Logo

Navigation
  • Home
  • Services
    • ERP Solutions
    • Implementation Solutions
    • Support and Maintenance Solutions
    • Custom Solutions
    • Upgrade Solutions
    • Training and Mentoring
    • Web Solutions
    • Production Support
    • Architecture Designing
    • Independent Validation and Testing Services
    • Infrastructure Management
  • Expertise
    • Microsoft Development Expertise
    • Mobile Development
    • SQL Server Database and BI
    • SAP BI, SAP Hana, SAP BO
    • Oracle and BI
    • Oracle RAC
  • Technical Training
    • Learn Data Management
      • Business Intelligence
      • Data Mining
      • Data Modeling
      • Data Warehousing
      • Disaster Recovery
    • Learn Concepts
      • Application Development
      • Client Server
      • Cloud Computing Tutorials
      • Cluster Computing
      • CRM Tutorial
      • EDI Tutorials
      • ERP Tutorials
      • NLP
      • OOPS
      • Concepts
      • SOA Tutorial
      • Supply Chain
      • Technology Trends
      • UML
      • Virtualization
      • Web 2.0
    • Learn Java
      • JavaScript Tutorial
      • JSP Tutorials
      • J2EE
    • Learn Microsoft
      • MSAS
      • ASP.NET
      • ASP.NET 2.0
      • C Sharp
      • MS Project Training
      • Silverlight
      • SQL Server 2005
      • VB.NET 2005
    • Learn Networking
      • Networking
      • Wireless
    • Learn Oracle
      • Oracle 10g
      • PL/SQL
      • Oracle 11g Tutorials
      • Oracle 9i
      • Oracle Apps
    • Learn Programming
      • Ajax Tutorial
      • C Language
      • C++ Tutorials
      • CSS Tutorial
      • CSS3 Tutorial
      • JavaScript Tutorial
      • jQuery Tutorial
      • MainFrame
      • PHP Tutorial
      • VBScript Tutorial
      • XML Tutorial
    • Learn Software Testing
      • Software Testing Types
      • SQA
      • Testing
  • Career Training
    • Career Improvement
      • Career Articles
      • Certification Articles
      • Conflict Management
      • Core Skills
      • Decision Making
      • Entrepreneurship
      • Goal Setting
      • Life Skills
      • Performance Development
      • Personal Excellence
      • Personality Development
      • Problem Solving
      • Relationship Management
      • Self Confidence
      • Self Supervision
      • Social Networking
      • Strategic Planning
      • Time Management
    • Education Help
      • Career Tracks
      • Essay Writing
      • Internship Tips
      • Online Education
      • Scholarships
      • Student Loans
    • Managerial Skills
      • Business Communication
      • Business Networking
      • Facilitator Skills
      • Managing Change
      • Marketing Management
      • Meeting Management
      • Process Management
      • Project Management
      • Project Management Life Cycle
      • Project Management Process
      • Project Risk Management
      • Relationship Management
      • Task Management
      • Team Building
      • Virtual Team Management
    • Essential Life Skills
      • Anger Management
      • Anxiety Management
      • Attitude Development
      • Coaching and Mentoring
      • Emotional Intelligence
      • Stress Management
      • Positive Thinking
    • Communication Skills
      • Conversation Skills
      • Cross Culture Competence
      • English Vocabulary
      • Listening Skills
      • Public Speaking Skills
      • Questioning Skills
    • Soft Skills
      • Assertive Skills
      • Influence Skills
      • Leadership Skills
      • Memory Skills
      • People Skills
      • Presentation Skills
    • Finding a Job
      • Etiquette Tips
      • Group Discussions
      • HR Interviews
      • Interview Notes
      • Job Search Tips
      • Resume Tips
      • Sample Resumes
 

Business Goal Setting

By Chandra Vennapoosa | on May 15, 2012 |
Goal Setting

Behind all successful businesses are its goals. Just as every individual sets personal goals, a business must also base its operations on its goals. Setting proper goals for your business is like piloting a plane heading toward a defined area for landing. You must have a reason for putting up a business. Well, earning profit is a given but identifying other important aims and objectives for the business is also crucial. Otherwise, you are putting money and resources at stake for defining no purpose at all for engaging into an entrepreneurial activity.

Goals are simply objectives that need to be achieved to attain satisfaction. The accomplishment of business goals brings satisfaction to a business. It makes a powerful contribution to the growth of every business in many ways. If you are into business, the process of goal setting will guide and direct you on what you want to happen with your business and how you want it to grow.

Business goal setting defines what the company or business should do and what should not be done in the various areas of the business concept. With a set of established goals, employees will know what they are working for and what output they expect to get.

Elements in Business Goal Setting

Knowing the essential elements of business goal setting helps in demonstrating these goals effectively. Here are the important factors to consider in every business framework:

  • Income: Profit generation is a primary goal of every entrepreneur for the financial security of the business. You need to consider making a goal of how much income you expect to earn for the business after a given period of time.
  • Availability of Resources: It is not wise to set up a business without considering one’s capability to run a business. This must include the skills and manpower as well as the resources needed for its operations. A goal can be difficult to achieve without its needed requirements especially if it is in quantifiable terms.
  • Type of Busines: Just as you have to identify what it is you really want in order to create personal goals, the same concept is true for business. You have to know what interests you so you can put your heart on working for those goals.

Basic Rules in Business Goal Setting

Every goal, whether for personal or business, needs drive and motivation for it to be accomplished. But only the right and properly defined goals can bring a business to success. So the following are the rules every business owner must adhere to establish the right business goals.

  • Business goals must be relevant in terms of profit: In defining business goals, you must always consider the profitability. Your business aims have to demonstrate a clear and specific advantage to the business. If you are running a profit-earning company, there is no point in making goals that are not in any way relevant to being profitable, whether directly or indirectly.
  • Business goals must be action-oriented: Specific goals are clearly effective for a business to take action on every goal. Any objective that is vaguely stated will only make a goal fail.
  • Business goals must be achievable: With goals that are achievable, a business minimizes the risk of losing profit and even the risk of losing the business. A better approach to managing a business these days is practicality instead of being idealistic in terms of generating profit, acquisition of target market, and other essential concepts in business.

Strategic Business Goal Setting

The primary focus of every strategic planning in a business is the setting of its goals in accordance to the vision and mission statements. Business objectives have to be at its best and so a business must remember that the goals must:

  • Be focused on desirable outcomes, not on activity
  • Maintain consistency instead of constantly changing goals
  • Be specific and realistic rather than vague and abstract
  • Be measurable and quantifiable in terms of figures and other variables
  • Have timeframes and deadlines
  • Be achievable and attainable

Business goals provide direction for any business. It is motivating and inspiring enough to foresee where the business will be headed and how it will grow years from now.

« « Personal Goal Setting- Criteria and Process
Business Goal Setting-Criteria and Process » »

Author Description

Chandra Vennapoosa

Chandra Vennapoosa, B.S Arch Graduate, Managing Director - Exforsys Inc, Founder of exforsys.com and geekinterview.com. Chandra's mission is "to provide quality career coaching and interview advice for aspiring candidates". She is an avid writer and is also very passionate to help others become professional freelancers. In addition to several online trainings, she has authored the popular book "How to Become a Successful Freelancer"

Free Training

RSSSubscribe 394 Followers
  • Popular
  • Recent
  • Types of Goals

    March 18, 2012 - 0 Comment
  • Organizational Goal Setting

    May 31, 2012 - 0 Comment
  • Successful Goal Setting Strategies

    March 20, 2012 - 0 Comment
  • Organizational Goal Setting – Criteria and Process

    June 6, 2012 - 0 Comment
  • Benefits of Goal Setting

    March 29, 2012 - 0 Comment
  • Prioritizing Goals

    April 2, 2012 - 0 Comment
  • Goal Setting – Planning For Success

    April 13, 2012 - 0 Comment
  • SMART Goals

    April 16, 2012 - 0 Comment
  • Quantitative versus Qualitative Goals

    April 18, 2012 - 0 Comment
  • Barriers to Goal Setting

    April 24, 2012 - 0 Comment
  • Organizational Goal Setting – Criteria and Process

    June 6, 2012 - 0 Comment
  • Organizational Goal Setting

    May 31, 2012 - 0 Comment
  • Business Goal Setting-Criteria and Process

    May 21, 2012 - 0 Comment
  • Personal Goal Setting- Criteria and Process

    May 8, 2012 - 0 Comment
  • Introduction to Personal Goal Setting

    May 4, 2012 - 0 Comment
  • Barriers to Goal Setting

    April 24, 2012 - 0 Comment
  • Quantitative versus Qualitative Goals

    April 18, 2012 - 0 Comment
  • SMART Goals

    April 16, 2012 - 0 Comment
  • Goal Setting – Planning For Success

    April 13, 2012 - 0 Comment
  • Prioritizing Goals

    April 2, 2012 - 0 Comment

Exforsys e-Newsletter

ebook
 

Related Articles

  • Organizational Goal Setting – Criteria and Process
  • Organizational Goal Setting
  • Business Goal Setting-Criteria and Process
  • Personal Goal Setting- Criteria and Process
  • Introduction to Personal Goal Setting

Latest Articles

  • Project Management Techniques
  • Product Development Best Practices
  • Importance of Quality Data Management
  • How to Maximize Quality Assurance
  • Utilizing Effective Quality Assurance Strategies
  • Sitemap
  • Privacy Policy
  • DMCA
  • Trademark Information
  • Contact Us
© 2023. All Rights Reserved.IT Training and Consulting
This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish.AcceptReject Read More
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT