6 Types of Business Goals – why these goals should address the most important aspects of your business.

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As I previously wrote in the blog post, Setting Business Goals and Tips For Sticking to Them, I stressed the importance of having real and specific goals in your business. Goals provide direction, accountability, and motivation. No matter how many goals you wish to set there are some things to keep in mind. For one – is your goal relevant? Is the goal attainable? Can you hold yourself accountable to achieve the goal? Lastly, how much time/money will it take to achieve your goal. More specifically, these goals should address the most important aspects of your business.

Now that you’ve learned the benefits of setting business goals, it’s time to figure out which type of goals you’ll want to focus on. Continue reading below for 6  types of goals to consider in your business. 

1. Income/Profit goals

By far this type of goal is the most common and in my opinion the most important type of goal for any business. For income-based business, goals focus on earning a set amount in a set period of time, you could also use them to cut costs. This usually entails having a set budget for your ongoing expenses and for the future of your business. 

Some other examples of income/profit goals include shopping around for inexpensive suppliers. Next to consider is getting rid of obsolete or unused inventory, or negotiate fees such as credit card processing. As well as investing in automated software and outsourcing tasks to reduce in-house costs.

2. Expansion goals

Once you feel that your business can grow you can start to focus on expansion goals. That is, figuring out ways to push the business forward. Whether that is growing locally to a second location, nationally or maybe even internationally. 

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 and investing in a new business location. Alternatively, if you have a home-based business, maybe that means expanding your social media reach.

6 Types of Business Goals

3. 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, then your customers won’t think twice about heading over to the competition or worse writing a nasty review about your business.

So, you could set numerous goals to help improve your customer service. Making a commitment to improving response times by adding different types of communication options. Or providing compensation of some kind to dissatisfied customers. 

4. Product/Service creation goals

In order to be successful, you’re going to need to make sure your products and services are foolproof.  That doesn’t just mean making sure your existing products are foolproof. You’ll also want to focus on how you can make them better. Perhaps, that includes employing innovative employees to develop new products and expanding your range of services.

Product development is a key aspect of any successful business. If you want to keep your customers coming back or stand out from your competition, you’re going to need to give them a reason to come back. That means, consistently working on new products and services your customers are sure to love and need. 

5. Branding goals

Besides having a winning product or service, this type of goal is important for your business. A brand goal is more than designing a killer logo, it’s about showing your customer how you want your products to be perceived.

For example, building brand awareness will not only help you stand out in the crowd but it will make selling your products a breeze. Perhaps, you need to build confidence in your customers again, so it’s necessary to do a business reputation clean up.

There are lots of strategies that you can use to brand your business, so setting the right goals will help you figure out what strategy works best for you.

6. Productivity goals

If you want to boost every aspect of your business, productivity 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 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. That doesn’t just mean getting fancy desks or buying them donuts, a nicer work environment means making sure that your employees feel comfortable at work.

Providing exclusive perks, enhancing the work environment and offering further training to your employees are all great examples of productivity and motivation goals. 

6 Types of Business Goals

At the end of the day, goal setting doesn’t have to be overwhelming. Remember you are your biggest critic, so take the small steps necessary to set yourself up to succeed.

Much love

– Steph

6 Types of Business Goals – why these goals should address the most important aspects of your business.

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