Business goals represent a statement of business intent. Clearly defined and articulated business goals coordinate teams around what matters most to an organization, thus improving the likelihood of business success. Business goals have a handful of characteristics every team leader or CEO should understand. And they are an integral part of how to run a business.
Business Goals – Time Frame
Business goals will have a specified time frame. This allows the team to understand expectations of performance at a certain date in the future. StatusPath customers often have a combination of goal time frames – with high-level annual business goals being supported by more focused, quarterly and monthly team goals. For example, a company goal to increase revenue by 30 percent might be supported by a quarterly Sales team goal to book a certain amount of new revenue, along with a quarterly Account Services team goal to renew more customers.
Business Goals – Types
There are many types of goals across different companies, industries, and teams. But while business goals can vary from company to company, there are some common goals like Increase Revenue and Create Happy Customers that we see consistently. StatusPath offers a best practices set of goals for all of our customers to get them started quickly.
Business Goals – Measurable Outcomes
Business goals can and should have measurable outcomes. Aim for a number and go for it! How much should revenue grow this year? What percentage of client renewals should the team achieve? Aspirational goals, like “Be a great place to work,” might not have specific numerical results, but team goals and employee objectives against that goal can tie performance to something measurable, like hosting a specific number of employee-focused events.
Business Goals – Communication
Place business goals at the forefront of your operational practices. It’s not enough to start a year or quarter with a few stated goals, and then to walk away expecting success. Your team needs constant interaction with the goals you’ve set. Inject goals and their related employee objectives directly into the weekly conversations between managers and their teams. And then take it a step further by rewarding top performers and encouraging behavior that supports the goals.
Business Goals – The Team
Each goal will be supported by a team, or multiple teams across the business. Understanding each team, and how their team sub-goals can support the overall mission of the business is critical.
StatusPath is passionate about creating software that helps businesses achieve their goals. You can start achieving more with your team in just minutes.
You cannot over-communicate goals to the team.
All employee objectives should align to a company goal.
Reporting status against objectives and goals gives you a new way to see your team productivity.
Evaluate performance often, and reset goals when necessary.