“What do you want to be doing in ten years?”
It’s a question that many of us have been asked. But how many of us have taken the time to answer it? And if we did, did we put any thought into it?
Long-term business goals are often pushed to the side in favor of today’s pressing tasks. While it is important that we stay on top of what needs to get done now, long-term business goals are just as essential for a thriving company.
You may be wondering how you can start setting great long-term business goals? Well, if you’re not quite sure where to start, follow these four simple steps.
- Focus on Specific Goals
If you don’t start with something concrete, your long-term business goal will be nothing more than wishful thinking.
So when formulating long-term business goals, make sure to outline what it is that you want to achieve. If there’s ambiguity at this point, the chances are that things won’t go according to plan.
Avoid uncertainties by being clear about what you’re aiming for and why it’s vital to accomplish these objectives right now.
You can also include milestones along the way to help you keep track of progress. These short-term achievements should always lead up to a larger result.
- Make Realistic Goals
If long-term small business goals aren’t realistic, what’s the point of having them first? You might as well be shooting for something unattainable and end up feeling disappointed.
Make sure that you understand your company’s current situation before setting long-term business goals. Then determine an objective that will still challenge you but is also attainable in the long run.
When setting business goals for yourself, don’t forget to consider possible roadblocks on your path towards success. The last thing you want is for these goals not to pan out because they were unrealistic from day one or didn’t factor in potential issues with implementation.
- Create an Action Plan
If you want to make sure that long-term business goals are achieved, it’s important to have a plan in place. Don’t expect these milestones to fall into your lap by accident.
It’s one thing to know what needs to get done, but without proper guidance on how this should take shape, the chances are that things won’t go according to plan. That is why business goal setting can benefit greatly from creating action plans and strategies for implementation.
Having clear objectives set out at the beginning ensures that everyone knows exactly where they stand and what they need to do next. This also makes it easier for managers or team leaders to oversee employees’ progress towards achieving business goals.
- Determine How to Measure success
Last but not least, long-term business goals are nothing without a means of measuring success. Without measuring progress in some way, you will have no way of knowing if what you’re doing is working.
Having measurable business goal targets lets everyone know exactly how well the company is performing and where necessary adjustments must be made. What’s more, it also provides employees with feedback on their performance.
For more information on how to create a long-term business strategy, check out the OGSM Strategy Framework.
Create Long-Term Business Goals Today
Long-term business goals can often be pushed to the side in favor of today’s pressing tasks. However, they are just as essential for a thriving company. The next time you sit down and wonder how you can start setting great business goals, follow these four simple steps.
We hope you now know what to do when setting business goals. You can find more business advice on our blog.