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What are some examples of goals for a business?

A:

Quick Answer

Business goal examples typically fall into four categories: growth, profit, service and social. Business goals are both short-term and long-term and each goal includes specific objectives. A business can expand upon goals by using the S.M.A.R.T formula.

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Full Answer

To set growth goals, a business should consider everything it takes to make a company grow during a specific period of time. For instance, a business that starts out with three employees creates a goal to have 10 employees within six months. Most companies set goals for earning a certain amount of profit. An example of a profit goal is planning to earn $10,000 more per month in the next financial quarter.

Service goals are usually focused on improving the customer experience. For example, if customers complain about slow service, a goal is set to provide faster service. Alternatively, social goals are community-oriented. Many companies align with a charity and encourage employees to volunteer time to local charity events, which achieves a goal of community involvement.

When businesses follow the S.M.A.R.T formula, this helps to flesh out goals and develop action steps. S.M.A.R.T steps include being specific in stating goals, ensuring goals can be measured, detailing actions, being realistic and setting time deadlines for goal achievement. Once goals are outlined, a business should make a commitment to follow through by remaining steadfast and avoiding procrastination. Rewards are often motivation for goal achievement.

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