Business goals are your compass. Without them you don't know where you are going.
Having clearly defined business goals is crucial to the success of businesses. Goals help you plan your time effectively and ensure you get what you want out of your business.
Revenue / Sales Goals
Defining exactly how many sales you need to make is the first step in business goal planning. This is your revenue goal. Example: This year I will bring in $100,000 in revenue.
Profit Goals
You must also set a goal for how much profit you will have after your expenses are deducted from your revenue. Example: I will have $20,000 in profit after my expenses.
Long-Term Goals
Knowing why you have a business and what you want to be doing with it in five, 10 or even 20 years gives you a clear purpose. Example: My business will be salable in 10 years, and selling it will finish funding my retirement.
Short-Term Goals
To achieve your long-term goals you need to break them down into shorter-term goals. Example: This month I will launch a new product.
Lifestyle Goals
Your business can give you exactly the type of lifestyle you want if you plan your business carefully. Example: My business gives me freedom to choose my own schedule.
