An Epic List of Business Goals to Set Now

Examples Of Business Goals For Your Company

When it’s time to move your company forward, you need a great list of business goals.

Thus, I have compiled this comprehensive business goals examples list. So you can choose the best approach to setting your small business goals.

Whether your business objectives include strategic planning, growth, or profitability. We have these areas covered. And much more.

So, let’s dive into some good business goals to set now…

list of business goals

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List Of Business Goals

Here are the examples of business goals we are going to cover today:

  • Define your value proposition
  • Improve your company and brand reputation
  • Develop a business plan
  • Improve product or service quality
  • Achieve higher on-time delivery
  • Increase customer satisfaction
  • Improve customer retention
  • Increase sales volumes
  • Optimize product and service pricing
  • Increase market share
  • Develop new customers
  • Expand into a new geographic market
  • Market through a new channel
  • Penetrate a new demographic
  • Develop new products or services
  • Implement an employee development program
  • Increase employee satisfaction
  • Decrease expenses
  • Implement productivity improvements
  • Migrate to a new technology platform
  • Improve profit margins
  • Increase absolute profits
  • Make investments for the future
  • Acquire a competitor
  • Forecast cash flows
  • Develop a cash plan
  • Put financing sources in place
  • Increase shareholder value

Next, let’s review each of these specific business goals one by one. Starting with higher-level strategic business goals.

examples of business goals

Define Your Value Proposition

Your value proposition is what you want to deliver to your customer. It may be a product or service.

And it should target a specific quality level. For example, good quality, better quality, or best quality.

With the product or service, and quality defined. You are positioned to target the right customers. And tell them exactly what you are going to deliver for them.

Improve Your Company And Brand Reputation

Whether you sell branded products, or not. Every company has a brand reputation. It is also called a brand image.

And your reputation makes a big impression. With customers, suppliers, employees, and other stakeholders.

So, set out to protect and improve your company’s brand reputation. It’s critical for achieving short and long-term business objectives.

Develop A Business Plan

The best businesses have a plan. Since planning requires business owners to detail how they are going to build a successful business.

At a minimum, a business plan outlines:

  • Products and services to be sold
  • Marketing strategy
  • Sales plan
  • Operations plan
  • Organization structure
  • Financial forecast

The plan details where the business is at today. And what it will be in the future. Then make sure all of your business goals support the plan.

Finally, developing a business plan is one of the best short-term business goals a company can set. And achieve.

The next objective in our list of business goals focuses on existing customers.

Improve Product Or Service Quality

Nothing will harm a business more quickly than poor-quality products and services. So, set a business goal to ensure your products and services meet your customer’s expectations.

Because if your value proposition states you are delivering the “best quality” product. Then it must meet that standard.

Achieve Higher On-Time Delivery

The second thing that will kill a business is this. Not delivering on time.

Your business should solve your customer’s problems. And fill a need that they have.

So, say what you are going to deliver and when. Then do it on time!

Increase Customer Satisfaction

business goals examples list

Your business has nothing. If it doesn’t have satisfied customers.

And delivering the appropriate quality. At the agreed-upon time. Will go a long way to achieving high customer satisfaction.

But there may be more you can do. So, ask your customers about their satisfaction level. And see how you can improve upon what they have to say.

Improve Customer Retention

Meet your quality standards. Deliver on time. Ensure your customers are satisfied.

What will this lead to? A high customer retention rate.

And retaining customers is critical to success. Because it is much easier to sell more to existing customers. Versus finding new ones.

Higher customer retention is one of the best non-financial business goals you can set for your company. And I think these types of business goals are very important.

With current customers well taken care of. The next business objective is growth.

And that’s what the following grouping in this list of business goals covers…

Increase Sales Volumes

Whatever it is you sell. Set a business goal to sell more of it.

Just make sure of this one thing. That what you are selling is profitable.

If it is not. Then here’s another one of our top business goals you should consider…

Optimize Product And Service Pricing

Assess your prices against the competition. And make sure of two things.

First, set your pricing per your quality standards. Second, increases prices to what your market will allow.

Because there is little sense in underpricing your product. Unless you have high fixed costs for excess capacity. That you need to fill.

Increase Market Share

Another one of the top medium-term business goals is to penetrate your target markets more deeply.

Regardless of how you define your market. The market indicates the revenue opportunity for your business. Given all of the markets you serve.

Proper pricing, besting competitors, and advertising are several ways to increase market share.

Develop New Customers

Another example of a good business goal is new customer development. Since it is inevitable you will lose some of your existing customers. Hopefully, at no fault of your own.

Thus, it is always a good idea to target new customers. And bring them into the fold.

So, tie new customer prospecting. Directly into the goals of the people responsible for sales at your company.

Expand Into A New Geographic Market

good business goals

Another excellent way to grow is by targeting a new geographic market.

It can be as simple as expanding to a nearby town. Or, a neighboring state.

But, make sure you give this some thought. Because it’s a lot more difficult to manage your operation when it is physically farther away.

Market Through A New Channel

Make a list of all the possible channels through which you can market your product. This will be different for every business.

From online channels, distributors, retail stores, wholesalers, and more. Then consider expanding into one or more of the channels that you do not utilize.

Penetrate A New Demographic

Take a hard look at your marketing plan. And your current customer base.

Who are your customers? And why do they like your product?

Is it possible you could have success with a different demographic? Or, customer profile?

I don’t know. You have to decide.

Develop A New Product Or Service

top business goals

Innovation is critical in today’s business world. Because by staying the same, your business will fall behind.

Look at your current products. Can they be improved? Or, modified to serve a different purpose?

Are there related products that you do not have today? That could make for a more robust and complementary product and service offering. Across your entire company.

Okay. That covers a possible list of business growth goals. Next in our list of business goals, let’s turn our attention inside your operation.

Implement An Employee Development Program

Whether you are a one-person show. Or, have hundreds of employees. Training and development of staff is a critical goal every business should have.

After all, everything starts with people. And the people who work for your business are one of the most important resources you have.

So, make a business goal to set up an employee development program.

Increase Employee Satisfaction

Satisfied employees are good employees. Good employees are productive employees.

And they are the engine that drives your business forward. So, look for ways to increase employee satisfaction.

Striving to have better and happier employees. Is one of the best ideas for business goals.

Decrease Expenses

Run a list of your business expenses for the last several months. Go through them with a fine-tooth comb.

First of all, look for expenses that can be eliminated. Then, identify expenses that can be reduced.

Implement Productivity Improvements

A productive business is a good business. Thus, identify the best business goals where you can be better at what you do. And faster at what you do. Or, both.

I think of productivity like this…

Being better means doing more with fewer resources. In other words, doing more with less.

On the other hand, being faster means getting the most out of the resources that are already in place. To put it a different way, doing more with the resources that are in place.

Migrate To A New Technology Platform

These days, the use of technology is like oil in a car engine. Because you won’t get far without it.

If you are running your business without an information system. Or, your current information system is outdated.

Then it’s one of the best ideas for business goals. To upgrade your technology platform. Sometimes it is referred to as an enterprise system.

Improve Profit Margins

company planning process

For every dollar, your business sells, the profit margin is what is left over after paying all expenses. Including income taxes.

By increasing prices, absorbing excess capacity with higher volumes, reducing costs, or paying less in taxes. Your business’s profit margin will increase.

And higher profit margins are almost always better than the alternative.

Increase Profits

And while higher profit margins may lead to higher profit dollars. They may not. Especially if the business is contracting.

So, combine better margins with stable sales volumes. Or, better yet. Higher sales volumes. And watch the absolute profits of your business increase.

Make Investments For The Future

Next, look to identify business goals associated with making smart investments. Those investments can make your business bigger and better. Because oftentimes it takes money to make money.

Making good business investments can include land, buildings, equipment, vehicles, hardware, and software just to name a few ideas.

Just make sure your investments will bring a good return on the money spent.

Acquire A Business

Sometimes the quickest path to business success is through an acquisition. Be it a competitor. Or, a non-competitive company that has offerings your business does not.

It’s the classic buy it, or build it dilemma. Buying businesses can achieve faster results. But, it is not without its pitfalls.

So, carefully think about it. You have to decide which route is best for your company to achieve its goals.

Our next group of business objectives falls on the topic of company financial goals. And it is the last grouping in today’s list of business goals.

Forecast Cash Flows

Every company should forecast cash flows. Since, along with employees, cash may be the most important resource for most companies.

Thus, you have to be certain your business has enough cash resources today. And will have enough in the future.

Furthermore, knowing how to forecast cash is fairly easy. So, start this important business process right away.

Develop A Cash Plan

And if your business is fortunate to generate excess cash. Your business bank account and cash flow forecast will tell you that.

So make a plan for any excess cash. Being able to do so is one of the many benefits of cash forecasting.

Then you can use this important resource productively. And not let cash sit idly in the bank.

Some ideas for using excess cash include paying off debt, making business investments, or rewarding owners with dividends.

Put Financing Sources In Place

On the other hand, your business may not be generating enough cash to support itself. Once again your cash flow forecast will give you an early warning if this is the case.

Then it’s critical to make arrangements for external financing. In advance of when your business needs the money.

Increase Shareholder Value

Finally, I’ve saved one of the best examples of good business goals for last.  Because in one way or another every business activity should strive to make your business more valuable.

As a small business owner, it may be the largest asset you possess. So, make one of your long-term company goals to increase the value of your business.

Okay. Those are all of the examples of business goals that I can come up with for now. Let’s close with a summary…

List Of Business Goals – Summary

Start planning your business goals today.

Make SMART business goals. And stay focused. So, choose 3-5 goals from today’s list.

Achieve those goals. Then come back and select a few more.

Here’s a summary of the company goals examples we covered today:

  • Define your value proposition
  • Improve your company and brand reputation
  • Develop a business plan
  • Improve product or service quality
  • Achieve higher on-time delivery
  • Increase customer satisfaction
  • Improve customer retention
  • Increase sales volumes
  • Optimize product and service pricing
  • Increase market share
  • Develop new customers
  • Expand into a new geographic market
  • Market through a new channel
  • Penetrate a new demographic
  • Develop new products or services
  • Implement an employee development program
  • Increase employee satisfaction
  • Decrease expenses
  • Implement productivity improvements
  • Migrate to a new technology platform
  • Improve profit margins
  • Increase absolute profits
  • Make investments for the future
  • Acquire a competitor
  • Forecast cash flows
  • Develop a cash plan
  • Put financing sources in place
  • Increase shareholder value

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conclusions about company goals examples

Disclosure & Disclaimer: I am not a licensed investment adviser, financial adviser, or tax professional. And I am not providing you with individual investment advice, financial guidance, or tax counsel. Furthermore, this website’s only purpose is information & entertainment. And we are not liable for any losses suffered by any party because of information published on this blog.

List Of Business Goals Examples For Your Company