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Goals and Objectives for Business Plan with Examples

NOV.05, 2023

Goals and Objectives
 for Business Plan with Examples

Every business needs a clear vision of what it wants to achieve and how it plans to get there. A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and actions to achieve them. A well-written business plan from business plan specialists can help a business attract investors, secure funding, and guide its growth.

Understanding Business Objectives

Business objectives are S pecific, M easurable, A chievable, R elevant, and T ime-bound (SMART) statements that describe what a business wants to accomplish in a given period. They are derived from the overall vision and mission of the business, and they support its strategic direction.

Business plan objectives can be categorized into different types, depending on their purpose and scope. Some common types of business objectives are:

  • Financial objectives
  • Operational objectives
  • Marketing objectives
  • Social objectives

For example, a sample of business goals and objectives for a business plan for a bakery could be:

  • To increase its annual revenue by 20% in the next year.
  • To reduce its production costs by 10% in the next six months.
  • To launch a new product line of gluten-free cakes in the next quarter.
  • To improve its customer satisfaction rating by 15% in the next month.

The Significance of Business Objectives

Business objectives are important for several reasons. They help to:

  • Clarify and direct the company and stakeholders
  • Align the company’s efforts and resources to a common goal
  • Motivate and inspire employees to perform better
  • Measure and evaluate the company’s progress and performance
  • Communicate the company’s value and advantage to customers and the market

For example, by setting a revenue objective, a bakery can focus on increasing its sales and marketing efforts, monitor its sales data and customer feedback, motivate its staff to deliver quality products and service, communicate its unique selling points and benefits to its customers, and adjust its pricing and product mix according to market demand.

Advantages of Outlining Business Objectives

Outlining business objectives is a crucial step in creating a business plan. It serves as a roadmap for the company’s growth and development. Outlining business objectives has several advantages, such as:

  • Clarifies the company’s vision, direction, scope, and boundaries
  • Break down the company’s goals into smaller tasks and milestones
  • Assigns roles and responsibilities and delegates tasks
  • Establishes standards and criteria for success and performance
  • Anticipates risks and challenges and devises contingency plans

For example, by outlining its business objective for increasing the average revenue per customer in its business plan, a bakery can:

  • Attract investors with its viable business plan for investors
  • Secure funding from banks or others with its realistic financial plan
  • Partner with businesses or organizations that complement or enhance its products or services
  • Choose the best marketing, pricing, product, staff, location, etc. for its target market and customers

Setting Goals and Objectives for a Business Plan

Setting goals and objectives for a business plan is not a one-time task. It requires careful planning, research, analysis, and evaluation. To set effective goals and objectives for a business plan, one should follow some best practices, such as:

OPTION 1: Use the SMART framework. A SMART goal or objective is clear, quantifiable, realistic, aligned with the company’s mission and vision, and has a deadline. SMART stands for:

  • Specific – The goal or objective should be clear, concise, and well-defined.
  • Measurable – The goal or objective should be quantifiable or verifiable.
  • Achievable – The goal or objective should be realistic and attainable.
  • Relevant – The goal or objective should be aligned with the company’s vision, mission, and values.
  • Time-bound – The goal or objective should have a deadline or timeframe.

For example, using the SMART criteria, a bakery can refine its business objective for increasing the average revenue per customer as follows:

  • Specific – Increase revenue with new products and services from $5 to $5.50.
  • Measurable – Track customer revenue monthly with sales reports.
  • Achievable – Research the market, develop new products and services, and train staff to upsell and cross-sell.
  • Relevant – Improve customer satisfaction and loyalty, profitability and cash flow, and market competitiveness.
  • Time-bound – Achieve this objective in six months, from January 1st to June 30th.

OPTION 2: Use the OKR framework. OKR stands for O bjectives and K ey R esults. An OKR is a goal-setting technique that links the company’s objectives with measurable outcomes. An objective is a qualitative statement of what the company wants to achieve. A key result is a quantitative metric that shows how the objective will be achieved.

OPTION 3: Use the SWOT analysis. SWOT stands for S trengths, W eaknesses, O pportunities, and T hreats. A SWOT analysis is a strategic tool that helps the company assess the internal and external factors that affect its goals and objectives.

  • Strengths – Internal factors that give the company an advantage over others. 
  • Weaknesses – Internal factors that limit the company’s performance or growth. 
  • Opportunities – External factors that allow the company to improve or expand. 
  • Threats – External factors that pose a risk or challenge to the company.

For example, using these frameworks, a bakery might set the following goals and objectives for its SBA business plan :

Objective – To launch a new product line of gluten-free cakes in the next quarter.

Key Results:

  • Research gluten-free cake market demand and preferences by month-end.
  • Create and test 10 gluten-free cake recipes by next month-end.
  • Make and sell 100 gluten-free cakes weekly online or in-store by quarter-end.

SWOT Analysis:

  • Expertise and experience in baking and cake decorating.
  • Loyal and satisfied customer base.
  • Strong online presence and reputation.

Weaknesses:

  • Limited production capacity and equipment.
  • High production costs and low-profit margins.
  • Lack of knowledge and skills in gluten-free baking.

Opportunities:

  • Growing demand and awareness for gluten-free products.
  • Competitive advantage and differentiation in the market.
  • Potential partnerships and collaborations with health-conscious customers and organizations.
  • Increasing competition from other bakeries and gluten-free brands.
  • Changing customer tastes and preferences.
  • Regulatory and legal issues related to gluten-free labeling and certification.

Examples of Business Goals and Objectives

To illustrate how to write business goals and objectives for a business plan, let’s use a hypothetical example of a bakery business called Sweet Treats. Sweet Treats is a small bakery specializing in custom-made cakes, cupcakes, cookies, and other baked goods for various occasions.

Here are some examples of possible startup business goals and objectives for Sweet Treats:

Earning and Preserving Profitability

Profitability is the ability of a company to generate more revenue than expenses. It indicates the financial health and performance of the company. Profitability is essential for a business to sustain its operations, grow its market share, and reward its stakeholders.

Some possible objectives for earning and preserving profitability for Sweet Treats are:

  • To increase the gross profit margin by 5% in the next quarter by reducing the cost of goods sold
  • To achieve a net income of $100,000 in the current fiscal year by increasing sales and reducing overhead costs

Ensuring Consistent Cash Flow

Cash flow is the amount of money that flows in and out of a company. A company needs to have enough cash to cover its operating expenses, pay its debts, invest in its growth, and reward its shareholders.

Some possible objectives for ensuring consistent cash flow for Sweet Treats are:

  • Increase monthly operating cash inflow by 15% by the end of the year by improving the efficiency and productivity of the business processes
  • Increase the cash flow from investing activities by selling or disposing of non-performing or obsolete assets

Creating and Maintaining Efficiency

Efficiency is the ratio of output to input. It measures how well a company uses its resources to produce its products or services. Efficiency can help a business improve its quality, productivity, customer satisfaction, and profitability.

Some possible objectives for creating and maintaining efficiency for Sweet Treats are:

  • To reduce the production time by 10% in the next month by implementing lean manufacturing techniques
  • To increase the customer service response rate by 20% in the next week by using chatbots or automated systems

Winning and Keeping Clients

Clients are the people or organizations that buy or use the products or services of a company. They are the source of revenue and growth for a company. Therefore, winning and keeping clients is vital to generating steady revenue, increasing customer loyalty, and enhancing word-of-mouth marketing.

Some possible objectives for winning and keeping clients for Sweet Treats are:

  • To acquire 100 new clients in the next quarter by launching a referral program or a promotional campaign
  • To retain 90% of existing clients in the current year by offering loyalty rewards or satisfaction guarantees

Building a Recognizable Brand

A brand is the name, logo, design, or other features distinguishing a company from its competitors. It represents the identity, reputation, and value proposition of a company. Building a recognizable brand is crucial for attracting and retaining clients and creating a loyal fan base.

Some possible objectives for building a recognizable brand for Sweet Treats are:

  • To increase brand awareness by 50% in the next six months by creating and distributing engaging content on social media platforms
  • To improve brand image by 30% in the next year by participating in social causes or sponsoring events that align with the company’s values

Expanding and Nurturing an Audience with Marketing

An audience is a group of people interested in or following a company’s products or services. They can be potential or existing clients, fans, influencers, or partners. Expanding and nurturing an audience with marketing is essential for increasing a company’s visibility, reach, and engagement.

Some possible objectives for expanding and nurturing an audience with marketing for Sweet Treats are:

  • To grow the email list by 1,000 subscribers in the next month by offering a free ebook or a webinar
  • To nurture leads by sending them relevant and valuable information through email newsletters or blog posts

Strategizing for Expansion

Expansion is the process of increasing a company’s size, scope, or scale. It can involve entering new markets, launching new products or services, opening new locations, or forming new alliances. Strategizing for expansion is important for diversifying revenue streams, reaching new audiences, and gaining competitive advantages.

Some possible objectives for strategizing for expansion for Sweet Treats are:

  • To launch a new product or service line by developing and testing prototypes
  • To open a new branch or franchise by securing funding and hiring staff

Template for Business Objectives

A template for writing business objectives is a format or structure that can be used as a guide or reference for creating your objectives. A template for writing business objectives can help you to ensure that your objectives are SMART, clear, concise, and consistent.

To use this template, fill in the blanks with your information. Here is an example of how you can use this template:

Example of Business Objectives

Our business is a _____________ (type of business) that provides _____________ (products or services) to _____________ (target market). Our vision is to _____________ (vision statement) and our mission is to _____________ (mission statement).

Our long-term business goals and objectives for the next _____________ (time period) are:

S pecific: We want to _____________ (specific goal) by _____________ (specific action).

M easurable: We will measure our progress by _____________ (quantifiable indicator).

A chievable: We have _____________ (resources, capabilities, constraints) that will enable us to achieve this goal.

R elevant: This goal supports our vision and mission by _____________ (benefit or impact).

T ime-bound: We will complete this goal by _____________ (deadline).

Repeat this process for each goal and objective for your business plan.

How to Monitor Your Business Objectives?

After setting goals and objectives for your business plan, you should check them regularly to see if you are achieving them. Monitoring your business objectives can help you to:

  • Track your progress and performance
  • Identify and overcome any challenges
  • Adjust your actions and strategies as needed

Some of the tools and methods that you can use to monitor your business objectives are:

  • Dashboards – Show key data and metrics for your objectives with tools like Google Data Studio, Databox, or DashThis.
  • Reports – Get detailed information and analysis for your objectives with tools like Google Analytics, Google Search Console, or SEMrush.
  • Feedback – Learn from your customers and their needs and expectations with tools like SurveyMonkey, Typeform, or Google Forms.

Strategies for Realizing Business Objectives

To achieve your business objectives, you need more than setting and monitoring them. You need strategies and actions that support them. Strategies are the general methods to reach your objectives. Actions are the specific steps to implement your strategies.

Different objectives require different strategies and actions. Some common types are:

  • Marketing strategies
  • Operational strategies
  • Financial strategies
  • Human resource strategies
  • Growth strategies

To implement effective strategies and actions, consider these factors:

  • Alignment – They should match your vision, mission, values, goals, and objectives
  • Feasibility – They should be possible with your capabilities, resources, and constraints
  • Suitability – They should fit the context and needs of your business

How OGSCapital Can Help You Achieve Your Business Objectives?

We at OGSCapital can help you with your business plan and related documents. We have over 15 years of experience writing high-quality business plans for various industries and regions. We have a team of business plan experts who can assist you with market research, financial analysis, strategy formulation, and presentation design. We can customize your business plan to suit your needs and objectives, whether you need funding, launching, expanding, or entering a new market. We can also help you with pitch decks, executive summaries, feasibility studies, and grant proposals. Contact us today for a free quote and start working on your business plan.

Frequently Asked Questions

What are the goals and objectives in business.

Goals and objectives in a business plan are the desired outcomes that a company works toward. To describe company goals and objectives for a business plan, start with your mission statement and then identify your strategic and operational objectives. To write company objectives, you must brainstorm, organize, prioritize, assign, track, and review them using the SMART framework and KPIs.

What are the examples of goals and objectives in a business plan?

Examples of goals and objectives in a business plan are: Goal: To increase revenue by 10% each year for the next five years. Objective: To launch a new product line and create a marketing campaign to reach new customers.

What are the 4 main objectives of a business?

The 4 main objectives of a business are economic, social, human, and organic. Economic objectives deal with financial performance, social objectives deal with social responsibility, human objectives deal with employee welfare, and organic objectives deal with business growth and development.

What are goals and objectives examples?

Setting goals and objectives for a business plan describes what a business or a team wants to achieve and how they will do it. For example: Goal: To provide excellent customer service. Objective: To increase customer satisfaction scores by 20% by the end of the quarter. 

At OGSCapital, our business planning services offer expert guidance and support to create a realistic and actionable plan that aligns with your vision and mission. Get in touch to discuss further!

OGSCapital’s team has assisted thousands of entrepreneurs with top-rate business plan development, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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Setting Business Goals & Objectives: 4 Considerations

Professional writing and setting business goals using sticky notes

  • 31 Oct 2023

Setting business goals and objectives is important to your company’s success. They create a roadmap to help you identify and manage risk , gain employee buy-in, boost team performance , and execute strategy . They’re also an excellent marker to measure your business’s performance.

Yet, meeting those goals can be difficult. According to an Economist study , 90 percent of senior executives from companies with annual revenues of one billion dollars or more admitted they failed to reach all their strategic goals because of poor implementation. In order to execute strategy, it’s important to first understand what’s attainable when developing organizational goals and objectives.

If you’re struggling to establish realistic benchmarks for your business, here’s an overview of what business goals and objectives are, how to set them, and what you should consider during the process.

Access your free e-book today.

What Are Business Goals and Objectives?

Business objectives dictate how your company plans to achieve its goals and address the business’s strengths, weaknesses, and opportunities. While your business goals may shift, your objectives won’t until there’s an organizational change .

Business goals describe where your company wants to end up and define your business strategy’s expected achievements.

According to the Harvard Business School Online course Strategy Execution , there are different types of strategic goals . Some may even push you and your team out of your comfort zone, yet are important to implement.

For example, David Rodriguez, global chief human resources officer at Marriott, describes in Strategy Execution the importance of stretch goals and “pushing people to not accept today's level of success as a final destination but as a starting point for what might be possible in the future.”

It’s important to strike a balance between bold and unrealistic, however. To do this, you must understand how to responsibly set your business goals and objectives.

Related: A Manager’s Guide To Successful Strategy Implementation

How to Set Business Goals and Objectives

While setting your company’s business goals and objectives might seem like a simple task, it’s important to remember that these goals shouldn’t be based solely on what you hope to achieve. There should be a correlation between your company’s key performance indicators (KPIs)—quantifiable success measures—and your business strategy to justify why the goal should, and needs to, be achieved.

This is often illustrated through a strategy map —an illustration of the cause-and-effect relationships that underpin your strategy. This valuable tool can help you identify and align your business goals and objectives.

“A strategy map gives everyone in your business a road map to understand the relationship between goals and measures and how they build on each other to create value,” says HBS Professor Robert Simons in Strategy Execution .

While this roadmap can be incredibly helpful in creating the right business goals and objectives, a balanced scorecard —a tool to help you track and assess non-financial measures—ensures they’re achievable through your current business strategy.

“Ask yourself, if I picked up a scorecard and examined the measures on that scorecard, could I infer what the business's strategy was,” Simon says. “If you've designed measures well, the answer should be yes.”

According to Strategy Execution , these measures are necessary to ensure your performance goals are achieved. When used in tandem, a balanced scorecard and strategy map can also tell you whether your goals and objectives will create value for you and your customers.

“The balanced scorecard combines the traditional financial perspective with additional perspectives that focus on customers, internal business processes, and learning and development,” Simons says.

These four perspectives are key considerations when setting your business goals and objectives. Here’s an overview of what those perspectives are and how they can help you set the right goals for your business.

4 Things to Consider When Setting Business Goals and Objectives

1. financial measures.

It’s important to ensure your plans and processes lead to desired levels of economic value. Therefore, some of your business goals and objectives should be financial.

Some examples of financial performance goals include:

  • Cutting costs
  • Increasing revenue
  • Improving cash flow management

“Businesses set financial goals by building profit plans—one of the primary diagnostic control systems managers use to execute strategy,” Simons says in Strategy Execution . “They’re budgets drawn up for business units that have both revenues and expenses, and summarize the anticipated revenue inflows and expense outflows for a specified accounting period.”

Profit plans are essential when setting your business goals and objectives because they provide a critical link between your business strategy and economic value creation.

According to Simons, it’s important to ask three questions when profit planning:

  • Does my business strategy generate enough profit to cover costs and reinvest in the business?
  • Does my business generate enough cash to remain solvent through the year?
  • Does my business create sufficient financial returns for investors?

By mapping out monetary value, you can weigh the cost of different strategies and how likely it is you’ll meet your company and investors’ financial expectations.

2. Customer Satisfaction

To ensure your business goals and objectives aid in your company’s long-term success, you need to think critically about your customers’ satisfaction. This is especially important in a world where customer reviews and testimonials are crucial to your organization’s success.

“Everything that's important to the business, we have a KPI and we measure it,” says Tom Siebel, founder, chairman, and CEO of C3.ai, in Strategy Execution . “And what could be more important than customer satisfaction?”

Unlike your company’s reputation, measuring customer satisfaction has a far more personal touch in identifying what customers love and how to capitalize on it through future strategic initiatives .

“We do anonymous customer satisfaction surveys every quarter to see how we're measuring up to our customer expectations,” Siebel says.

While this is one example, your customer satisfaction measures should reflect your desired market position and focus on creating additional value for your audience.

Related: 3 Effective Methods for Assessing Customer Needs

3. Internal Business Processes

Internal business processes is another perspective that should factor into your goal setting. It refers to several aspects of your business that aren’t directly affected by outside forces. Since many goals and objectives are driven by factors such as business competition and market shifts, considering internal processes can create a balanced business strategy.

“Our goals are balanced to make sure we’re holistically managing the business from a financial performance, quality assurance, innovation, and human talent perspective,” says Tom Polen, CEO and president of Becton Dickinson, in Strategy Execution .

According to Strategy Execution , internal business operations are broken down into the following processes:

  • Operations management
  • Customer management

While improvements to internal processes aren’t driven by economic value, these types of goals can still reap a positive return on investment.

“We end up spending much more time on internal business process goals versus financial goals,” Polen says. “Because if we take care of them, the financial goals will follow at the end of the day.”

4. Learning and Growth Opportunities

Another consideration while setting business goals and objectives is learning and growth opportunities for your team. These are designed to increase employee satisfaction and productivity.

According to Strategy Execution , learning and growth opportunities touch on three types of capital:

  • Human: Your employees and the skills and knowledge required for them to meet your company’s goals
  • Information: The databases, networks, and IT systems needed to support your long-term growth
  • Organization: Ensuring your company’s leadership and culture provide people with purpose and clear objectives

Employee development is a common focus for learning and growth goals. Through professional development opportunities , your team will build valuable business skills and feel empowered to take more risks and innovate.

To create a culture of innovation , it’s important to ensure there’s a safe space for your team to make mistakes—and even fail.

“We ask that people learn from their mistakes,” Rodriguez says in Strategy Execution . “It's really important to us that people feel it’s safe to try new things. And all we ask is people extract their learnings and apply it to the next situation.”

How to Formulate a Successful Business Strategy | Access Your Free E-Book | Download Now

Achieve Your Business Goals

Business goals aren’t all about your organization’s possible successes. It’s also about your potential failures.

“When we set goals, we like to imagine a bright future with our business succeeding,” Simons says in Strategy Execution . “But to identify your critical performance variables, you need to engage in an uncomfortable exercise and consider what can cause your strategy to fail.”

Anticipating potential failures isn’t easy. Enrolling in an online course—like HBS Online’s Strategy Execution —can immerse you in real-world case studies of past strategy successes and failures to help you better understand where these companies went wrong and how to avoid it in your business.

Do you need help setting your business goals and objectives? Explore Strategy Execution —one of our online strategy courses —and download our free strategy e-book to gain the insights to create a successful strategy.

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Business objectives: How to set them (with 5 examples and a template)

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As anyone who played rec league sports in the '90s might remember, being on a team for some reason required you to sell knockoff candy bars to raise funds. Every season, my biggest customer was always me. Some kids went door-to-door, some set up outside local businesses, some sent boxes to their parents' jobs—I just used my allowance to buy a few for myself.

Aside from initiative, what my approach lacked was a plan, a goal, and accountability. A lot to ask of an unmotivated nine-year-old, I know, but 100% required for anyone who runs an actual business.

Business objectives help companies avoid my pitfalls by laying the groundwork for all the above so they can pursue achievable growth.

Table of contents:

The benefits of setting business objectives

How to set business objectives, examples of business objectives and goals, business objective template, tips for achieving business objectives.

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What are business objectives?

Business objectives are specific, written steps that guide company growth in measurable terms. A good business objective is concise, actionable, and assigned definite metrics for tracking progress and measuring success. Coming up with effective objectives requires a strong understanding of:

What you want the company to achieve

How you can measure success

Which players are involved in driving success

The timelines needed to plan, initiate, and implement steps

How you can improve or better support business processes , personnel, logistics, and management 

How, if successful, these actions can be integrated sustainably going forward

objectives and goals in a business plan

Business objectives vs. goals

Where a business objective is an actionable step taken to make improvements toward growth, a business goal is the specific high-level growth an objective helps a company reach. Business objectives are often used interchangeably with business goals, but an objective is in service of a goal. 

Here's what that breakdown could have looked like for nine-year-old me selling candy for my little league team: 

Business objective: I will increase my sales output by learning and implementing point-of-sale conversion frameworks. I'll measure success by comparing week-over-week sales growth to median sales across players on my baseball team.

Business goal: I will sell more candy bars than anyone on my team and earn the grand prize: a team party at Pizza Hut.

You might think it's good enough to continue working status quo toward your goals, but as the cliche goes, good enough usually isn't. Establishing and following defined, actionable steps through business objectives can:

Help establish clear roadmaps: You can translate your objectives into time-sensitive sequences to chart your path toward growth.

Set groundwork for culture: Clear objectives should reflect the culture you envision, and, in turn, they should help guide your team to foster it.

Influence talent acquisition: Once you know your objectives, you can use them to find the people with the specific skills and experiences needed to actualize them.

Encourage teamwork: People work together better when they know what they're working toward.

Promote sound leadership: Clear objectives give leaders opportunities to get the resources they need.

Establish accountability: By measuring progress, you can see where errors and inefficiencies come from.

Drive productivity: The endgame of an objective is to make individual team members and processes more effective.

Setting business objectives takes a thoughtful, top-to-bottom approach. At every level of your business—whether you're a massive candy corporation or one kid selling chocolate almond bars door-to-door—there are improvements to make, steps to take, and players with stakes (or in my case, bats) in the game.

Illustration of a clipboard listing the six steps to setting business objectives

1. Establish clear goals

You can't hit a home run without a fence, and you can't reach a goal without setting it. Before you start brainstorming your objectives, you need to know what your objectives will help you work toward.

Analytical tactics like a SWOT analysis and goal-setting frameworks like SMART can be extremely useful at this stage, as you'll need to be specific about what you want to achieve and honest about what is achievable. Here are a few example goals:

Increase total revenue by 25% over the next two years

Reduce production costs by 10% by the end of the year

Provide health insurance for employees by next fiscal year

Grow design department to 10+ employees this year

Reach 100k Instagram followers ahead of new product launch

Implement full rebrand before new partnership announcement

Once you have these goals in place, you can establish individual objectives that position your company to reach them.

2. Set a baseline

Like a field manager before a game, you've got to set your baselines. (Very niche pun, I know.) With a definite goal in mind, the only way to know your progress is to know where you're starting from. 

If you want to increase conversions on a specific link by X percent, look beyond current conversion percentage to the myriad factors going into it. Log the page traffic, clicks, ad performance, time on page, bounce rate, and other engagement metrics historically to this point. Your objectives will dig deeper into that one outcome to address deficiencies in the sales funnel , so every figure is important.

Analyzing your baselines could also help you recalibrate your goals. You may have decided abstractly that you want conversion rates to double in six months, but is that really possible? If your measurables show there's potentially a heavier lift involved than you expected, you can always roll back the goal performance or expand the timeline.

3. Involve players at all levels in the conversation

Too often, the most important people are left out of conversations about goals and objectives. The more levels of complexity and oversight, the more important it is to hear from everyone—yet the more likely it is that some will be excluded.

Let's say you want to reduce overhead by 5% over the next two years for your sporting goods manufacturing outfit. At a high level, your team finds you can reduce production costs by using cheaper materials for baseball gloves. A member of your sales team points out that the reduction in quality, which your brand is famous for, could lead to losses that offset those savings. Meanwhile, a factory representative points out that replacing outdated machines would be expensive initially but would increase efficiency, reduce defects, and cut maintenance costs, breaking even in four years.

By involving various teams at multiple levels, you find it's worth it to extend timelines from two to four years. Your overhead reduction may be lower than 5% by year two but should be much higher than that by year four based on these changes.

The takeaway from this pretty crude example is that it's helpful to make sure every team that touches anything related to your objective gets consulted. They should give valuable, practical input thanks to their boots- (or cleats-) on-the-ground experience.

4. Define measurable outcomes

An objective should be exactly that. Using KPIs (key performance indicators) to apply a level of objectivity to your action steps allows you to measure their progress and success over time and either adapt as you go along or stay the course.

How do you know if your specific objectives are leading to increased web traffic, or if that's just natural (or even incidental) growth? How do you know if your recruiting efforts lead to better candidates, or whether your employees are actually more satisfied? Here are a few examples of measurable outcomes to show proof:

Percentage change (15% overall increase in revenue)

Goal number (10,000 subscribers)

Success range (five to 10 new clients)

Clear change (new company name)

Executable action (weekly newsletter launch)

Your objectives should have specific, measurable outcomes. It's not enough to have a better product, be more efficient, or have more brand awareness . Your objective should be provable and grounded in data.

5. Outline a roadmap with a schedule

You've got your organizational goals defined, logged your baselines, sourced objectives from across your company, and know your metrics for defining success. Now it's time to set an actionable plan you can execute.

Your objectives roadmap should include all involved team members and departments and clear timelines for reaching milestones. Within your objectives, set action items with deadlines to stay on track, along with corresponding progress markers. For the objective of "increase lead conversion efficiency by 10%," that could look like:

May 15: Begin time logging 

June 1: Register team members for productivity seminar

June 15: Integrate Trello for managing processes

June 15: Audit time log

July 1: Implement lead automation

August 1: Audit time log—goal efficiency increase of 5%

6. Integrate successful changes

You've successfully achieved your objectives—great! But as Yogi Berra famously said, "It ain't over till it's over," and it ain't over yet. 

Don't let this win be a one-off accomplishment. Berra also said "You can observe a lot by just watching," and applying what you observed from this process will help you continue growing your company. Take what worked, and integrate it into your business processes for sustainable improvement. Then create new objectives, so you can continue the cycle.

Business objectives aren't collated plans or complicated flowcharts—they're short, impactful statements that are easy to memorize and communicate. There are four basic components every business objective should have: 

A growth-oriented intention (improve efficiency)

One or more actions (implement monthly training sessions)

A measurement for success (20% increase)

A timeline to reach success (by end of year)

For this year's summer swimwear line, we will increase sales by 15% over last year's line through customer relationship marketing. We will execute distinct email campaigns by segmenting last year's summer swimwear customers and this year's spring casualwear customers and offering season-long discount codes.

Our SaaS product's implementation team will grow to five during the next fiscal year. This will require us to submit a budget proposal by the end of the quarter and look into restructured growth tracks, new job posting templates, and revised role descriptions by the start of next fiscal year.

We will increase customer satisfaction for our mobile app product demonstrably by the end of the year by integrating a new AI chatbot feature. To measure the change in customer satisfaction, we will monitor ratings in the app store, specifically looking for decreases in rates of negative reviews by 5%-10%  as well as increases in overall positive reviews by 5%-10%.

Each of our water filtration systems will achieve NSF certification ahead of the launch of our rebranding campaign. Our product team will establish a checklist of changes necessary for meeting certification requirements and communicate timelines to the marketing team.

HR will implement bi-annual performance reviews starting next year. Review timelines will be built into scheduling software, and HR will automate email reminders to managers to communicate to their teams.

Business objectives can be as simple as one action or as complex as a multi-year roadmap—but they should be able to fall into a clear, actionable framework.

Mockup of a business objective statement worksheet

Calling your shot to the left centerfield wall and hitting a ball over that wall are two different things—the same goes for setting an objective and actualizing it.

Start with clear, attainable goals: Objectives should position your business to reach broader growth goals, so start by establishing those.

Align decisions with objectives: Once you set objectives, they should inform other decisions. Decision-makers should think about how changes they make along the way affect their objectives' timelines and execution.

Stick to the schedule or adjust it: Schedules should propel change, not rush it. Work toward meeting milestones and deadlines, but understand that they can always be moved if complications or new priorities arise. Remember, it's ok to fall short on goals .

Listen to team members at all levels: Those most affected by organizational changes can be the ones with the least say in the matter. Great ideas and insights can come from any level—even if they're only tangentially related to an outcome.

Implement automation: Automation keeps systems running smoothly—business objectives are no exception. Make a plan to bring no-code automation into workflows with Zapier to move your work forward, faster.

What makes business objectives so useful is that they can help you build a plan with defined steps to reach obtainable growth goals. As (one more time) Yogi Berra also once said, "You've got to be very careful if you don't know where you are going, because you might not get there." 

As you outline your objectives, here are some guides that can help you find KPIs and improvement opportunities:

How to conduct your own market research survey

6 customer satisfaction metrics to start measuring

Streamline work across departments with automation

Measuring SaaS success: 5 essential product-led growth metrics to track

12 value proposition templates—and how to write your own

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Bryce Emley

Currently based in Albuquerque, NM, Bryce Emley holds an MFA in Creative Writing from NC State and nearly a decade of writing and editing experience. His work has been published in magazines including The Atlantic, Boston Review, Salon, and Modern Farmer and has received a regional Emmy and awards from venues including Narrative, Wesleyan University, the Edward F. Albee Foundation, and the Pablo Neruda Prize. When he isn’t writing content, poetry, or creative nonfiction, he enjoys traveling, baking, playing music, reliving his barista days in his own kitchen, camping, and being bad at carpentry.

  • Small business
  • Sales & business development

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What Is a Business Plan?

Understanding business plans, how to write a business plan, common elements of a business plan, how often should a business plan be updated, the bottom line, business plan: what it is, what's included, and how to write one.

Adam Hayes, Ph.D., CFA, is a financial writer with 15+ years Wall Street experience as a derivatives trader. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Adam received his master's in economics from The New School for Social Research and his Ph.D. from the University of Wisconsin-Madison in sociology. He is a CFA charterholder as well as holding FINRA Series 7, 55 & 63 licenses. He currently researches and teaches economic sociology and the social studies of finance at the Hebrew University in Jerusalem.

objectives and goals in a business plan

A business plan is a document that details a company's goals and how it intends to achieve them. Business plans can be of benefit to both startups and well-established companies. For startups, a business plan can be essential for winning over potential lenders and investors. Established businesses can find one useful for staying on track and not losing sight of their goals. This article explains what an effective business plan needs to include and how to write one.

Key Takeaways

  • A business plan is a document describing a company's business activities and how it plans to achieve its goals.
  • Startup companies use business plans to get off the ground and attract outside investors.
  • For established companies, a business plan can help keep the executive team focused on and working toward the company's short- and long-term objectives.
  • There is no single format that a business plan must follow, but there are certain key elements that most companies will want to include.

Investopedia / Ryan Oakley

Any new business should have a business plan in place prior to beginning operations. In fact, banks and venture capital firms often want to see a business plan before they'll consider making a loan or providing capital to new businesses.

Even if a business isn't looking to raise additional money, a business plan can help it focus on its goals. A 2017 Harvard Business Review article reported that, "Entrepreneurs who write formal plans are 16% more likely to achieve viability than the otherwise identical nonplanning entrepreneurs."

Ideally, a business plan should be reviewed and updated periodically to reflect any goals that have been achieved or that may have changed. An established business that has decided to move in a new direction might create an entirely new business plan for itself.

There are numerous benefits to creating (and sticking to) a well-conceived business plan. These include being able to think through ideas before investing too much money in them and highlighting any potential obstacles to success. A company might also share its business plan with trusted outsiders to get their objective feedback. In addition, a business plan can help keep a company's executive team on the same page about strategic action items and priorities.

Business plans, even among competitors in the same industry, are rarely identical. However, they often have some of the same basic elements, as we describe below.

While it's a good idea to provide as much detail as necessary, it's also important that a business plan be concise enough to hold a reader's attention to the end.

While there are any number of templates that you can use to write a business plan, it's best to try to avoid producing a generic-looking one. Let your plan reflect the unique personality of your business.

Many business plans use some combination of the sections below, with varying levels of detail, depending on the company.

The length of a business plan can vary greatly from business to business. Regardless, it's best to fit the basic information into a 15- to 25-page document. Other crucial elements that take up a lot of space—such as applications for patents—can be referenced in the main document and attached as appendices.

These are some of the most common elements in many business plans:

  • Executive summary: This section introduces the company and includes its mission statement along with relevant information about the company's leadership, employees, operations, and locations.
  • Products and services: Here, the company should describe the products and services it offers or plans to introduce. That might include details on pricing, product lifespan, and unique benefits to the consumer. Other factors that could go into this section include production and manufacturing processes, any relevant patents the company may have, as well as proprietary technology . Information about research and development (R&D) can also be included here.
  • Market analysis: A company needs to have a good handle on the current state of its industry and the existing competition. This section should explain where the company fits in, what types of customers it plans to target, and how easy or difficult it may be to take market share from incumbents.
  • Marketing strategy: This section can describe how the company plans to attract and keep customers, including any anticipated advertising and marketing campaigns. It should also describe the distribution channel or channels it will use to get its products or services to consumers.
  • Financial plans and projections: Established businesses can include financial statements, balance sheets, and other relevant financial information. New businesses can provide financial targets and estimates for the first few years. Your plan might also include any funding requests you're making.

The best business plans aren't generic ones created from easily accessed templates. A company should aim to entice readers with a plan that demonstrates its uniqueness and potential for success.

2 Types of Business Plans

Business plans can take many forms, but they are sometimes divided into two basic categories: traditional and lean startup. According to the U.S. Small Business Administration (SBA) , the traditional business plan is the more common of the two.

  • Traditional business plans : These plans tend to be much longer than lean startup plans and contain considerably more detail. As a result they require more work on the part of the business, but they can also be more persuasive (and reassuring) to potential investors.
  • Lean startup business plans : These use an abbreviated structure that highlights key elements. These business plans are short—as short as one page—and provide only the most basic detail. If a company wants to use this kind of plan, it should be prepared to provide more detail if an investor or a lender requests it.

Why Do Business Plans Fail?

A business plan is not a surefire recipe for success. The plan may have been unrealistic in its assumptions and projections to begin with. Markets and the overall economy might change in ways that couldn't have been foreseen. A competitor might introduce a revolutionary new product or service. All of this calls for building some flexibility into your plan, so you can pivot to a new course if needed.

How frequently a business plan needs to be revised will depend on the nature of the business. A well-established business might want to review its plan once a year and make changes if necessary. A new or fast-growing business in a fiercely competitive market might want to revise it more often, such as quarterly.

What Does a Lean Startup Business Plan Include?

The lean startup business plan is an option when a company prefers to give a quick explanation of its business. For example, a brand-new company may feel that it doesn't have a lot of information to provide yet.

Sections can include: a value proposition ; the company's major activities and advantages; resources such as staff, intellectual property, and capital; a list of partnerships; customer segments; and revenue sources.

A business plan can be useful to companies of all kinds. But as a company grows and the world around it changes, so too should its business plan. So don't think of your business plan as carved in granite but as a living document designed to evolve with your business.

Harvard Business Review. " Research: Writing a Business Plan Makes Your Startup More Likely to Succeed ."

U.S. Small Business Administration. " Write Your Business Plan ."

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objectives and goals in a business plan

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Goals vs. Objectives: Types, Examples, and Templates

By Kate Eby | October 24, 2022

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In all personal and professional pursuits, setting goals and objectives is the key to ensuring growth and progress. We’ve assembled a comprehensive guide to understanding goals and objectives, with expert tips and downloadable templates and examples.

Included on this page, you’ll find a guide to setting goals and objectives and a list of the differences between goals and objectives . To help you get started, we’ve assembled multiple examples of goals and objectives by position, including employees , leaders , and teams , and by department, including project management , marketing , and human resources .

What Are Goals?

Goals are desired outcomes or results. By setting goals, teams and individuals can clarify what they want to accomplish with their actions. Effective goals should align with a larger personal or professional vision. 

In project management, a single project might have multiple goals, such as growing the customer base, improving website traffic, or increasing the efficiency of a certain process. C-level executives might have broader goals, such as improving profits, becoming more sustainable, or creating a more inclusive work culture. Goals can range in scope and feasibility, but most goals are ambitious and achievable. Think of goals as guiding principles that will give you direction and focus as you work. 

Santtu Saavala

“It’s OK to set a goal that’s somewhat broad and relies a little bit on forces out of your control, but it should always be rooted in reality — in what’s practically attainable via realistic means and the objectives you’ll work on day to day,” says Santtu Säävälä, Chief Marketing Officer at Iglu . “It’s not helpful to choose a goal now that’s so ambitious it will take decades or an enormous windfall of luck to achieve. That’s a dream and an ambition, which are good motivators, but less useful for strategic planning and tactical execution.”

One helpful tool for setting goals is the SMART goal framework . SMART goals are specific, measurable, achievable, relevant, and time-bound.

SMART Goals Template for Microsoft Word

SMART Goals Template

Download the SMART Goals Template for Microsoft Word

Use this SMART goals worksheet template to write a SMART goal. The template includes space to explain how your goal is specific, measurable, achievable, relevant, and time-bound. Write your completed goal in the final section, and refer to it as you work toward your desired outcome. 

For helpful examples, see this collection of real-life SMART goals.

Time-Bound Goals

Time-bound goals are goals that should be completed within a specific timeframe. These goals can express long-term or short-term outcomes. Time-bound goals are useful for urgent tasks. They can also help motivate teams to make progress on long-term goals.  

“Time-bound goals are those that have a specific deadline attached to them,” explains Will Yang, Head of Growth at Instrumentl . “A time-bound goal would be something like, ‘Achieve a 10 percent increase in sales within the next quarter.’”

Säävälä adds that time-bound goals are a useful tool for keeping individuals accountable. “Keeping goals bound to timeframes is a critical factor for building personal accountability. You need to be able to hold yourself to a measure of progress; otherwise, it’s far too easy for competing priorities and day-to-day fires to creep in and convince us it’s fine to push this off.”

Here are three examples Säävälä provides for time-bound goal setting:

  • If your goal is to finish development of a new product, by when?
  • If you want to achieve a certain market share, by when?
  • If you want to engage in a certain new process, over what time period?

“Without time bounds, it’s very hard to set objectives that nest inside your goals, and you lose a key foundation for focus, motivation, and accountability,” he says.

Outcome-Oriented Goals

Outcome-oriented goals are goals that describe a future outcome. These goals might not have a deadline. Instead, they help teams visualize the end result of their efforts. In this way, outcome-oriented goals help provide context and create incentives. 

“Outcome-oriented goals are focused on the results you want to achieve, rather than the process of achieving them,” says Yang. “An outcome-oriented goal would be, Gain the highest increase in market share in five years .”

Säävälä recommends outcome-oriented goals for growth-oriented ambitions. “These are exceptionally powerful because they instantly create a perceivable future point that everyone can visualize and work toward,” he explains.

Process-Oriented Goals

Process-oriented goals are goals that focus less on a desired outcome and more on a desired behavior or action. These goals are within the individual’s control. For example, they might aim to complete 20 sales calls every week. 

“These [goals] are great for team-building, employee development, and cultural growth, as well as improving balance and implementing new methodologies,” shares Säävälä. “If you’re active in your leadership, you’ll be encountering new perspectives, techniques, tools, and values that have the potential to materially enhance how your business functions and produces.”

Säävälä provides two examples of process-oriented goals:

  • Spend 20 minutes a day personally responding to customer feedback on Twitter.
  • Recognize the top three contributors to our new CRM database every week.

Other Types of Goals

There are many other types of goals, including growth, quantitative, brand, and milestone goals. Each of these goals is similar to one or more of the three main goal types: time-bound, outcome-oriented, and process-oriented.

Here are some less common types of goals:

  • Growth Goal: Similar to an outcome-oriented goal, a growth goal envisions a future outcome that an individual, team, or company can work toward. These goals can involve increasing profits, expanding into new markets, growing professionally, and more. 
  • Quantitative Goal: Similar to process-oriented goals and time-bound goals, quantitative goals are specific and measurable. Quantitative goals are objective and have clear instructions for completion. 
  • Qualitative Goal: Unlike a quantitative goal, a qualitative goal is subjective. Like many outcome-oriented goals, these describe a subjective future state that gives teams or individuals a sense of purpose and direction. 
  • Milestone Goal: Similar to a time-bound goal, a milestone goal describes a deliverable or milestone that moves the team or individual toward a larger goal. Creating milestones in a project helps keep teams on task and encourages a regular feeling of accomplishment. Download a free milestone project template to get started.

What Are Objectives?

Objectives are the small, measurable steps you take toward a larger goal. They tend to be narrow in scope, easy to measure, and realistic. No matter how small, a good objective will move you closer to a desired, long-term outcome.

“Make sure your objective is relevant to your overall goals,” says Yang. “There's no point in setting an objective that doesn't support your larger goals and values.” 

Säävälä recommends setting goals first: “Objectives should always support a goal, so it’s important to set goals first. Objectives should be more tactical. In other words, you can see them playing out in your day-to-day life and easily translate them into action-oriented tasks for yourself and your team.”

These are the sample objectives Säävälä provides for the goal, “Launch product X in the European market by 2024:”

  • Complete the regulatory approval process by Q3 2023.
  • Build a four-person European sales team by Q1 2023.
  • Book meetings with six potential distribution partners by Q3 2022.

In the context of a company or organization, there are three main types of objectives: strategic, operational, and tactical. Strategic objectives are long-term and resemble goals, while operational and tactical objectives are short-term.

Strategic Objectives 

Strategic objectives ensure that a company’s efforts are aligned with their strategic plan. Of the three types of objectives, strategic objectives are the most similar to goals. They often describe larger, long-term outcomes. Executives and directors typically set strategic objectives. 

“A strategic objective is a long-term goal that is aligned with the company's overall vision. For example, a strategic objective might be to increase market share by 10 percent,” says Yang. 

Yang’s example is a strategic objective because it describes a desired outcome for the company that aligns with their long-term growth goals.

Tactical Objectives

Tactical objectives are specific and measurable. These are assigned tasks with objective measures. Tactical objectives are nested in strategic objectives and should move you closer to completing long-term goals. Program managers, project managers, business unit managers, and independent teams typically set tactical objectives. 

“Tactical objectives are the most tightly focused, short-term actionable tasks that support higher-level objectives and goals,” says Säävälä.

Using one of the example objectives he provided earlier, Säävälä shows how you can use a tactical objective to further break down a goal into manageable tasks: “If our goal is Launch product X in the European market by 2024 , and one related objective is Build a four-person European sales team by Q1 2023 , a nested tactical objective might be, Interview four qualified candidates for European Sales Manager by Q3 2022 .’”

Operational Objectives

Operational objectives are specific, daily activities that break down large goals into smaller tasks. Of the three objective types, these are the simplest and have the shortest terms. Operational objectives tend to be easy to measure and manage. Operations managers, team leaders, and independent teams typically set operational objectives.

These objectives focus on daily, weekly, and monthly tasks that, when taken together, ensure that a business is operating smoothly, and that teams are making progress toward larger goals. “For each goal, there should be multiple operational objectives that directly relate and help break down what needs to be done for success,” says Säävälä.

“All three types of objectives are important in achieving success,” says Yang. “However, operational objectives are typically the most closely monitored because they provide the clearest picture of current performance.”

Project Goals and Objectives Template

Project Goals and Objectives Template

Download a Project Goals and Objectives Template for Excel | Microsoft Word | Adobe PDF

Download this easy-to-use project goals and objectives template to divide larger goals into smaller, achievable objectives. The template includes space to specify how each objective follows SMART goal criteria, so you can ensure that each objective you set for your team is specific, measurable, achievable, relevant, and time-bound.

Difference Between Goals and Objectives

The terms goal and objective are often used interchangeably. In most cases, goals refer to broad, long-term outcomes, and objectives refer to specific, short-term tasks. Both terms refer to desired outcomes, results, or actions. 

Within a project portfolio, goals and objectives ensure that teams are working toward a common vision. Goals often point to a larger purpose, a long-term vision, or a less tangible result, whereas objectives tend to be time-limited, measurable actions with tangible outcomes that help push progress toward broader goals.

Strategy vs. Objective

A strategy is an approach to a goal, whereas an objective is a step toward achieving that goal. Some objectives are strategic. Strategic objectives describe long-term outcomes that align with larger goals. 

If a business adopts a growth strategy , then they are trying to expand their company. In this case, a goal might be to add more products or services. An objective would be to assemble a development team for a new product by the end of Q2.

Learn more about strategy and how it differs from tactics.

Goals vs. Objectives in Project Management

In project management, setting goals and objectives early on in the project lifecycle is key. Set goals to establish a broad, desired outcome for a project. Set objectives to ensure your team makes progress toward those goals. 

Linda Shaffer

“ Goals are the broad, overarching targets that you hope to achieve, while objectives are the specific steps or actions that you plan to take in order to reach those goals,” says Linda Shaffer, Chief People and Operations Officer at Checkr . “If you're confused, think of it this way: your goal is the what , while your objectives are the how .”

Leadership Goals and Objectives Examples

All company leaders can benefit from regular goal and objective setting. Use goals and objectives to improve skills, create a better company culture, develop more efficient processes, and more. 

Here are some examples of leadership goals and objectives:

Employee Goals and Objectives Examples

Employees in any industry or position can use goals and objectives to increase productivity, advance to a more senior position, decrease work-related stress, and more. Seeing examples of goals and objectives can help you create your own.

Here are some examples of employee goals and objectives:

Business Goals and Objectives Examples

Any business — from a small business to a global organization — can use goals and objectives to improve company finances, become more environmentally sustainable, improve workplace culture, and more. Examples of business goals and objectives can help a company create their own.

Here are some examples of business goals and objectives:

​​​​​​​Team Goals and Objectives Examples 

Teams in any industry can use goals and objectives to stay aligned on their vision and improve performance. Reviewing example objectives can help companies ensure they are setting ones that work toward a common goal. 

Here are some examples of goals and objectives for teams:

Project Management Goals and Objectives Examples

Setting goals and objectives is a key part of project management. Goals and objectives can help project managers increase project success rates, ensure more accurate budgeting, create efficient processes, and more.

Here are some examples of project management goals and objectives:

Human Resources Goals and Objectives Examples

Human resources (HR) personnel and leadership can use goals and objectives to improve hiring processes and create more effective training programs. They can also use them to build a more positive company culture and more. Examples are a good way to see how other HR departments are using objectives to meet goals. 

Here are some examples of human resources goals and objectives:

Marketing Goals and Objectives Examples

Marketing professionals can use examples of goals and objectives to find ways to expand the reach of their brand, make more impactful advertisements. They are also useful for generating leads, expanding their online presence, and more. 

Here are some examples of marketing goals and objectives:

Sales Goals and Objectives Examples

Sales personnel can use goals and objectives to motivate teams, earn higher commission, acquire new customers, and more. Examples of sales goals and objectives can help teams discover new ones to set for themselves.

Here are some examples of sales goals and objectives:

Professional Goals and Objectives Examples Sheet for Microsoft Word

Professional Examples of Goals and Objectives

Download the Roundup of Professional Examples of Goals and Objectives for Microsoft Word

Download a roundup of professional examples of goals and examples for reference. This sheet includes one goal for each job type or department, as well as three accompanying objectives. Samples describe goals for employees, project managers, human resources personnel, and more.

Benefits of Setting Workplace Goals and Objectives

Many benefits come from setting goals and objectives in the workplace. Some include a clearer shared vision for the future, increased motivation,  and a more manageable workload. They are also effective for creating more accountability and minimizing surprises and setbacks. 

Here are some benefits of setting goals and objectives:

  • Clearer Vision: Setting goals and objectives helps unify a vision across a team or organization and assure individual team members that everyone is progressing toward a common purpose. “You’re giving your company and everyone in it a clear, unified vision for the future,” says Säävälä. “Everyone knows which direction they’re supposed to be rowing, which creates harmony, unity and immeasurable efficiency compared to companies that operate on the whims of a CEO or an executive team that doesn’t share vision.”
  • More Manageable Workload: When teams break down large, unwieldy goals into manageable, measurable objectives, it becomes easier to delegate work, and employees are less likely to feel overwhelmed and burned out. 
  • Fewer Surprises and Setbacks: “Everyone knows what they’re meant to be doing and how their mission affects everyone else. If something can’t be achieved, that may be OK,” explains Säävälä. “Things happen in the real world. But having objectives at every level encourages employees to communicate any misalignment as early as possible, which minimizes surprises and the need to spend resources on triage.”
  • Increased Motivation: When there is a clear vision across a team or an organization, individuals will feel more confident in it. “Creating goals and objectives gives you a sense of purpose and direction in your career. It can help you stay motivated and focused on what's important,” advises Shaffer.
  • Better Time and Resource Management: Goals and objectives make it easier to prioritize tasks. “In the workplace, goal-setting can be a valuable tool for managing time and resources, as it allows an organization to prioritize tasks and allocate resources more effectively,” says Yang.
  • More Accountability: Clear objectives are easy to measure and track, which means everyone is held accountable for their contributions to a vision. “Perhaps most measurably, integrated and intelligently set objectives that are well-communicated create incontestable accountability at every level,” shares Säävälä.
  • Clearer Progress: Goals and objectives help create clear metrics for success. “Having goals and objectives gives you something to measure your progress against. This can help you track your progress and make necessary adjustments along the way,” says Shaffer.
  • Better Communication: “Workplace goals and objectives can help improve communication between you and your boss. By sharing your goals and objectives with your boss, you can get feedback and guidance on how to best achieve those goals,” suggests Shaffer.

How to Measure Goals and Objectives

There are many ways to measure goals and objectives. Measure goals with point systems, yes/no questions, and rubrics, as well as by reviewing outcomes. Measure objectives with data surveys, outputs, and performance reviews. 

“Goals are typically measured in terms of progress made toward achieving them. Objectives, on the other hand, are often measured in terms of how well they are met,” says Shaffer. “For example, if your goal is to increase sales by 20 percent, you would measure this by tracking sales figures over time. If your objective is to make 100 sales calls this week, you would measure this by tracking the number of sales calls made.”

Generally speaking, measuring goals means measuring outcomes, while measuring objectives means measuring outputs. Säävälä explains that the specific method you choose to measure goals and objectives will always depend on how you set them in the first place: “Measuring goals and objectives entirely depends on how they’re set and worded. Measurability should always be a core consideration when choosing them, and if it is, determining success or failure will be simple.”

This is why specificity is important in the early stages of goal and objective setting. “Broader goals such as Achieve 25 percent market share by 20XX may take some more work to measure, while also being more subjective to different metrics. But I would argue that simply makes the goals weaker than they need to be,” says Säävälä. “ Achieve 25 percent global market share in the PC market according to Quality Intel’s annual rankings takes all the uncertainty out of the equation.”

Here are some common ways to measure your overarching goals:

  • Yes/No Questions: Ask a close-ended question. Did you meet the goal?
  • Point System: Assign a point system for measuring goals that have many steps. How much of your goal did you achieve? 
  • Rubric: Design a series of subjective questions about your multifaceted goal that you can assign a value to. Use this rubric to gauge how close you were to reaching your goals for various criteria. 
  • Outcomes: Ask yourself about the overall outcomes of your actions. Did they achieve something other than what you expected? 

Here are some common ways to measure your specific objectives: 

  • Attainment: For quantifiable objectives, determine how close you were to achieving your target dollar amount, percentage, or quantity.  
  • Qualitative Data with Surveys: For more qualitative objectives, distribute surveys. 
  • Performance Review: Conduct a thorough performance review comparing past and present performance.
  • Outputs: List specific outputs that you were able to produce.

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When teams have clarity into the work getting done, there’s no telling how much more they can accomplish in the same amount of time.  Try Smartsheet for free, today.

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  • 65 strategic goals for your company (wi ...

65 strategic goals for your company (with examples)

Julia Martins contributor headshot

Strategic goals are a critical part of your strategic plan. In order to achieve your long-term goals, you need a clear sense of where you want to go—and an easy way to share those goals with your team. In this article, we take a look at the difference between strategic goals and other goal setting methodologies, then offer 65 example metrics and strategic goals you can use to get started. 

Goal-setting is a critical part of your business strategy. You want to make sure your team is cohesively moving in the right direction—and goals are a great way to do that. 

But in order for goals to be effective, they need to be measurable. The important thing isn’t just to create goals, but to create strategic goals that help you accomplish your overall company mission. 

In this article, we’ll walk you through when to set strategic goals—vs. other types of goals—and how to do so. 

What is a strategic goal? 

Because strategic goals are closely connected to strategic planning, they tend to be three to five year goals. But the most important part of setting a strategic goal is to identify where you want to go, and what goals you need to achieve to get there. 

How strategic goals compare to other business processes

There are a lot of different strategy and goal setting frameworks you can use. Here’s how strategic goals differ from other types of goals. 

Strategic goals vs. strategic planning

Strategic planning is the process of defining the direction your company wants to go in the next three to five years. A strategic plan includes longer term goals, strategic goals, and shorter-term goals that describe how you’ll achieve your strategic goals. The strategic planning process is typically run by decision-makers and stakeholders. 

Part of defining your strategic plan is coming up with strategic goals. Your strategic plan should also include customer insights, a SWOT analysis , your company values , your organization’s competitive advantages, specific goals on a quarterly or yearly timeline, and a high-level project roadmap if you have one.

Strategic goals vs. strategic management

Strategic management is the organization and execution of business resources in order to achieve your company goals. These usually help you implement your overall organizational strategy. 

Strategic goals, on the other hand, are generally three to five year objectives that tie closely to your strategic plan. 

Think of strategic goals as the specific things you want to achieve in three to five years. These strategic goals are part of your strategic plan, which provides more context and direction for why your company wants to move in that direction. Your strategic plan fuels your strategic management process, which is how you’ll actually achieve those goals. 

Strategic goals vs. strategic objectives

The difference between strategic goals and strategic objectives is somewhat subjective. In general, objectives tend to be more specific than goals—some people argue that objectives are always quantitative, while goals can be either qualitative or quantitative. 

Whether you use the terminology strategic goals vs. objectives , it’s critical to make sure your goals are specific, measurable, and actionable. 

Strategic goals vs. big hairy audacious goals (BHAGs)

Big Hairy Audacious Goals (BHAGs) are long-term goals that typically take between 10 and 25 years to complete. These are industry-defining goals, like Microsoft’s famous goal to put "a computer on every desk and in every home." 

Not every organization has—or needs—BHAGs. Depending on your business strategy, a vision statement might be enough. Whether or not you set BHAGs, strategic goals are shorter-term goals that help you accomplish these bigger, ambitious goals. 

Strategic goals vs. OKRs 

OKRs , which stands for Objectives and Key Results, is a goal setting methodology developed by Andy Grove that follows a simple but flexible framework: 

I will [objective] as measured by [key result] .

OKRs can span multiple years, but most commonly these are one to two year objectives that help your company accomplish your larger strategic plan. In a typical OKR structure, your OKRs feed into your broader strategic goals. 

Strategic goals vs. KPIs

KPIs, or key performance indicators , are qualitative measures of how you’re progressing. Like OKRs, KPIs tend to be shorter in time frame than strategic goals. This is partially due to the fact that KPIs are nearly always quantitative. Achieving several long-term KPIs helps you achieve your broader three to five year strategic goals. 

Strategic goals vs. business goals

Business goals are predetermined targets that organizations plan to achieve in a specific amount of time. Technically, strategic goals—along with BHAGs, OKRs, and KPIs—are a type of business goal. 

65 example strategic metrics and goals

If you’ve never written a strategic goal before, it’s helpful to check out common goals. Though your strategic goals are unique to your strategic plan, use these examples as templates to create measurable, actionable goals with clear success metrics. 

Set strategic goals that are:

Simply phrased

Easy to track

For more tips on what constitutes a good goal, read our article on how to write SMART goals . 

Keep in mind that these goals should be achievable in three to five years. For shorter goals, consider setting OKRs or KPIs instead. For longer goals, check out vision statements and BHAGs . 

Strategic goals: finance

Financial strategic goals typically center around a few different important financial metrics, including:

1. Increasing revenue

2. Attaining or maintaining profitability

3. Growing shareholder value

4. Diversifying your revenue streams

5. Becoming a financially sustainable company

6. Reducing production costs

7. Increasing profit margin

8. Setting revenue targets for new products

9. Reducing department-specific budgets

10. Influencing the percentage of local vs. international sales

Examples of financial strategic goals

These examples do not represent Asana’s goals, and are merely included here for educational purposes. 

11. Increase total revenue by $10M in the next three years.

12. Reduce cost by 12% to become a profitable company by 2024.

13. Grow a specific product’s revenue to 30% of overall business revenue within the next five years.

14. Reduce marketing budget by 10% in the next three years.

15. Update our sales profile so 50% of our sales are international by 2026.

Strategic goals: customer-focused

Strategic goals that focus on your customers can help you break into a new market or further develop a trustworthy brand. These metrics can include:

16. Reducing customer churn

17. Measurably increasing customer satisfaction

18. Increasing the number of new customers

19. Increasing customer retention

20. Offering great customer value

21. Boosting customer outreach

22. Increasing customer conversion rates

23. Breaking into new customer segments

24. Increasing the number of returning customers

25. Decreasing the percentage of returned products

Examples of strategic goals focused on customer metrics

26. Increase net promoter score (NPS) by three points in the next year, and 10 points in the next five years.

27. Capture 23% market share by 2025.

28. Provide the best customer experience in the market—measured based on reaction time, customer sentiment, and brand tracking. 

29. Increase customer retention by 3% every year.

30. Reduce the percentage of returned products to 2% by 2023.

Strategic goals: growth

On an organizational level, growth refers to how your company expands and develops. Growth metrics include:

31. Increasing market share

32. Breaking into new markets

33. Developing new products, features, or services

34. Increasing operational reliability and/or compliance

35. Increasing company velocity

36. Opening new locations

37. Building your brand on social media

38. Increasing website traffic

39. Acquiring a new company

Examples of strategic goals about growth

40. Open 12 new locations within the next four years. 

41. Increase market share to 8% by 2026.

42. Reach 5M followers on social media (including Instagram and Twitter).

43. Increase web traffic to 300K visitors per year by 2024.

44. Start three new product streams by 2027.

Strategic goals: internal

You can also set strategic goals focusing on your internal company goals. Example employee-centric metrics can include:

45. Increasing employee retention

46. Adding new team members

47. Building a healthy organizational culture

48. Implementing a performance review cycle

49. Standardizing titles and/or levels

50. Improving cross-functional productivity

51. Spinning up a project management office (PMO) to standardize processes

52. Attracting the best talent

53. Building high-performing teams

54. Investing in personal and professional development

55. Reducing burnout and impostor syndrome

56. Building employee-focused training programs

57. Reducing employee turnover

58. Improving workplace safety

59. Building better facilities management

Examples of internal strategic goals 

60. Add 20 new team members within the next four years. 

61. Increase overall engagement scores by 7% based on yearly surveys.

62. Increase new hire referrals to 5,000 team members per year by 2026.

63. Develop and circulate new company values by 2023.

64. Implement a biannual performance review cycle within the next three years.  

65. Attain maximum workplace safety score rating within the next three years. 

Achieve your goals with goal tracking technology

Once you develop your goals, you need a clear way to track, measure, and communicate those goals. Too often, teams set great goals and then don’t know how to track those goals over time. 

Instead of letting your goals collect dust in a slide deck or spreadsheet somewhere, use goal tracking technology to connect your strategic goals to your team’s daily work. With Asana , you can track long-term goals, as well as the shorter-term objectives that feed into those goals. 

Related resources

objectives and goals in a business plan

What is strategic planning? A 5-step guide

objectives and goals in a business plan

6 steps for operations leaders to build a better annual plan

objectives and goals in a business plan

Your company's goal-setting approach needs to change. Here's why

objectives and goals in a business plan

How to accomplish big things with long-term goals

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  • 6 Tips for Making a Winning Business Presentation
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12 Ways to Set Your Business Goals and Objectives These are the key questions you should ask yourself to help you determine what you want your business to achieve.

By Eric Butow • Oct 27, 2023

Key Takeaways

  • The practice of free-associating your goals
  • How business goals are different than personal goals
  • 12 essential questions to ask yourself about your goals

Opinions expressed by Entrepreneur contributors are their own.

This is part 11 / 11 of Write Your Business Plan: Section 1: The Foundation of a Business Plan series.

Close your eyes. Imagine that it's five years from now. Where do you want to be? What will the business look like? Will you be running a business that hasn't increased significantly in size? Will you command a rapidly growing empire? Will you have already cashed out and be relaxing on a beach somewhere, enjoying your hard-won gains?

Now is a good time to free-associate — let your mind roam, exploring every avenue you want your business to go down. Try writing a personal essay on your business goals . It could take the form of a letter to yourself, written five years in the future, describing all you have accomplished and how it came about.

Related: Defining Your Business Goals

As you read over your words, you may make a few surprising discoveries. Maybe you don't want to own a large, fast-growing enterprise but would be content with a stable small business, for example. Even if you don't learn anything new, getting a firm handle on your goals and objectives is a big help in deciding how you plan your business.

Business goals may differ from those you set for yourself, such as more vacation time or weight loss objectives. Business goals are typically long-term calculated plans that you are working toward. They may encompass one or several shorter objectives and can be measured along the way, often by setting up milestones. Goals should be realistic and include a time frame.

Related: The Main Objectives Of A Business Plan

The same goes for your business objectives. In business, objectives are specific results you seek to achieve within a specific time. They are usually short-term and are easily measurable. Minimizing expenses, increasing revenue, and rolling out a new product are examples of objectives. They can also help you meet long-term goals.

12 Questions to Ask Yourself

If you're having trouble deciding your goals and objectives, here are some questions to ask yourself.

1. How determined am I to see this venture succeed?

2. Am I willing to invest my own money and work long hours for no pay, sacrificing personal time and lifestyle for years?

3. What will happen to me if this venture doesn't work?

4. If it does succeed, how many employees will this company eventually have?

5. What will be its annual sales in a year? Five years?

6. What will be its market share in that time frame?

Related: 3 Quick Tips For Achieving Your Goals

7. Will it be a niche market or sell a broad spectrum of goods and services?

8. What are the plans for geographic expansion? Local? National? Global?

9. Will I be a hands-on manager, or will I delegate a large propor- tion of tasks to others?

10. If I delegate, what sorts of tasks will I share? Sales? Technical? Others?

11. How comfortable am I taking direction from others? Could I work with partners or investors who demand company management input?

12. Will this venture remain independent and privately owned, or will it eventually be acquired or go public?

Related: When Is The Best Time To Write Your Business Plan

Your plan may look beautiful, but without a solid understanding of your intentions in business, it is likely to lack coherence and, ultimately, prove ineffective. Let's say in one section you describe a mushrooming enterprise on a fast-growth track, then elsewhere endorse a slow and steady expansion strategy. Any business plan reader worth his or her salt is going to be bothered by inconsistencies like these. They suggest that you haven't thought through your intentions. Avoid inconsistency by deciding in advance what your goals and objectives will be and sticking with them.

Related: Look Ahead To These 4 Business Plan Milestones

More in Write Your Business Plan

Section 1: the foundation of a business plan, section 2: putting your business plan to work, section 3: selling your product and team, section 4: marketing your business plan, section 5: organizing operations and finances, section 6: getting your business plan to investors.

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6 examples of objectives for a small business plan

Table of Contents

1) Becoming and staying profitable

2) maintaining cash flow , 3) establishing and sustaining productivity , 4) attracting and retaining customers , 5) developing a memorable brand and marketing strategy, 6) planning for growth , track your business objectives and more with countingup.

Your new company’s business plan is a crucial part of your success, as it helps you set up your business and secure the necessary funding. A major part of this plan is your objectives or the outcomes you aim to reach. If you’re unsure where to start, this list of business objective examples can help.

In this guide, you’ll learn:

  • Becoming and staying profitable 
  • Maintaining cash flow 
  • Establishing and sustaining productivity 
  • Attracting and retaining customers 
  • Developing a memorable brand 
  • Reaching and growing an audience through marketing 
  • Planning for growth

One of the key objectives you may consider is establishing and maintaining profitability . In short, you’ll aim to earn more than you spend and pay off your startup costs. To do this, you’ll need to consider your business’s starting budget and how you’ll stick to it. 

To create an objective around profitability, you’ll need to calculate how much you spend to start your business and how much you’ll have to spend regularly to run it. Knowing these numbers will help you determine the earnings you’ll need to become profitable. From there, you can factor in the pricing of your products or services and create sales goals . 

For example, say you spend £2,000 on startup costs and expect to spend about £200 monthly to cover business expenses. To earn a profit, you’ll first need to earn back that £2,000 then make more than £200 monthly. 

Once you know what you’ll need to earn to become profitable, you can create a realistic timeline to achieve it. If demand and sales forecasts suggest you could earn about £700 monthly, you may create a timeline of 5 months to become profitable. 

Maintaining cash flow is another financial objective you could include in your business plan. While profitability means you’ll make more money than you spend, cash flow is the cash running in and out of your business over a given time. This flow is crucial to your company’s success because you need available cash to cover business expenses . 

When you complete services, clients may not pay out an invoice right away, meaning you won’t see the cash until they do. If you make enough sales but have low cash flow, you’ll struggle to run your business. So, create an achievable and measurable plan for how you’ll maintain the cash flow you need. 

For example, if you spend £500 monthly, you’ll need to ensure you have at least that much available cash. On top of that, anticipate and save for unexpected or emergency expenses, such as broken equipment. To maintain your cash flow, you may want to prioritise cash payments, introduce a realistic deadline for invoices, or create a system to turn your profit to cash. 

Aside from financial objectives, another example of objectives for a business plan is sustaining productivity . When you run a business, it can be overwhelming and challenging to stay on top of all the tasks you have to get done. But, if you aim to remain productive and create a clear plan as to how, you can better manage your to-do list. 

For example, you may find project management tools that can help you track what you need to do and how to organise your priorities. You may also plan to outsource some aspects of your business eventually, such as investing in an accountant. 

Other than planning how you’ll get things done, you may want to create an objective for developing and retaining a customer base. Here, you may outline your efforts to find leads and recruit customers. So, establish goals for how many customers you want to find in your business’s first month, quarter, or year. Your market research can help you understand demand and create realistic sales goals. 

If you start a business that customers regularly need, like hairdressing, you may also want to create a strategy for how you’ll retain customers you earn. For example, you could introduce a loyalty program or prioritise customer service to build strong relationships. 

Another example of objectives for a business plan is to develop a memorable brand and overall marketing strategy . Your brand is how you present your business to the public, including its unique tone and design. So, here you might research how to make a brand memorable and consider what colour scheme and style will best reach your target audience. 

To measure your brand’s progress, you could hold focus groups on understanding what people think of your overall look. Then, surveys can help you grasp the reach of your reputation over time.

Aside from tracking the success of your brand strategy, you may want to consider your business’s marketing approach. For example, you might invest in paid advertising and use social media. You can measure the progress of this over time by using tools like Google Analytics to track your following and reach. 

Finally, creating an objective for your company’s growth will help you understand and plan for where you want to go. For example, you may want to expand your services or open a second location for a shop. Whatever ideas you have for the future of your business, try to create a clear, measurable way of getting there, including a timeline. You may also want to include steps towards this goal and savings goals for growth. 

To achieve and track your business plan objectives, you’ll need to organise your finances well. But, financial management can be stressful and time-consuming when you’re self-employed. That’s why thousands of business owners use the Countingup app to make their financial admin easier. 

Countingup is the business account with built-in accounting software that allows you to manage all your financial data in one place. With the cash flow insights feature, you can confidently keep on top of your finances wherever you are. Plus, the app lets you track and manage what you spend on your business with automatic expense categorisation. This way, you can stick to your budget and plan to accomplish your objectives.

Countingup

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Table of Contents

What are business objectives, why are business objectives important, business objectives vs goals, benefits of setting business objectives, how to set business objectives, 20+ types of business objectives to measure success, how to set business objectives in your business plan.

How to Set Business Objectives in Your Business Plan

Objectives are the steps leading to goals, which are the driving force for any organization. Regardless of the business scale, every company follows an objective. But, they may be the same or different from the objectives of those working there. Knowing the business objective not only helps the business to grow efficiently by gathering the right team but also helps in the overall development of employees. Read on to understand the basics of business objectives and their importance. 

Businesses run on goals. Objectives are goals focused on operations, revenue, growth and productivity. A description of business objectives brings clarity to the owner and educates other workers about their direction. 

Business objectives can be strategic or operational. Strategic objectives are concerned with long-term goals and involve techniques at a bigger scale to accomplish the goal. Operational objectives focus on short-term goals and are a part of the strategic objectives. They are small steps that contribute to the ultimate aim.

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Business objectives hold the following relevances for the company:

  • Enlightens every individual about the shared vision of the company
  • Increases product quality
  • Improves company culture
  • Recruit and retain high-quality employees
  • Develop leadership
  • Encourages innovation
  • Increase revenue
  • Expands productivity

Objectives and goals are often used interchangeably. However, objectives are the steps that lead the company, business, organization and even an individual to the goal. For instance, the business goal is to increase growth by 20% by the end of the year 2023. The business objective will be to market the enhancement in the quality and innovation of the product. 

Here are enlisted the advantages of setting business objectives:

Help Establish Clear Roadmaps

Objectives are used to understand the actions required in a specific period to achieve the goal.

Set the Groundwork for the Culture

They enhance the vision and provide direction to the members.

Influence Talent Acquisition

They provide clarity in the needs and recruit the talents based on the requirements.

Encourage Teamwork

A common goal encourages community participation.

Promote Sound Leadership

Similar goals and work environments can lead due to a clear vision of the aim. 

Establish Accountability

It imparts thorough knowledge and reason for the action inculcating accountability.

Drive Productivity

The clarity in actions and objectives increases productivity.

Become an AI-powered Business Analyst

Become an AI-powered Business Analyst

Utilize a top to bottom approach to set the business objectives. Refer to the below-mentioned points for assistance:

1. Establish Clear Goals

Clarify the idea and understand the goal. Use the SWOT analysis and goal-setting frameworks for further specificity. Be honest with the need. For instance, the goal is to reach 1000 product sales within six months, increase the revenue by 10%, and many more. 

2. Set a Baseline

Now you know where to reach. Next, gain clarity about your current position concerning every factor in mind. Find out the deficiency or problem statement and research to know the same. It states the feasibility of the goal and provides the main area to work at. 

3. Involve Players at All Levels in the Conversation

Business includes the team. The decisions involving the same should also have the unit. Every department can bring forward its suggestions and analysis. Combine them to understand the long-term and short-term effects of applying multiple ideas. 

4. Define Measurable Outcomes

Measure the progress and outcome . You should have an account for the benefits gained by incorporating a particular change. It enables timely modification of the shift or task. It further brings transparency in actual effects and helps gain knowledge of when to revert or try a new strategy is possible.

5. Outline a Roadmap with a Schedule

Any above steps will yield results if a plan is set to execute them. Involve every member in this step as well. Make a practical roadmap or timeline indicating the action is complete at the appointed time. For further clarity, break down each objective into different tasks and be precise about them. 

6. Integrate Successful Changes

Only some actions will lead to failure or success. Both are accompanied by trying new things.in such cases, observe and process. Then mindfully incorporate the items based on necessity.

Based on the mentioned information on business objectives, it is crystal clear that they vary according to the goal . Review the particle examples of the previous statement below:

Financial Business Objectives

  • Cost: It includes expenditure in the business. The ultimate aim is to minimize it as much as possible without compromising the quality. 
  • Sustainable growth: Businesses aiming to thrive for decades must consider the sustainability of their actions, plans, and financial objectives. 
  • Profitability: It is another factor that contributes to long-lasting business. 
  • Cash flow: It involves expenditure and income in a more complicated manner. Its positive or negative status decides the business's financial success in the long run. 
  • Revenue: Businesses can focus on profit or, specifically, on revenue. It includes deciding a particular amount or percentage the company wishes to see itself after a specific period. 

Customer-Centric Business Objectives

  • Sales: Concerning sales, the objectives can be increasing cross-selling, decreasing the customer acquisition cost, or related activity.
  • Market share: The companies that aim to set themselves in the market can include the objective of increasing market share.
  • Competitive positioning: it encourages further development of the project based on customer's needs and currently present features in the market
  • Customer satisfaction : It includes regularly taking feedback and criticism from the customers and reflecting on the same
  • Churn: Reducing churn or the number of customer losses is essential for some businesses to consider.
  • Brand awareness: Investing in brand awareness helps get focussed. Clubed with quality and affordability, it is expected to shoot up sales. 

Internal Business Objectives

  • Diversity and inclusion: Talents and skills can be found in any part of the globe. Welcoming and embracing them helps you make long-term relationships with them. 
  • Change management: Changes are difficult to deal with. Efficiently working on them with a plan helps smoothen the transition. 
  • Company growth: sustainable growth in terms of employees is a challenging task and hence needs to be included as an objective
  • Employee satisfaction and engagement: It involves reducing their workload and keeping them happy. It shoots productivity. 
  • Productivity: Efficient segregation of work based on interest to learn and known skills can increase productivity. Additional factors may be needed, thus requiring it to be worked on as an objective.
  • Employee retention: Decreased turnover accompanies familiarity, loyalty, and dedication between employees and business
  • Organizational culture is one of the key factors being considered by talents before taking up the job. Caring for employees and their issues is directly related to the company's success.
  • Employee effectiveness: Work on efficiency and effectiveness by the team members. Promote methods to encourage it. 

Regulation-Related Business Objectives

  • Compliance: Prioritize compliance requirements and set it as an objective to compulsorily meet them on time.
  • Quality control: Including it as an objective showcases the company's focus. It further enhances the product's reach to customers and increases revenue.
  • Waste reduction: Often ignored, it helps in keeping the environment safe. The act further provides indirect publicity and hence revenue and brand awareness.  
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How Fast Should Your Company Really Grow?

  • Gary P. Pisano

objectives and goals in a business plan

Growth—in revenues and profits—is the yardstick by which the competitive fitness and health of organizations is measured. Consistent profitable growth is thus a near universal goal for leaders—and an elusive one.

To achieve that goal, companies need a growth strategy that encompasses three related sets of decisions: how fast to grow, where to seek new sources of demand, and how to develop the financial, human, and organizational capabilities needed to grow. This article offers a framework for examining the critical interdependencies of those decisions in the context of a company’s overall business strategy, its capabilities and culture, and external market dynamics.

Why leaders should take a strategic perspective

Idea in Brief

The problem.

Sustained profitable growth is a nearly universal corporate goal, but it is an elusive one. Empirical research suggests that when inflation is taken into account, most companies barely grow at all.

While external factors play a role, most companies’ growth problems are self-inflicted: Too many firms approach growth in a highly reactive, opportunistic manner.

The Solution

To grow profitably over the long term, companies need a strategy that addresses three key decisions: how fast to grow (rate of growth); where to seek new sources of demand (direction of growth); and how to amass the resources needed to grow (method of growth).

Perhaps no issue attracts more senior leadership attention than growth does. And for good reason. Growth—in revenues and profits—is the yardstick by which we tend to measure the competitive fitness and health of companies and determine the quality and compensation of its management. Analysts, investors, and boards pepper CEOs about growth prospects to get insight into stock prices. Employees are attracted to faster-growing companies because they offer better opportunities for advancement, higher pay, and greater job security. Suppliers prefer faster-growing customers because working with them improves their own growth prospects. Given the choice, most companies and their stakeholders would choose faster growth over slower growth.

Five elements can move you beyond episodic success.

  • Gary P. Pisano is the Harry E. Figgie Jr. Professor of Business Administration at Harvard Business School and the author of Creative Construction: The DNA of Sustained Innovation (PublicAffairs, 2019).

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  • Project objectives

Understanding project objectives in project management

Browse topics.

Project objectives in project management are specific, measurable, and time-bound goals that define what a project aims to achieve. These objectives provide a clear direction for the project team and stakeholders, guiding their efforts and ensuring everyone aligns with the project's purpose.

Clear project objectives help manage expectations, guide the decision-making process , and provide a basis for monitoring and controlling the project throughout its life cycle. They serve as a roadmap for the project team, enabling them to work toward specific, well-defined goals.

In this guide, we’ll discuss project objectives, including the different types and their benefits, and how to establish them for your project.

What are project objectives?

Project objectives are specific, measurable outcomes that a project aims to achieve within a defined timeframe. They clarify the project's purpose and guide the team toward successful completion. Articulating project objectives is crucial in project management, as they significantly influence decision-making and resource planning throughout the entire project life cycle.

Measurable criteria and key performance indicators (KPIs) are essential components of project objectives. Factors such as budget adherence, quality standards, and timely completion serve as benchmarks to evaluate the overall success of a project.

Types of project objectives

There are various categories of project objectives based on their focus and purpose. Common types of project objectives include the following:

  • Time-based objectives help set deadlines for project milestones.
  • Performance objectives focus on achieving specific results or quality standards.
  • Quality objectives specify the desired level of quality for project deliverables.
  • Business objectives align a project with the company's principles for a higher likelihood of success.
  • Financial objectives set budget constraints and financial goals for the project.
  • Regulatory compliance objectives ensure the project adheres to laws, regulations, and industry standards. 

Benefits of clearly defined project objectives

Project objectives provide a framework that ensures projects are well-planned, well-executed, and aligned with company goals. When team members lack a clear understanding of how their work forms a part of the project and company goals, motivation and engagement suffer. Clearly outlined project objectives empower team members to consistently evaluate their work and realign if deviations occur, contributing to overall project success.

Guidance and focus

Objectives provide a clear direction for the scope of work , guiding the team on what they must achieve. They serve as a roadmap, ensuring efforts focus on specific goals.

Measurable outcomes

Objectives often include measurable criteria and KPIs. This allows you to quantify whether the project is meeting its intended targets.

Stakeholder alignment

Well-defined objectives help align the expectations and efforts of various stakeholders involved in the project, ensuring everyone is working toward common goals. This alignment is crucial for the overall success of the project and the satisfaction of all involved stakeholders.

Improved decision making

Objectives provide a basis for informed decision-making throughout the project life cycle . With a clear understanding of project objectives, project managers and team members can make informed decisions that align with the overall goals and priorities.

How to establish clear project objectives

Establishing clear project objectives is a crucial step in the project management process. This should occur during the project planning phase and involve key stakeholders to ensure the project objectives represent the team.

The SMART criteria for goal setting is a common framework for defining effective project objectives, as it ensures that each objective is clear and actionable by making goals that meet the following criteria:

  • Goals should be specific and clearly define what the objective aims to accomplish.
  • They should be measurable , establishing criteria to quantify and measure progress toward the objective.
  • Goals should be achievable to ensure the objective is realistic and attainable within the constraints of the project, including time, resources, and expertise.
  • They should be relevant , aligning the objective with the overall project goals and the company’s mission.
  • Goals should be time-bound , with a specific timeframe or deadline to achieve the objective.

This framework enhances clarity and provides a basis for effective planning, monitoring, and evaluation throughout the project life cycle.

Effective project objective examples

Effective project objectives in project management follow the SMART criteria above. Examples of project objectives include the following:

Specific: Increase customer satisfaction by 20% within the next quarter.

Measurable: Monitor customer satisfaction KPIs from previous quarters and compare them to KPIs in the current quarter. 

Achievable: Focus on specific aspects of customer service and support processes.

Relevant: Achieve higher customer satisfaction to align with the broader objective of delivering excellent customer service.

Time-bound: Conduct an assessment of this objective at the end of the quarter.

Specific: Complete a website redesign project by the end of the fiscal year.

Measurable: Hit milestones along the way and complete all work prior to the deadline.

Achievable: Add elements and functionalities within the redesign team's capabilities.

Relevant: Enhance the website's effectiveness to align with the company’s commitment to a modern and user-friendly interface.

Time-bound: Set a clear deadline for project completion by the end of the fiscal year.

Tools for defining project objectives

Several tools and techniques can assist in defining project objectives effectively. Teams can conduct a SWOT (strengths, weaknesses, opportunities, and threats) analysis to identify internal and external factors that may impact the project. Mind-mapping tools can help you visually brainstorm and organize ideas and engaging with stakeholders can help you gather input on project objectives.

To facilitate the above, teams can use collaborative online platforms such as Confluence project management tools to enable real-time team collaboration and foster an environment for defining and redefining project objectives.

Define project objectives with Confluence

Confluence is a connected workspace that empowers teams to create, organize, find, and share information. The product is organized into spaces that contain pages, whiteboards, video messages, and databases. Confluence ensures that information helps teams improve, connect, and simplify the work that contributes to team goals.

With features like whiteboards to visualize work, real-time editing and commenting capabilities, notifications, and a SMART goals template , Confluence acts as your company’s single source of truth for project collaboration to define and follow through on project objectives.

Confluence has content types to serve all phases of the project management process. For example, in the ideation phase, whiteboards can be a great option while objectives are still being defined. Once objectives are set, the details can be shared on a Confluence page along with an overview video (via Loom) to ensure the entire team is aligned.

Try Confluence

Project objectives: Frequently asked questions

What is the difference between project objectives, goals, and scope.

Project objectives are specific and measurable statements that guide project activities and success evaluation. Project goals are broader and provide an overarching vision for the project. Project scope defines the project's boundaries, specifying what it includes and excludes.

Why are project objectives essential for project management?

Project objectives are critical in providing direction, focus, and criteria for project success. They guide decision-making, facilitate effective planning, and contribute to the overall effectiveness and efficiency of project execution.

What are some common challenges in defining project objectives?

Defining project objectives is a crucial step in project management, but it can be challenging due to various factors. A lack of stakeholder involvement can result in incomplete objectives, though conducting team meetings early in the project to engage stakeholders can overcome this challenge. Unclear expectations can lead to misunderstandings and misalignment. Frequent communication, clear deliverables, and the SMART framework can help overcome this challenge. 

Additionally, unrealistic targets in project objectives can lead to frustration, demotivation, and project failure. Regularly reassessing project targets, engaging stakeholders in an objective setting, and having open communication limitations, constraints, and expectations can overcome challenges associated with unrealistic targets.

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objectives and goals in a business plan

Addressing the Strategy Execution Gap in Sustainability Reporting

As global businesses face increasing regulatory pressure to disclose information about environmental, social and governance impacts, risks and opportunities, organizations are set to spend more on ESG initiatives over the next three years. However, most organizations view ESG engagement not only as a compliance issue but also as a valuable tool for enhancing financial performance both now and in the future. Despite this realization, organizations are facing real challenges in delivering against this objective.

KPMG conducted a deep dive on where organizations are investing in the coming years with an eye towards maximizing financial value, while complying with disclosure requirements. Key findings include a focus on investing in ESG talent, prioritizing ESG data and analytics, managing supply chain sustainability, and completing an ESG risk assessment. Enhancing data management is seen as the top way to integrate ESG goals with overall business objectives, but organizations still face challenges integrating ESG strategy into their broader business structure due to resourcing constraints and internal silos between departments.

Download the Deck

In the companion deck to this study, we dive further into the details on how organizations are structuring to meet looming ESG challenges overall and at the sector-specific level.

Investment in ESG capabilities is top priority

of organizations will increase their ESG investment in the next 3 years

are dedicated ESG personnel, ESG-specific software and ESG-related employee training and education

There is a disconnect between perception and preparedness… Many organizations believe they are ahead of peers regarding ESG reporting, but almost half still use spreadsheets to manage their ESG data

Data management is critical to integrating sustainability goals with overall business objectives

of leading organizations use advanced data systems for ESG reporting

of organizations plan to improve ESG data collection with artificial intelligence

see improving data management and reporting capabilities as helpful in integrating ESG goals with business objectives

anticipate an increase in ESG integration across roles

Structural challenges hinder ability to integrate a sustainability strategy into broader business goals

insufficient resources or capacity to collaborate effectively, internal silos and limited communication between departments, and divergent priorities or goals across functions

are planning to restructure teams to better align ESG goals with business strategy

of core ESG reporting activities are currently or are planned to be outsourced in the next 3 years

Timely and accurate reporting of sustainability information is key for businesses to make strategic business decisions and meet regulatory reporting guidelines, which lead to preservation and growth of financial value.

objectives and goals in a business plan

Maura Hodge

US ESG Audit Leader, Partner Audit, KPMG LLP

Investment in ESG reporting capabilities is top priority

With impending regulatory reporting requirements, organizations are increasing investments in many areas of the sustainability reporting process

Significant areas of investment by sustainability reporting activity

Data mangement is critical to integrating sustainability goals with overall business objectives.

Most organizations plan on enhancing their ESG data collection and management systems because the use of advanced software, automation and AI/ML tools can significantly improve ESG reporting efficiencies

Measures being undertaken to be perceivably ahead of others in maintaining transparent ESG reporting

Title of the chart

Our ESG Organization Survey underscores the critical role of data in driving sustainability objectives forward and seamlessly integrating these into the overall business strategy.

rob

US ESG Leader, Partner Advisory, KPMG LLP

Capacity constraints and internal silos are the top two challenges organizations are facing

Challenges that impede cross-functional collaboration on ESG matters

Organizational restructuring to better align ESG goals with overall business strategy in the coming years

ESG strategy and reporting efforts need to be aligned, therefore organizations are restructuring to achieve this coordination

Yes, definitely - we are planning for a major restructuring to align ESG goals with business strategy

Yes, somewhat - minor adjustments or adaptations in our organization are expected

Maybe - it depends on changes in ESG regulations and market demands

No, not at all - our current organizational structure already aligns ESG goals with business strategy

Unsure - we have not discussed organizational restructuring related to ESG alignment at this time

Steps you can take to improve ESG reporting & strategic integration across your business:

  • Set your sustainability ambitions:  Collectively agree upon a sustainability strategy for each of your material sustainability topics, establish action plans and determine how to measure success. These actions link sustainability to your business strategy and this information is required for regulatory reporting.
  • Invest in ESG talent, including training and education for employees:  Improve sustainability reporting capabilities by investing in dedicated ESG personnel who can manage and oversee reporting processes, data collection, and analysis. Broaden access to sustainability information by creating a culture of ESG awareness across all departments through employee training and education programs. This knowledge will help you execute on sustainability goals within the broader business context.
  • Design a holistic ESG technology architecture:  Sustainability information needs are ever evolving and having a structured, but flexible ESG data architecture, like a data lake, will allow you to adjust efficiently to new and changing reporting requirements.
  • Restructure teams to better align sustainability goals with business strategy:  Address structural challenges by redefining roles and responsibilities and identifying leaders and subject matter experts for effective implementation and efficient reporting.
  • Seek external support:  To support internal capabilities and accelerate progress, consider outsourcing core sustainability reporting responsibilities.

How KPMG can help

With extensive experience in reporting and sustainability consulting, KPMG can help organizations streamline their ESG reporting processes, develop a sustainable governance structure, and integrate ESG goals into their overall business objectives. KPMG’s dedicated team of professionals can provide tailored services to help organizations navigate complex ESG standards, optimize data collection and analysis processes, drive sustainable and responsible business practices, and create long-term value.

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IMAGES

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  16. How To Write Business Objectives (With Examples)

    In addition to providing a framework for innovation at every level of a company's operations, business objectives can help: Increase revenue. Recruit and retain high-quality employees. Enhance customer satisfaction. Improve company culture. Maximize workplace safety. Develop leadership. Expand productivity. Increase product quality.

  17. Business Plan: What It Is + How to Write One

    1. Executive summary. This is a short section that introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, your goals for developing it, and why it will be successful. If you are seeking funding, summarize the ...

  18. 6 examples of objectives for a small business plan

    Planning for growth 1) Becoming and staying profitable One of the key objectives you may consider is establishing and maintaining profitability. In short, you'll aim to earn more than you spend and pay off your startup costs. To do this, you'll need to consider your business's starting budget and how you'll stick to it.

  19. How To Set Business Objectives In Your Business Plan?

    Clarify the idea and understand the goal. Use the SWOT analysis and goal-setting frameworks for further specificity. Be honest with the need. For instance, the goal is to reach 1000 product sales within six months, increase the revenue by 10%, and many more. 2. Set a Baseline. Now you know where to reach.

  20. 13 Best Business Objectives To Consider (Plus Tips)

    To improve brand and reputation. To grow production size to meet demand. 4. Social objectives. Social business objectives are created to help or give back to society in some way. Businesses often set social goals: To ensure better quality products for customers.

  21. What Are Business Goals? Definitions, Examples, & How To

    Now that you know what business goals are and their importance let's examine 6 broad types of business goals. Social Media Business Goals. Social media business goals are goals you set to ensure the time and money invested in social media aren't wasted.With over 4.7 billion social media users today, it's a no-brainer to set business goals that maximize how you can use social media ...

  22. How to set business goals, step by step

    4. Set clear timelines. Assign a target achievement date to each goal. Many business owners and executives set short-, mid- and long-term goals and then articulate a specific time frame for each category or each individual goal. Consider industry and market factors when determining deadlines.

  23. What Are Business Goals? Definition, Steps and Examples

    Business objectives are clearly defined and measurable steps that are taken to meet a company's broader goals. Objectives are specific in nature and can be easily defined and kept track of. Companies must establish objectives to achieve their business goals. Related: 10 Business Strategy Examples Business goals vs. business objectives

  24. The Ultimate Guide To S.M.A.R.T. Goals

    Without concrete goals, you are essentially shooting in the dark trying to improve. S.M.A.R.T. goals are useful because they contain five aspects that help you focus and reevaluate goals as needed ...

  25. How Fast Should Your Company Really Grow?

    How Fast Should Your Company Really Grow? 02. Create a System to Grow Consistently. 03. How to Succeed in an Era of Volatility. Summary. Growth—in revenues and profits—is the yardstick by ...

  26. Project objectives: What they are & How to write them

    Project objectives provide a framework that ensures projects are well-planned, well-executed, and aligned with company goals. When team members lack a clear understanding of how their work forms a part of the project and company goals, motivation and engagement suffer. Clearly outlined project objectives empower team members to consistently ...

  27. Addressing the Strategy Execution Gap in Sustainability Reporting

    Data mangement is critical to integrating sustainability goals with overall business objectives. Most organizations plan on enhancing their ESG data collection and management systems because the use of advanced software, automation and AI/ML tools can significantly improve ESG reporting efficiencies

  28. 2024 Digital Marketing Strategy Guide

    Step 2: Identify All Goals. Goals should revolve around market penetration and digital click-throughs to purchase. You can use tools, such as Google Analytics, to track and measure your progress ...