Goal Setting Guidelines Simplified for Business

Here are essential goal setting guidelines for your business.

Firstly you set goals that convert your companies mission, vision and objectives into specific performance targets.

Objectives and their related Goals can be simply classed into three categories

  • Financial
  • Strategic Market or Customer
  • Internal or Operational

For more information on this see... What is a Balanced Scorecard and Creating a Business Strategy

Goals can be used to measure progress and if the goals are not being achieved you can change your plans or revisit your objectives to check whether they were realistic in the first place. Each goal must

  • answer the question what has to be accomplished
  • be measureable
  • inspire your folks but be achieveable
  • be consistent with all the other goals you set- see strategy map
  • have a time limit

For example, a Strategic Marketing Objective of

'Increase sales of NEW products'

a goal might be

'20% increase in New products sold each year'

For each type of objectives, construct and complete a table with columns

  • Objective
  • Goals
  • Measures - how should it be measured and when
  • Who is responsible for making the measurement and reporting it
The measures and goals should then form part of your business intelligence solution possibly using a dashboard to track the progress of your measures and goals

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