Why You Need To Set Goals For Your Business (+ FREE Worksheet)

Setting business goals is an important and integral part of establishing your business.

You need to be able to define where you are going and what you want to achieve so that your business can move along and head in the right direction, as well as keeping you (and your team if you have one) accountable and on track.

Any goal that you set, should serve to meet the strategic vision for your business.

Your business goals should be derived out of your business plan. So it is important that you finalise your business plan first and then ensure that your business goals match your business plan.

How to write a business goal

There are many formats that you can use to write a business goal. However, the most successful is using the SMART goal format.

The formula for setting up a SMART goal is:-

 
• Specific – Be very clear about what you want to achieve.

 

• Measurable – Make sure that your goal has a measurable outcome, so you will know when you achieve it.

 

• Achievable – Set a goal that is possible with the time and resources that you have available to you.

 

• Realistic – Check that your goal is something that you are both willing and able to do.

 

• Time-bound – Have a time frame or a date by which you will achieve your goals.

Some examples of SMART business goals include:-

• Reduce budget costs by 8% by 2020
• Increase market share by 2% by 2019
• Achieving your business goals

 
Once you have your list of goals, you will need to work out a plan on how you are going to achieve them.

You need to be realistic about what you can achieve and in what time frame.

The Plan Behind Setting Business Goals

A list of things to consider when planning your strategy to achieve or exceed your business goals include:-

• What? – What is the business goal you are trying to achieve?

 

• How? – Actions – what do they look like in detail?

 

• Who? – Responsibilities – who is going to be responsible for delivering each of the above actions.

 

• Resources – what do you need to achieve the above – $$$, manpower, supplies, stock.

 

• By When – how long is each task going to take to complete.

 

• Tracking – ensure that you have a mechanism to ensure that you keep yourself on track.

Download a copy of my goal setting worksheet that can help create a visual view of how you are going to achieve each of the business goals that you have set for your business.