The importance of business goals is an essential part of any business. A recent study found that 80% of small business owners do not keep track of their business goals and that 77% have yet to achieve what they desired from their company. Business that do have established business goals often express that they do not meet them or that they are not the current focus for the company.
Considerations for Setting the Importance of Business Goals
There are numerous factors to consider when setting business goals and thinking of the purpose of marketing objectives. Two will be discussed here. The importance of goals and objectives are to ensure that the business has effects on the long-term aims. Long term aims help to keep the big picture in focus to ensure that a business ultimately succeeds. It is recommended that long-term goals are set 3-5 years in the future, reflective of the company’s mission, and are different from the business’ short-term goals. The second consideration is the placement of short-term goals. Short-term goals should generally follow the simple S.M.A.R.T. technique.
S – Specific
M – Measurable
A – action oriented
R – Realistic
T – Time specific
Specific refers to the goals being as concise as possible and as detailed as possible. Measurable means the process that will help a business be able to tell if their goals are being achieved or not. Action oriented plans help to evenly distribute the goals among the business’ employees and covers what their responsibilities are and when they are due Realistic goals are just as they sound – realistic, and they should be challenging, but not beyond being able to perform. Time specific is simply the process of setting a deadline and ensuring that everyone meets the specified date. It is also important to remember that the short-term goals should also tie into the long-term goals.
The importance of business goals is so critical that at times it can mean the difference between success and failure. In order to help achieve these goals, it is also important to consider having both inspiration and accountability. These two simple things can help to ensure that the employees are both driven and held accountable for meeting or not meeting the goals and deadlines they are given.