At Vision Business Consultancy, we often get asked why business goals are important and what difference they make to a company. We have decided to publish a blog to help businesses understand what a business goal is, how to set a goal and the importance of setting goals.

What is a business goal?

A business goal represents a statement of business intent. Examples include: improve profits by 10% in the next year or add 5 new staff members in the next six months.
It is vital that the goals you set are indeed goals and not wishes. For example, “My company will make money in 2016” is not a goal, it is a wish. To ensure your goals are not mere wishes there are proven goal-setting procedures you need to follow.

SMART goal-setting is one mechanism which allows you to track and structure your goals and provides clarity, focus and motivation. It is important to note that although SMART provides a useful guide, there are other alternatives that may better suit your business and so it is worth speaking to a professional.

SMART goal-setting

S-pecific – well defined and clear to anyone with a basic knowledge of the business
M-easurable – know how far the goal is from completion
A-greed upon – agreed with by all stakeholders
R-ealistic – within availability of resources and time
T-ime-sensitive – enough time to reach the goal but not too much that it will affect performance

Why are business goals important?

Goals are powerful in all aspects of life, but especially in business as without them, a business has no defined purpose and nothing to strive for.

Setting goals and sharing them with your team can foster a positive team spirit and motivates your staff to work together to reach their common goal. It also can boost morale and improve relationships, especially if employees are involved in the goal-setting process.
Once goals are achieved, everyone involved in your company will feel a sense of achievement. Completed goals can then be celebrated so employees associate positive feelings with goal completion and then you can set new ones to push your business further.

At Vision Consultancy, we work closely with our clients to help them not only develop business goals specific to their overall aims but also to achieve and exceed them.

If you would like to get in touch to find out how Vision Business Consultancy can improve your business visit or get in touch via Twitter: @GrainneConvery.

Posted by Grainne Convery