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A key component of running a business is having a vision for the future. Without a clear roadmap, enterprises can lack direction and ultimately fail. So what’s the best way to give shape to a vision for a business? The answer’s simple: every venture, big or small, needs to have a set of business goals.
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What Are Business Goals?
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Are Business Goals and Objectives The Same Thing?
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What Are Marketing Goals?
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Types Of Business Goals
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Achieve Business Goals With Ease
What Are Business Goals?
Simply put, business goals, also called company goals, are a kind of to-do list; they’re a record of everything an organization intends to accomplish over a period of time. They’re the first step towards realizing a business vision. There can be many types of business goals that vary according to the needs of a particular enterprise. For instance, in a new venture, the first company goals might be to acquire the necessary tools to get the business off the ground. For more mature enterprises, the goal could be to function at scale and to keep bringing in revenue. Commonly adopted company goals include boosting revenue while cutting down on costs to create a more profitable venture.
Are Business Goals and Objectives The Same Thing?
While it’s easy to confuse the two, business goals and objectives serve two distinct purposes. While business goals are an expression of intent and highlight what an organization wishes to achieve, business objectives are the exact steps the venture will take to accomplish those goals. Both business goals and objectives are necessary for creating a successful operation and must complement each other.
For instance, if a business is experiencing a high attrition rate, the company goals would include boosting employee retention. A key objective for reaching this goal would be to organize weekly meets with employees to listen to their concerns. In doing so, it would end up creating an open and inclusive work culture.
Apart from business goals and objectives, there’s also a crucial third component to consider for running a successful venture—marketing goals.
What Are Marketing Goals?
Marketing goals are expected to be SMART: specific, measurable, achievable, realistic and time-bound. For instance, some specific marketing goals for accomplishing broader company goals include:
- Improving the brand’s social media following and engagement: A high number of engaged followers on social media and networking platforms increases the visibility of a brand’s newest initiatives, products and services
- Building an extensive email list: A sure way to spread the word easily, email adds a personal touch to a brand’s communication with its customers. It ensures visitors return to the website, grows trust and helps the business bring in more revenue
- Boosting conversion rates: Growing website traffic and the number of visitors who perform a desired activity—for instance, clicking through paid advertisements—helps brands identify valuable customers. Such goals help in the scalability of campaigns
Marketing goals are precise, quantifiable, time-specific metrics that fuel a brand’s marketing efforts. They’re pragmatic and forward-thinking projections of what’s achievable for the business.
Types Of Business Goals
Now that the distinctions among business goals, business objectives and marketing goals are clear, let’s look at the types of business goals that can shape the vision of the future. These business goals examples could pertain to employees, clients, certain departments or the whole business.
Most business goals are time-specific; they’re short-term or long-term. While short-term goals are usually set to be met in six months to three years, long-term goals are envisioned over three years. In fact, fulfilling long-term goals can involve breaking them down into more compact, achievable short-term goals.
Long-term business goals examples for an enterprise might include:
- Boosting total revenue by 33% over the next three years
- Creating and putting out two new products or services
- Opening three new regional offices across the country
- Growing market share
For the same enterprise, short-term business goals examples might involve:
- Hiring two new people for the marketing department in the next three months
- Revising product pricing over the next three months
- Engaging the brand’s social media following by posting strategically and hosting weekly interactive sessions
- Boosting website traffic and engagement
So what are the various types of business goals?
1. Quantitative Goals
It’s important that business goals are precise. Unclear goals aren’t actionable and are ultimately of no use. The aim of quantitative goals is to make sure that SMART targets are in place. SMART business goals examples could be acquiring a certain number of new customers within two months or boosting user interaction on the website by 20%.
2. Qualitative Goals
Qualitative goals outline targets that aren’t quantifiable but are just as crucial for the success of the business. These might include gaining positive client feedback about a newly-designed interface on the organization’s website.
3. Outcome-Based Goals
Outcome-based goals pertain to the desired results from executing business goals, and usually fall under long-term goals. These are useful in adhering to the main vision, but their fulfillment ultimately depends on several factors, some of which may be difficult to control. An outcome-based goal might include increasing the organization’s revenue by 33% by the end of the financial year.
4. Process-Oriented Goals
Process-oriented goals are based on specific actions, and make the attainment of outcome-based goals more likely. Process-oriented business goals examples would include touching base with prospective clients on a daily basis, or following up regularly with marketing and sales teams to ensure that everything is going according to plan.
A few crucial components to identifying and accomplishing business goals include taking risks, navigating ambiguity and developing the leadership potential of others to expand an organization’s footprint.
Achieve Business Goals With Ease
Harappa’s High Performing Leaders program is designed to fulfill these goals. Learners have access to a stellar faculty that brings together the best of industry and academia. They’ll be taught how to drive high-performance behaviors at scale. With the help of a unique approach that delivers seven crucial outcomes, senior professionals will gain dynamic skills for influencing clients, enhancing decision-making and communicating with impact. The High Performing Leaders program is the doorway to re-inventing solutions and driving innovation to lead into the future!
