An intelligent and smart CEO or manager of a company will know the value of goals and goal-setting in running a business and help it move in the right direction. Unfortunately, it is indeed regrettable to note that many of the business people hardly keep this in mind. Studies have revealed that a majority of the business-owners do not keep a track of their business goals, and very few people achieve their goals.

A fairly large number of business people feel that there isn’t much use in establishing and defining goals as, most of the time, these goals are not achieved or unachievable. The main reason for not being able to reach or achieve their goals can only mean one thing – unrealistic goals. Another reason could be that they do not adhere to the right path for fulfilment of your goals. Establishing business goals can be done through proper planning and introspection. When making and planning goals, categorise them into short-term goals and long-term goals. Short-term goals are achievable in a period of a few weeks to a year. Long-term goals can be achieved in 5, 10 or even 20 years. Long-term goals can be substantially greater than short-term goals but should be realistic.

If you want your business to be successful, it is essential to define your business goals before you get started. For some businesspeople, the goal is financial security while for others it is profitability. Setting goals is an inherent part of selecting the right business for you. If you do not establish any business goals, your business will not have any goals; neither will you be happy and nor can you make the business a success. But, what is this goal that we are talking about? A goal is something that you aim for and ensure that you fulfil those goals. But goals are powerful contributors and help you to be successful in your business and also assist in the growth of your business in a number of ways.

Goals also describe a framework within which you work. A very important part of that framework is a timetable. Any good goal ought to have a timetable which will enable you to perform your actions thoroughly within that time-frame. When you are planning to set your goals, ensure that the following qualities are present:

Specific: In order to work, objectives need to be concrete or real and highly detailed.
Measurable: Put a figure or value, such as any currency amount or percentage.
Action-oriented: Specify which actions need to be taken by the specified people, and the time when the action has to be taken. 
Realistic: Make goals challenging, but vis-a-vis your resources so that you can achieve them reasonably.
Time specific: Set a deadline to have a time-frame. 

Together, goals and objectives chart a map for your company’s future. Without these aids you run the risk of going wrong and wasting precious commodities of time and money. When establishing goals and objectives, involve everyone who will have the responsibility of achieving those goals and objectives after you lay them out. Talk to everyone in the company and emphasise about the importance of goals and objectives, and tell them how essential it is to attain the goals.

Choose about four or five goals that you think are absolutely important and ensure the achievement of at least these goals as the first step. Once you achieve these goals, achieving others is just a matter of time.

Entrepreneurial Learning

An intelligent and smart CEO or manager of a company will know the value of goals and goal-setting in running a business and help it move in the right direction. Unfortunately, it is indeed regrettable to note that many of the business people hardly keep this in mind. Studies have revealed that a majority of the business-owners do not keep a track of their business goals, and very few people achieve their goals.

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