Setting Business Goals and Its Impact on Your Success | Magic Assistant Blog

Setting Business Goals and Its Impact on Your Success

Li Ramos
Li Ramos
May 15, 2022
Startup Owner setting business goals

The more attentively you create business goals, the better you can strive to accomplish what you want without wasting resources. Goals provide clear objectives to strive for, and by lining up short- and long-term goals, you can keep your company moving on the path to success on your own terms.

Have you clearly set your company goals for this year or the next decade? Here are a few things you should know about setting business goals.

What are business goals?

Business goals are predetermined targets to be achieved in a specific time frame, often split into short-term and long-term goals. They are crucial in identifying priorities and pushing your company in the right direction.

Short-term business goals are often the stepping stones toward the bigger plans of a company. They’re meant to be achieved in the near future: from within a matter of hours to a year or so at most. It is common to lay down multiple short-term goals to make long-term goals more feasible.

Meanwhile, long-term business goals are aimed further into the future, usually within ten years. Due to this, they are often set as the company’s vision or mission statements.

Why is goal setting important?

Business goals provide a clear path for your company to grow, improve, and become more profitable. They influence not just your business’s future, but its day-to-day operations, too. Below are the advantages of setting business goals:

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It outlines your success

When you set clearly defined goals for your business, you can formulate how to reach them. Business goals connect your work to success by informing you what you need to do, when you need to accomplish it, and the strategies you can apply to achieve it. This, in turn, makes decision-making easier, giving you more time and energy to focus on your actions.

It keeps your teams aligned

Establishing goals for a business allows each department to define its work. For example, a business goal of boosting profitability might guide the marketing team to implement a new outreach strategy while the sales team may increase their quota.

Moreover, it builds trust in leadership and draws up strategic priorities. This can be further broken down to an individual level that keeps each team member accountable for the actions necessary to achieve a common goal.

It motivates you

Your goals are the reason why you’re working. Goal-setting is a widely influential and practical theory of motivation. With a goal in place, you can also get over mental blocks more easily since you know your priorities and can monitor your work towards achieving them.

It helps track your progress

Business goals are an effective way to keep track of your progress. Since you know what you want to achieve, you can look at the work you’re doing towards reaching that goal. You can also find out which actions are paying off based on how easily or quickly they push you towards your expected results.

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Tips on setting business goals

Business goals provide a road map for your company’s future. However, they need to be carefully thought out to ensure that you don’t make the wrong turns and burn up resources.

1. Ask questions

Asking questions before creating objectives, especially choosing goals when starting a new business, can help set clear and realistic goals for your business.

Some questions you can ask yourself about your business are:

  • Why are you doing this?
  • Why are you the people to do it?
  • What are you selling beyond the utility of the product or service?
  • How can you add more value?
  • What’s your greatest strength?
  • What weakness might get in the way if you don’t address it?
  • What does success look like, today, this year, next year, and five years from now?
  • What matters most right now?

2. Use a goal-setting framework

A goal-setting framework guides you in creating clear, achievable, and measurable goals. It helps you avoid pitfalls and eliminate weak points while maximizing your strengths. You can use goal-setting frameworks such as:

  • SMART (Specific, Measurable, Attainable, Relevant, and Time-Bound) – A method that provides well-defined goals geared toward success over a specified time.
  • BHAG (Big Hairy Audacious Goal) – A guide usually used for long-term business goals to lead employees to a common cause.
  • MBO (Management by Objectives) – A process that first defines top business priorities as short-term business goals to determine employees’ objectives.
  • OKR (Objectives and Key Results) – A protocol that aligns and engages employees to focus their efforts on what truly matters.

3. Break them down by quarter

Make sure that you divide your business goals for each quarter. This way, you can focus on different priorities in a year. A quarterly plan also helps you measure your achievements and adjust or improve your objectives for the next quarter accordingly.

Strategies to achieve business goals

Be prepared to put in work after setting business goals. Keep in mind the following practices to effectively hit your targets on time and within the budget:

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1. Be flexible

While goals allow you to anticipate the work that needs to be done, not everything will happen exactly as planned. So, you should be able to adjust to sudden changes and improve your business strategies as necessary.

2. Track and measure your growth

Keep records of your progress in meeting business goals and make sure everyone in your team has access to these. Conducting weekly and/or monthly check-ins can also provide insight into what you have accomplished so far and what needs to improve or receive more attention. 

This can also help in developing programs and projects each department can work on. Moreover, it engages and inspires employees since victories, big or small, can be seen and celebrated with everyone.

3. Use previous goals and results in planning

Look back on your previous milestones when setting business goals for a new quarter. These will inform your plans whether it’s carrying over a goal or outlining a new one. This way, you can keep your eye on the end goal of your business.

4. Build a good support system

Having a solid team behind you can greatly affect how quickly and effectively you can reach business goals. The right employees can apply their skills and experience to take the steps needed to achieve goals, or to offer different perspectives on business.

A good support system can include your in-house staff, business partners, and even on-demand remote workers. A virtual assistant can be a helpful addition to your team, especially for hard-to-fill positions or fluctuating workloads.

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