Once you’ve attracted visitors to your website, persuading them to stick around becomes a key to converting them into paying customers. You can convert more of your visitors into customers by doing a website audit to improve the user experience your site provides.
Types of business goals setting frameworks
There are several methods for setting business goals. When you need to decide on which goal setting framework to adopt in your organization, examine each option and choose one that fits your culture and approach. Some of the most popular goal setting frameworks for businesses include:
OKRs are business goals organized around objectives and the key results required in order to achieve your objective. This goal setting framework was championed by Google in the late 90s and is used by companies like Spotify, Walmart, ING Bank, Twitter, and more.
SMART goals is an approach to business goal setting which stands for Specific, Measurable, Attainable, Relevant, and Time-Bound. Using the SMART method for goal setting ensures that business goals are well-defined and are geared towards execution over a specified time period.
BHAG (Big Hairy Audacious Goal) is a long-term business goal, typically a 10 to 25-year goal, used as a big target for the organization to achieve. BHAG is used as a way to guide current and future employees towards the long-term business goals of the organization.
Improve Your Marketing Message
One of the most efficient ways to increase your revenue is to adjust your marketing theme so that you’re attracting more qualified leads. If your marketing message isn’t emphasizing your ideal audience or the benefits that appeal to them, you’re wasting your promotional budget speaking to the wrong type of buyer or trying to sell the wrong thing.
Get more out of your marketing dollar by improving your core marketing message, known as your unique selling proposition (USP). This is a short statement that briefly sums up what you offer, why people should want it and why they should get it from you instead of one of your competitors.
To craft an effective marketing message, do market research to find out more about what your target market wants and what your competition is offering. Develop an offer that makes you stand out from the competition, and test it on a sample of your target market to gauge its effectiveness. Once you have a winning offer, emphasize it in your marketing content.
Generate More Organic Traffic
Start by reviewing your website analytics data to assess your current traffic levels. Use this as a baseline to set goals for traffic increases. Pursue traffic increases by doing keyword research to identify which terms are popular with your target audience. Schedule the development and publication of content relevant to your target keywords.
Start by using analytics tools to assess your current performance, such as your current levels of likes, shares and followers on different platforms. You also can use analytics to research your current followers and find audiences who share characteristics of your current following. You can then develop content and ads designed to reach your target audience. Set goals for increasing your social outreach, track your performance and make adjustments.
Eliminating or reducing the amount of paper you use in your small business can cut costs and improve productivity, if it is done successfully. But keep in mind that going paperless is not right for every business. Before you commit to this goal, take a look at the pros and cons of a paperless office to decide if this is can work in your small business.
Business Goals: Examples | Long & Short Term Goals for a Business
Laura has taught college English for three years. She is currently at University of Rhode Island completing her Ph.D. in Literature with a specialty in U.S. American Late Modernism focused on the work of William Faulkner. Laura received her MA from University of Massachusetts Boston in 2020 and her BA from University of Delaware in 2011.
Business goals provide a clear understanding of what a business expects to accomplish through a specific time period. They help establish a desired result that employees can work towards and allow for observation of the progress being made, which boosts morale.
Business goals generally focus on more broad effects throughout a company rather than providing specifically outlined behaviors. Business goals can be made for a company as a whole, for specific departments, or for individual employees.
Business Goals Examples
There are a variety of business goals that can be made for a company and are determinate on the desired outcome. However, when beginning the process of setting business goals, it is important to figure out what wants to be achieved and how it can be achieved. The table below features characteristics of business goals and examples of how they work in operation.
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|Outcome-Focused||Introduce bathing suits to your clothing line by the end of the Spring season|
|Process-Focused||Hold weekly meetings with employees to gauge the progress of the bathing suit line|
|Performance-Based||Restaurant improves customer satisfaction on existing menu items by 20% by end of Summer|
|Qualitative||Shoppers think store redesign presents product aesthetic in a more pleasing way|
|Quantitive||Increase traffic and interaction on the store website by 40%|
|Short-Term||Have a greater presence and following on the company’s social media|
|Long-Term||Get restaurant listed in ”best of” section of a city magazine|
Short Term Business Goals
Short term business goals are those that you can accomplish in a quarter or, on the longer end of the short-term world, after a year. Getting started with these isn’t an incredibly easy process. Despite being short-term, short-term business goals work to help you achieve longer term business goals and require good hindsight as well as future planning. You should figure out your short-term goals 1-2 weeks before the start of the quarter along with your long-term goals.
That being said, short-term goals should be flexible. They should be evaluated and changed if things aren’t working out. Likewise, the ideal way to set short-term goals is from a bottom-up approach based on projects that are already happening and long-term goals that were already established.
Increase Market Share
This goal is customer driven. The idea is to sell more of your product to your target consumers, thus, increasing overall market share for your product for investors. For example, if you operate a B2B company, your goal should be to reach out to more company heads or HR departments. If you operate a small business that focuses on building computers, you’ll want more of the local population to come to you for your services.
Becoming part of the community is a fantastic way to connect from the B2C side. Whether you are a large company contributing to community efforts through sponsorship or a small company that volunteers to help for Little League Baseball, community outreach is an excellent goal for new and established organizations alike. Increasing community outreach is especially important if your company or organization doesn’t have a good reputation with a particular group (I.E.: environmentalists). Likewise, community outreach is essential if you are providing human necessities. For example, if you run a small scale grocery store, community outreach is what’s gonna keep you above water when competing with larger corporations.
Conduct a Marketing Audit
Sometimes we get caught up in the "doing" and forgot to check if what we are doing is worth the time and money we are investing in it. When was the last time you took stock of all of the marketing activities you are doing in your small business, and measured the level of success of each of them? Commit to doing a marketing audit this year to improve the effectiveness of your marketing investment.
A SWOT analysis is a tool that helps you identify the strengths and weaknesses of your business, a new product offering and of the competition. It can be used in any stage of business to help you determine what makes your business unique, identify potential new areas of the market that are untapped, and explore what your competition is doing better than you are. Do a SWOT analysis this year as part of a larger process to improve your decision-making ability.
Revamp Your Business Plan
You probably created some type of business plan when you started your business, but when was the last time you took a look at it? This year is the perfect time to dust off your business plan, see where you are in relation to where you expected to be, and create a new plan that helps you get even further with your small business. Try this quick and easy business planning exercise and these 14 business plan writing tools to get started.
If it has been a while since you took a break from your business, you should consider scheduling one this year. Not only can time off help to reduce stress and prevent burnout, but it can also give you a fresh perspective that you can use in your business when you return. Of course, taking a break — even a short one — from your business is often easier said than done. Consider these tips for taking a working vacation that gives you some downtime without being completely disconnected.