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Goals And Objectives In Business Essay

980 words - 4 pages

Goals and Objectives in Business

One of the most important components of your business plan will be the
section titled, "Goals and Objectives". Simply put, this section will
be used to assist in your business planning and direction. This
section can be revisited at any point in time throughout your business
to ensure the business has met the outlined goals and objectives and
is on "track". If your plans seem to have strayed from the original
plan, you can then determine why the plans of the business have
changed and how to get back on "track".

Goals (Objectives) - are targets you set for yourself and your

Goals allow you a means to measure and gauge the success of your
company as you proceed with operating your company. Without them, how
can you tell if you are accomplishing what you initially set out to
do? This section may eventually act as a reward incentive for you if
upon reviewing your Goals section you have determined that you have
achieved what you set out to do. A reward may be as simple as telling
yourself, "Good job!", or perhaps setting out to purchase a new
computer for your office. Rewarding your achievements is a necessity
in maintaining your business perspective.

Setting Goals shows readers of your business plan how you intend to
accomplish many of the items outlined in your plan. It gives them a
feel for how you envision this company operating successfully. This
isn't to say that your Goals can't change, therefore, you write them
as to how you see things unfolding in the future from today's point of

There are three main types of business Goals. They are:

1. Short-term - things you want to accomplish within the first six
months. These goals are the most critical for new start-up businesses,
and should be broken down into single month periods

2. Medium-term - things you would like to accomplish within 6 months
to 1 year. These can be slightly more general in nature than the
Short-term goals.

3. Long-term - things you would like to accomplish 1 year plus. These
can be more general, but should give the reader an indication of the
overall direction you are headed in developing your business with an
eye for the future. Some business owners find it advantageous to look
to the 5 to 10 year mark as well to clearly define where they would
like to steer their business.

Smart Goals

When determining your business Goals and implementing them into...

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