Last week we covered the importance of setting business goals. Now it’s time to learn about the types of business goals you should be setting in your small business. If you want your business to grow, you can’t just set any old goal for the business; it has to be relevant, realistic and in line with what you want to achieve.
So, what different types of business goals can you set in business?
The 5 Most Common Types of Business Goals
1. Income & Profit Goals
The most common type of business goals all businesses have, is to increase their profits. There are a lot of different financial goals you can set for your business, and each of them will utlimately focus on boosting your bottom line.
While the most common income-based business goals focus on earning a set amount in a set period of time, you could also set goals around cutting costs.
Some examples of income/profit goals include;
- Increase profits by 10% in 90 days or in a quarter.
- Earn $100,000 in a Year
- Earn $5,000 per month
- Cut cost by shopping around for cheaper suppliers
2. Customer Service Goals
Good businesses can’t survive without great customer service. As a solopreneur running a small business, delivering excellent customer service is your competitive edge in a noisy market. It’s what will make customers come back to you over and over again. If you aren’t delivering great customer service, your customers won’t think twice about heading over to the competition.
So, you should set goals to help improve your customer service.
Some examples of these types of business goals are;
- Improve response times for customer queries
- To add different types of communication options such as FB Messenger or live chat
- Provide better guarantee’s on offers.
- Improve onboarding systems
- Improve off-boarding systems including getting customer feedback
3. Product & Service Goals
In order to be successful, you’re going to need to make sure your products and services are foolproof. It’s not just your existing products you’ll want to focus on either.
Product development is important for a thriving business. If you want to keep your customers coming back, you’re going to need to give them something to come back for.
That means, creating a complete ecosystem with products at different price points that help your clients solve different problems.
Examples of product and service goals;
- Improving existing products and services.
- developing new products and services.
- Expanding your range of services
4. Productivity Goals
If you want to boost every aspect of your business, productivity goals for yourself and your business can help.
The more productive you are, the more successful the business is going to be and the motivated you’ll become. Increasing your productivity means ensuring that you’re working on the right things at the right time as well as getting things done.
There are a lot of ways to boost productivity and motivation in your business.
For example, you might want to set goals to improve the working environment. The nicer the work environment, the more productive and happier you’re going to be.
Other examples of Productivity Goals;
- Focusing on money-making activities
- Outsourcing general admin tasks
- Only spending 30 Mins on emails a day
- Organise schedule to batch tasks that are similar
- Create a dedicated working space
- Upgrade office
5. Marketing Goals
Marketing is the lifeblood of your business. It’s how people get to know who you are and what you can do for them so it’s essential that you create goals for marketing your business.
These types of goals typically require the most work. While there are several ways to market your business, you should not try to do everything at once. That’s why you set goals to focus on the 1-2 things at a time, track and evaluate what worked.
Some examples of marketing goals include;
- Increasing brand engagement
- Increasing qualified leads
- Increasing brand awareness
- Increase Thought Leadership or Brand Credibility
As you can see, there are many types of business goals you can focus on. If you want to help your business to really succeed, you’re going to need to focus on several types of goals. However, it’s important to start out with the most important types of goals first so you don’t get too overwhelmed.
If you’re looking to get started with any of these steps, check out the Build Your Business Vault – where you’ll find templates, worksheets and checklists that will help you get started!