Updated: May 27
Now that you know the importance of goals in business, it’s time to learn more about the different types. If you truly want to succeed, your business goals should be relevant, realistic and in line with what you’re hoping to achieve.
So, what different types of goals can you set in business? Below, we’ll look the most common types of business goals to consider.
1. Income/Profit goals
By far one of the most common goals all businesses have, is to increase their profits. There are a lot of different financial goals you can set for your company, and each of them focus on ultimately boosting your bottom line.
While the most common income-based business, goals focus on earning a set amount in a set period of time, you could also use them to cut costs. Some great examples of alternative income/profit goals include shopping around for cheaper suppliers, investing in automated software and outsourcing tasks to reduce in-house costs. Be clear on the key resources that perform key activities for your business.
2. Customer service goals
No business can survive without excellent customer service. Due to the sheer amount of competition businesses now face, it’s crucial to ensure you are providing excellent customer service. If you aren’t, your customers won’t think twice about heading over to the competition.
Making a conscious commitment to improve response times, to add different types of communication options, or to provide compensation of some kind to unhappy customers, are all great examples of customer service goals you could work towards. Acquiring, retaining and building customer relationships are critical to your bottom line.
3. Product/Service goals
In order to be successful, you’re going to need to make sure your products and services are fool proof. It’s not just your existing products you’ll want to focus on either. Product development is a key aspect of a successful business. If you want to keep your customers coming back, you’re going to need to give them something to come back for.
Know your business. What’s your value proposition? What sets you apart from your competitors? That means, consistently working on new or enhancements to your current products, processes and/or services.
Some examples of product and service goals include improving existing products, employing innovative employees to develop new products and expanding your range of services.
4. Productivity and Motivation goals
If you want to boost every aspect of your business, productivity and motivation goals can help. These can relate to both yourself, and your employees. The more productive you and your workers are, the more successful the business is going to be.
There are a lot of ways to boost productivity and motivation in the workplace. For example, you might want to set goals to improve the working environment. The nicer the work environment, the more productive and happier your employees are going to be.
Providing exclusive perks, enhancing the work environment and offering further training to your employees are all great examples of productivity and motivation goals.
5. Expansion goals
Once your business is doing relatively well, you can start to focus on expansion goals. That is, figuring out ways to push the business forward and expand your local, national, or maybe even international reach.
These types of goals typically require the most work. While technology has made it easier to expand, there are still a lot of challenges you’ll need to overcome. Some examples of business expansion goals include researching a new target market, investing in new business premises and introducing international shipping.
As you can see, there are many types of business goals you can focus on. If you want to help your business to really succeed, you’re going to need to focus on several types of goals.
However, it’s important to start out with the most important types of goals first so you don’t get too overwhelmed.
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