5 Examples of Business Goals
Every thriving business is based on goals that provide a clear purpose and help correctly distinguish significant actions. So, a goal will often have a stated or target outcome. Moreover, good goals will be precise and measurable. Here are 5 examples:
- Profitability - Virtually every business has a goal of being or becoming profitable. The needed actions could include things like growing sales or expense reduction.
- Customer Service - A customer service goal could be reducing the total number of complaints over a specific period, which could mean taking steps to ensure every customer concern or question, online or off, will receive a personal response.
- Retention - High employee turnover may be an issue that you need to address. It may be important to closely monitor new-hire activity or work to build better relationships.
- Efficiency - Additionally, you may want to look at increasing productivity and making your operations more efficient. This may mean finding ways to improve shipping or production times.
- Growth - Finally, maybe you have a goal of opening several new locations over the next few years. In order to reach this goal, you will need to determine how many sites you will need to scout every 3 to 6 months.
What business goal examples can you think of?
Those that you mentioned above are clearly excellent elements for business . Profitability will be the driver, customer service as the maintenance, retention for relationship, efficiency serves as competence and growth will lead to expansion . It was like mixing the right ingredients to complete the recipe of business . But of course business goals are not limited to all that, every businessman have goals on their own . They could be unique and distinct but they could be identical at times too . Another business goal I could add is customer satisfaction . My family as engaged in business value this goal very much . Customers are quite sensitive at times, pleasing them could be challenging and earning their trust is certainly difficult . The key to this goal is providing your customer comfort, confidence and patience . Show them that you could be trusted but of course you wouldn’t attain this in an removed link Let it develop because at the end of the day a satisfied customer means continuing profit .
Having business goals is extremely important because it allows you to know exactly what you want in the future from your business and it also allows you to measure your progress because you can monitor how successful you are with certain goals. When I did business at college, the first thing we learnt about was creating goals/objectives that were SMART - specific, measurable, achievable, realistic and time (set a time target so that you try to achieve instead of keeping on putting it off for the future). For me, profitability and growth are probably the two most popular goals for businesses
When you start a business, you will normally set a target. and when you do build your business, you need to think of ways to sustain it. By thinking that you should always be growing, should always be in constant goal of every business because once a business stops expanding or growing, just like a plant that has reached its potential growth, the only way forward is to decline. So being constantly planning periodically on how to make your business grow is an essential part of business goal setting. One shouldn't just focus of having branches, but also growing the business from within. for example, if you re selling a specific niche, you may eventually add up services related to it. Branching out the scope of your business is a good way to help your business thrive also.