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Goal-Setting In Business

Updated on January 1, 2015

There are many people who do not seem to have any goals in their life. They just want enough money for the day or for the month. These people can never achieve anything big in their life. While goal-setting is very important for everyone, it is all the more important if you run a business.

In fact, without forward thinking and goal setting, you can never sustain in your business because competition is very stiff in every field. This means that you must set goals for your business irrespective of the size of your company.

There are many entrepreneurs who are afraid of setting goals. The fear of failure may be preventing them from setting their goals. If you fear failure also, you can never do your business because your competitors may soon out-smart you.

It is not necessary that you should set goals only about sales or profits. Goals may be anything including reducing employee attrition, research and innovation, improving customer service and so on.

If you delve deep to find out the working style of successful businesses, you will come to know that all of them are in the habit of setting goals. According to them, they will have a defined purpose to strive for if they set goals.

Goals are so important that they must find a place in all the plans and strategies you make. You must not ignore them even when you carry on with your day-to-day operations.

Goals can be both short-term and long-term. Short-term goals are nothing but stepping stones for achieving long-term goals. Simply put, you should split your long-term goals into small and achievable goals. But at no point of time, you must take your eyes off your long-term goals.

There is a lot of difference between goals and wishes. Every individual or business owner may have wishes. But they are not goals. Only if you start adopting the steps for achieving your wishes, they become goals.

Goals must be specific and measurable. Otherwise, they are just wishes. Likewise, they must be realistic and attainable. Most importantly, you should have a fixed time limit for achieving them. Once you set such a goal, you must think about the probable ways to achieve it. You must not try to have a perfect goal. In fact, there can not be a perfect goal. If you try to be a perfectionist, you can never achieve business success. This means you should set a goal and work towards it. If there is a necessity, you must not hesitate to modify your goal. Monitoring the progress regularly is also important.

If you have several departments or teams in your company, you must set goals for every department. While doing so, you must make sure that the efforts of every team enable achievement of your goal. This means there should be good coordination among the teams.

Another point to remember is goal setting is a continuous process in a business. There are constant changes in the markets. Similarly, there may be changes in the economic situation of the country. You must take into account all these factors while setting your goals.

You must impart the right skills and knowledge in your employees for achieving the goal you have set. You must also remember that goal setting alone will not get you success. There are a number of factors that may affect the performance of a company. But this should not be the reason for not setting goals. Though it is very difficult to predict the future, you will find it difficult to have a defined purpose if you do not set your goal. So, start the process and set goals for your business.

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