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How To Create Goals That Will Help You Expand Your Business


The achievement of goals is crucial for corporate success. Read our guide to determining the goals your company should have and how to track your success in attaining them.

In his 1981 Management Review article, George T. Doran stated that “the establishment of objectives and the development of their respective action plans are the most critical steps in a company’s management process.” Doran also introduced the acronym for creating S.M.A.R.T goals.

The achievement of goals is crucial to a business’s success. They support your decision-making, aid in the formulation of your company’s objective, and assist you stay on track for the expansion and achievement of your goals.

Setting goals can also help you and your staff stay motivated and productive. You have a better chance of realising your business goals if everyone on board shares your entrepreneurial venture’s vision.

various business objectives

The three main categories of goals relate to a company’s financial, operational, and growth goals.

Revenue, profit, and cash flow goals are all considered to be financial goals. Your objectives can include boosting sales and profit margins.

Operational objectives are process-related, such as boosting customer happiness, increasing sustainability, and increasing productivity.

The main focus of growth objectives is corporate expansion. This can entail expanding your market share, introducing new items, or raising brand recognition.

Create your objectives.

Identifying precisely what you must concentrate on to attain growth is the first stage in establishing business goals.

A SWOT analysis can help you do this.

S.W.O.T. stands for:

  • Strengths
  • Weaknesses
  • Opportunities
  • Threats

List components of your company under each of the four headings to determine your strengths, weaknesses, opportunities, and potential threats to the expansion of your enterprise.

Clarifying this information will enable you to strive towards the objectives you ought to have for your company.

A SWOT analysis template is available for download here.

Act wisely

You must determine your goals after performing a SWOT analysis.

There are several methods to go about it, but one of the most common ones is to use the abbreviation S.M.A.R.T., which was first introduced by George T. Doran in his 1981 essay, “They’re a SMART way to write management’s goals and objectives.”

S.M.A.R.T. stands for:

  • Specific
  • Measurable
  • Achievable
  • Realistic
  • Time-related
  • Specific

Goals should contain as much detail as feasible. Focus on specific goals connected to a specific element of your organisation, such as finances, sales, or marketing, rather than making general or ambiguous remarks. Instead of just stating that you want to increase sales by doing more marketing, for instance, decide by what percentage you want to increase sales and which specific marketing strategy you would employ.

Determine what you want to achieve, why you want to do it, and who will help you achieve it when considering specific goals.

You could wish to establish precise objectives for things like raising profitability, expanding your clientele, growing sales revenue, and improving customer happiness.


Include measurements that allow you to monitor your progress towards your objectives because your goals must be quantifiable.


While having lofty goals is admirable, you must first confirm that you are capable of achieving them. Think about if you can achieve the goals in a realistic manner. Being overly ambitious will probably lead to frustration and lack of motivation.

You can create a number of short-term goals to help you get to your long-term ones. Gaining victories along the way will keep you and your team inspired and productive.


Your long-term aims and overall business plan should be tied together with your goals. The same goal should be the focus of everything and everyone.


Each target should have deadlines established so that it can be completed by a given date.

Work along with others

Include your staff in the goal-setting process if you have any.

Giving employees a voice will keep them engaged and ensure that they understand their importance to the success of your company.

They might also provide you fresh perspectives and ideas from their particular area of the business. For instance, employees in customer service and marketing may gain insight from client interactions and the effectiveness of your advertising campaigns, respectively.

Hold seminars and meetings to talk about prospective goals. Draw attention to your SWOT analysis’ findings and remind personnel of your overarching business plan.

Talk about your long-term business goals and come up with concrete targets that will assist you reach them.

If you have remote employees, be sure to include them as well by doing online video meetings and utilising online messaging services like Teams and Slack.

Goal-setting may also benefit from participation from other parties, such as important partners, suppliers, and investors.

Monitor and evaluate development

Once you’ve decided what your company’s objectives are, you need to put procedures in place to make sure you stay on course.

Establish key performance indicators (KPIs) to track your advancement towards your goals. Read our guide for more tips on financial KPIs.

Hold regular meetings with all parties concerned to go over the status of the project and what needs to be done if it isn’t going well. If required, modify or revise your objectives.

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