Importance of business goals

Business goals is a important part of a company or an organization and it describes the need of a company. Business goal can be set for the company or for employees or for department like management. This can be of short term or long term. Generally, Companies want profit and to sustain in the competitive industry, by setting business goals, any company can achieve this easily so the business goal is to achieve the organizations need and it is important because through this we can make strategies and plans that how can we successfully make project. It also helps to understand the aim of the company and take it towards the growth, Business goal helps in decision making of the activities for the business or management, If team knows the goal clearly then they can make decisions easy and can work better and can set time period to achieve that goal, communicate with employees to take the right decision. Business goals will provide the right direction and clarity to the company, that where we are and where we want to go and then make strategies to reach there. While setting goals we should remember the company’s capabilities and try to make it better. After setting business goals, if we track them regularly then we will know if we are going on right direction or not and then can improve our process and make changes in the strategies for growth and to achieve the goal. Business goals also help to keep team focused and at that time team leader will make strategies so that team will also work to achieve that goal. When team also knows, what is the goal then they are also responsible for it and that helps to improve them and enhance their performance. Company knows the business goals, so to achieve them they improve the performance, and this will help the company to grow and provide profit. It also helps the employee to stay motivated and set targets to achieve. By setting Business goals, chances of failure will reduce and growth, profit of the company will increase.

Business goals can be achieved by using SMART strategy SMART stands for Specific Measurable Achievable Realistic Timely.

Specific – means goals are clearly define, team understand strategy or the process to achieve it, this includes 5 W who what where why when

Measurable – means to evaluate whether we are on right path or making progress towards the goal and track the progress

Achievable- means how to achieve that goal and what steps to take to achieve the goal like by learning new skills or new technology

Realistic – means we check if we can achieve that goal in real and is that in our reach, by this we will know goal can be accomplished in available time and resources

Timely – Goal should contain a target date and should be finished by that date, this will help the goal to complete at time

By this strategy, there is less chances of getting errors or problems in a company.