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How do I determine business goals?

This blog recently discussed the value of mergers as a business goal and growth opportunity. Setting goals for a business are important to its growth and success. It may become easier to achieve business goals and your vision for the company if the goals are carefully considered and defined.

It is important to first distinguish long-term goals from short-term goals. When focusing on long-term goals, it is best to use a 3-5 year time period to set and evaluate your long-term goals. Long-term goals should be consistent with your mission for the company and aligned with your vision for the company. There are generally four different types of goals related to the vision for a company, including service, social, profit and growth goals.

Short-term goals, on the other hand, can be viewed as the road map to achieving long-term goals such as a growth goal which may include goals for expansion for the company. Short-term goals should be specific, measurable, action-oriented, realistic and time-specific. Employees are, of course, involved in executing and achieving short-term goals and long-term goals set by the leadership for the company which is essential so that employees feel involved in accomplishing the goals.

Most companies will have a number of different business goals, both long-term and short-term goal, to achieve the overall vision and mission for the company they have set. Some goals may conflict so it is important to determine how goals can work together where some aspirations may have to give a little for others. Goal setting can also be fluid so you have to be flexible to some extent. A solid foundation of knowledge concerning the business environment, including market, legal and regulatory, you operate within related to your business can help you respond more quickly to changes in your business environment and can help you better achieve your business goals.

Source: Inc.com, "How to Set Business Goals," Accessed Nov. 14, 2015

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