importance of business goals, how to set business goalsWhen asked about your business goals you might think that is a ridiculous question. Of course your goal is to make money. However, there are many intermediate goals along the way. Besides, you may have goals that are not all about money at all. When it comes down to it, you absolutely need to have a clear understanding of what you want out of your business; figuring that out should be your first goal.

Money Goals

Okay, money is definitely a goal of business, at least of for-profit businesses. The next thing you need to do is to establish how much money you plan to make in what period of time.  More importantly, you will need to determine how you are going to meet that goal. It is also important to break it down further and categorize your goals if there are several money-making aspects or products in your business. What do you expect will make you the least money, and how you will work to overcome that disadvantage?

Reputation

What kind of reputation do you want to have? Do you want to be known as the company that has the best products, or the company that gives the best customer service? Branding is a part of reputation, as it helps you express to the public the image you want to portray. Think about what it means to you to be a good businessperson and decide what your reputation goals should be.  Business reputation has always been a critical part of my company and has proven to be part of the “secret to our success”– you should include this as part of your goal too.

Company Size

At some point, you have to decide how big want your company to grow. You might be happy being a small business that is successful at that level. On the other hand, you might prefer to build your business until it is a major corporation. Your choice will affect many of your decisions as you carry on business from day to day. It boils down to the type of lifestyle you want to have – are you happy where you are, or do you want a lifestyle upgrade?

Internet Presence

You have an opportunity that you would not have had building a business decades ago. You can choose to be active on the Internet for increased sales and consumer awareness. However, that may not be everyone goal; you might prefer to work out of your storefront in a building in your local town. You may feel that is where your customer base lies.  You should keep in mind thought that almost every business can benefit from having increased exposure with the search engines and every day older traditional marketing methods are becoming more obsolete.  For example, the yellow pages and even newspaper advertising is declining in both popularity and effectiveness day by day.   If you want to get in on the Internet action, you need to make a decision to go after it with gusto and understand that web marketing is one of the most cost effective methods for marketing your business – it is all a matter of your choice of goals.

Do you agree or disagree?  Perhaps, I missed something?  Either way, I would just love to hear what your thoughts are on this topic… just let me know your alive!