your goals often, and if need be, revise them to be more realistic.

When used properly, business goals can move your business forward, as well as help you and your employees achieve personal goals. If you are tired of your business not growing, it’s time to become goal-oriented to discover what new heights can be reached.

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