You can’t grow fast and become productive in business without clearly defined business goals. It’s because you get lots of distractions while running the business and it’s best that you can define at least the most important goals and objectives to yourself and co-workers.
Think about the goals based on your vision, research, facts, data and thoughts.
Now the goals and objectives are based on the nature of the business, products, services, efforts, investment, cost, profit target, growth target, market condition, product price, target customer and teams. Your goals have to be well defined, specific, above average, bigger than competitors and have to be challenging.
While setting goals you can focus on the following types of goals and objectives need to consider:
- Increase product sales and clients. For that, you can use online marketing strategies, personal networking opportunities, and also traditional methods of marketing.
- You can focus on reducing the cost by removing the unnecessary materials, tools, efforts, investments from the production, marketing, supply, deals.
- You can focus on improving the quality of your products and distribution speed.
- You can launch new and unique varieties of products and services for the customers.
- You can focus on your own learning and personal development through books, online courses, boot camps. So that you will get more knowledge, facts, ideas that will help you to identify the new business opportunities and you will be able to grow your business.
- You can use the business process software or method, team to run and grow your business.
You can invest 30% of the time of business in thinking and implementing the new things that increase your contribution to the life of your customers.
Examples of business goals and objectives in different businesses, that I found while working with various clients as a freelancer:
- Content Marketing or Content writing or Blogging business goals:
- Publishing new posts: Min.10-12 monthly
- Quality improvement in old post min. 5 to 10 post each month
- Replies to comments and questions of readers: Min. 10 minutes each day
- Finishing of learning 1 book each month.
- 2 hours of daily investment in learning new skills or upgrading old skills.
- Traveling to a new location or 2-3 days leave from the work in a month or after a project.
- Construction Business:
- 1000000 yearly turnovers from the various building, walls, tours, communication construction work with 10% to 15% profit.
- Registration as a vendor in big construction companies.
- Use of tools and technologies to reduce operational costs in construction works such as video conferencing.
- Networking and communication with professionals and leaders in the industry.
- Accounts professionals:
- Use of technologies to reduce cost and speed of the work such as by using cloud storage, accounting templates, faster internet connection.
- Team building and training to multiply efforts.
- Use of content marketing to get new clients to file the GST, Income Tax Return, Company Audit and Various other registration.
- Time management – less talk and more work
- eCommerce Website:
- Publish at least 20 blog post that inspires the customers to visit your website, make a buying decision.
- Use of $1000 in Pay Per Click Advertising.
- Use of $1000 in Video Advertising.
- Improvements in the landing pages of the products.
- Time, Effort, and Money investment in team training and development.
- Web Developer/Designer:
- 5-7 Clients for website projects per month.
- Getting paid or payments from the clients regularly.
- Networking and promotions in marketing, business, development boot camps, events, and seminars.
- Bidding on 10-20 projects on freelancing websites per month.
- Publishing of 10 blog posts that attract more visitors to the website.
- More traffic to own personal website to get hired directly.
- Hardware Store/Shop:
- Use of internet, online business directories, social media pages, personal networks and websites to promote and market products.
- Contact and network with the painters, plumbers, and professionals to refer the customers.
- Calls and get credit amount back.
- Stock maintenance and management.
- Travel Agencies:
- Training in sales/customer support communication skills.
- Use of CRM tools to follow and convert leads into customers.
- Use of Pay Per Click Ads to get more tourists on the website.
The common thing in almost all the growing businesses around the world in their planning and goals are such as multiplication of profit, marketing, production, management, and efforts.
In today’s era, it’s more important and almost necessary to use the technologies to reduce the cost and speed up the business growth and improve the quality of production/distribution and business communication.
- You can learn and understand the importance of having a website for your business.
- You can understand the importance of the internet in business and that will help you to take the top 25 powerful advantages of the internet for business.
If your objective is to start and operate the business with the minimum cost then you can define your startup costs, the operational costs in the beginning:
- Advance office rent
- Raw material cost if any
- Business tools, applications such as laptops, apps, domains, hosting, and website theme.
- Furniture cost and other
- Production cost
- Branding and Marketing
Monthly Cost or fixed:
- Office Rent if you need, even you can start from home or you can work in co-working space if it’s online business or related to Information Technology.
- Electricity, water, garbage bill, etc.
- Business internet connection
Marketing and Variable Cost:
- Online Advertising Cost such as pay per click ads.
- Content Marketing / Writing
- Social Media Marketing
- Search Engine Optimization
It’s important to define the initial cost as soon as possible so that you can plan better and start your business smoothly. So, to set up smart business goals, calculation of cost, profit, personal income & expenses and fixed cost will be helpful.
You don’t have to create perfect business goals and objectives. But setting business goals and defining the objectives effectively will help you to grow and track the progress.
I found the following videos or Free course that I think will be very helpful for you to set up business goals and objectives:
Things to remembers:
- Goals can be vary based on the size, cost, investment, profession and business plan of the business.
- Marketing and promotion are important parts of the business. So always set marketing and promotional goals each month.
- It’s good to set a business growth (revenue) target double from the inflation rate.
- It’s important that you have employees and team training goals.
- It’s important that you set the goals to provide great customer experiences.
- When you start small, don’t compare your goals with big companies, instead, you can focus to do your best from your efforts and sources.
- Take it easy, enjoy the ups and downs in business, think practically, don’t take stress, network with positive people, get help from business leaders and trainers and get expert advice if something is wrong.
- Keep tracking the progress of yourself and the team.
- Businesses are like trees and plants. They take time to grow. You just have to do what’s important. If you think another business is growing more than yours, then research, what’s that you’re not doing. And how you can do it more creatively at less cost and time.
- There are no business books, courses, and pieces of training that are perfect and complete. Accept that whatever it is. It will teach you two lessons. If it’s good, it will show and teach you what’s wrong or what you’re not doing and missing in your business. And if it’s not good, then it will teach you to find what can be good. You don’t have to stop learning. This is the way to grow.
If one door is closed then find and knock on another door. If one customer is saying no, no problem finds and research for the next one. If not getting funded, then no problem, make certain and necessary changes in products and process, as per the feedback and then pitch in front of the next investor.
It means it’s possible that sometimes or many times you will not be able to achieve your business goals and not be able to focus on the business objectives, still as an entrepreneur, it’s your lifetime commitment that you will keep setting new goals and achieving them. And along with new business goals and objectives, you also need to change your habits and mindset.
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