Choose The Right Business Goals
No successful business operates without a comprehensive list of goals that they wish to achieve each year. Business success is not measured purely in profit terms, but in the business achieving a variety of goals including sales, marketing, customer service, and ideally eternal ones. The list can be very comprehensive depending on the size of the business. Goals are also vital to adequately measure the performance of employees.
As they say: “People don’t plan to fail, they fail to plan!” Goal setting is the foundation of all business plans.
Planning your Goals
As you plan your goals, be sure that they are SMART:
S – Specific
M – Measurable
A – Achievable
R – Relevant
T – Time bound
To be clear as to what these mean:
Specific – there must be an exact area that is being targeted for creation or improvement. E.g. increase photocopier sales or launch a new web tool.
Measurable – you must be able to quantify the goal or have a way of assessing whether it has been achieved.
Achievable – it needs to be something that can realistically be achieved based on time and the resources of the business.
Relevant – The goal must be relevant in the context of the business’s overall mission and vision.
Time Bound – the date by which the goal needs to be achieved. Goals without a timeframe are rarely achieved. Time ensures action and urgency.
The Goal: Generate $100,000 revenue in the first 12 months
Specific: Generate Revenue
Achievable: Depend on business and many variables
Relevant: Which business doesn’t want to generate revenue?
Time bound: within 12 months
To be specific you need to avoid certain words like ‘try’, ‘should’, ‘could’ or ‘shortly’.
Goal setting can be for a short-term period (next twelve months) or for a longer-term period (greater than twelve months). Generally I recommend you don’t set goals greater than 3 years due to the rapidly changing nature of business. That is not the same though as having a 30-40 year vision.
SAMPLE BUSINESS GOALS
- Profit Amount – e.g. $250,000 p.a.
- Profit Growth – e.g. 20% year-on-year growth
- Profit Margin – e.g. 25% profit margin
- Product Sales – e.g. $1,000,000
- Revenue Growth – e.g. 10% growth in product sales
- Market Share – e.g. increase market share from 12% to 15%
- Brand – e.g. build brand awareness
- Database – e.g. increase email subscribers from 5,000 to 7,000
- Campaigns – e.g. launch a new advertising campaign
- Customer Service Goals – e.g. deliver pizza within 30 minutes of order
- Social Media Goals – Number of likes, posts, comments, on your social media pages
The list is endless, however it is important to focus on a few relevant goals suitable to you business stage.
SAMPLE KINGDOM BUSINESS GOALS
As a Christian entrepreneur you have a fantastic opportunity to use your business to advance God’s kingdom. Being in business is not just a job, it is a calling. God has you there for a specific purpose and he wants you to see yourself as a business missionary. Ask yourself – how can I use my business to honour God?
Here are some examples:
- to staff
- to customers
- to suppliers
- to stakeholders
Serve and fund the Kingdom
- Help the poor
- Fund global mission
- Fund your local Church
Influencer the influencers
- Be an authority in your industry and influence its direction
- Impact the lives of influential people for Christ
Transform the community
- Sponsor local events
- Provide for the needs of your neighbors