Goal Setting Exercise

Setting and achieving goals is the hallmark of successful companies and is a critical element of a strategic plan. The first approach to specifying goals and objectives begins with a review of your companys mission statement. What did you state were your goals as a company? Another way to think about business goals is to consider each of the categories into which most goals fall:

• Efficiency goals are directed at increasing your companys everyday effectiveness. They may involve things like order tracking, office management, or customer follow-up. They address changes that you can make in your operations that will make a difference in your overall effectiveness. Examples of efficiency goals are: Decrease time to market or Reduce material costs.

• Problem-solving goals address specific challenges that confront your business, such as low employee morale or quality of service issues. First brainstorm the biggest problems that face your company, and then write goals that can solve them. Examples of problem-solving goals are: Improve customer satisfaction or Increase brand awareness.

• Profitability goals set your sights on where you want your bottom line to be. When all is said and done, profit is the No. 1 goal. Examples of profitability goals are Reduce operational costs or Generate new sources of revenue.

Write some goals that you think are absolutely, positively essential to your business success. After you decide on your goals, list the objectives you must meet in order to achieve your goals. Objectives are the specific steps you and your company need to take in order to reach each of your goals. They specify what you must do and when. Think of goals and objectives this way:

• Goals tell you where you want to go; objectives tell you exactly how to get there.

• Goals are typically described in words; **objectives come with numbers and dates**.

*Be sure to include SMART elements when writing your objectives (Specific, Measurable, Achievable, Relevant, and Time-based)

Please list your goals, then at least two objectives you must reach to achieve each of your goals.

Goal #1 (efficiency goal): _______________________________________________________________________

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Objective #1: ____________________________________________________________

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Objective #2: ____________________________________________________________

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Goal #2 (problem-solving goal): ____________________________________________________

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Objective #1: ____________________________________________________________

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Objective #2: ____________________________________________________________

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Goal #3 (profitability goal): _______________________________________________________________________

Objective #1: ____________________________________________________________

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Objective #2: ____________________________________________________________

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Goal #4 (other goal): ____________________________________________________________

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Objective #1: ____________________________________________________________

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Objective #2: ____________________________________________________________

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