{"id":12353,"date":"2020-02-27T16:37:48","date_gmt":"2020-02-27T14:37:48","guid":{"rendered":"https:\/\/${domain}\/blog\/?p=12353"},"modified":"2025-04-30T15:49:14","modified_gmt":"2025-04-30T12:49:14","slug":"the-10-main-small-business-goals","status":"publish","type":"post","link":"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/","title":{"rendered":"The 11 Main Small Business Goals"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;3.22&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_row _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; custom_margin=&#8221;-40px|auto||auto||&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; global_colors_info=&#8221;{}&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text _builder_version=&#8221;3.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\">Starting a small business, we aim to achieve different business goals<\/span><span style=\"font-weight: 400;\">: it can be money, ambition, or even peace for the whole world. The most interesting thing is that no matter which business goal is the main one, it always leads entrepreneurs to success.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69ea3d8894c6d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69ea3d8894c6d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#What_is_the_small_business_goal\" >What is the small business goal?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#The_11_main_small_business_goals\" >The 11 main small business goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Creating_a_new_product\" >Creating a new product.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Increasing_profitability\" >Increasing profitability.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Increasing_performance\" >Increasing performance.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Improving_customer_service\" >Improving customer service.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Employee_retention\" >Employee retention.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Creating_the_companys_core_values\" >Creating the company\u2019s core values.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Growing_your_business\" >Growing your business.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Finding_financing_opportunities\" >Finding financing opportunities.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Organizing_change_management\" >Organizing change management.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Achieving_marketing_goals\" >Achieving marketing goals.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Conducting_competitive_analysis\" >Conducting competitive analysis.<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Three_types_of_small_business_goals\" >Three types of small business goals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#What_are_SMART_goals_for_small_business\" >What are SMART goals for small business?\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/${domain}\/blog\/the-10-main-small-business-goals\/#Business_goals_examples\" >Business goals examples<\/a><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_is_the_small_business_goal\"><\/span>What is the small business goal?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Your business goals are the results you hope to achieve and retain in the process of managing a business. The goals of small business have the same concept.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A good example of a specific business goal is to increase conversion <strong>by 10% by XX\/XX\/20XX<\/strong>. This is the exact business goal that will work for a global profit result.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the same time, every business goal (small business goal too) is divided into many sub-goals, tasks, subtasks, indicators and small everyday actions. Now we will structure the variety of small business goals, show what goals you need to set first and explain the strategies and methods for achieving your goals<\/span><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"The_11_main_small_business_goals\"><\/span>The 11 main small business goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Creating_a_new_product\"><\/span>Creating a new product.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">If you haven&#8217;t changed your product line for a while, it may be a way to breathe new life into your business. You may also want to consider changing how an existing product is promoted, as sometimes a new approach can help you breathe a new life into an old product. Think through the concept of <a href=\"https:\/\/weblium.com\/create-small-business-website\">creating a website<\/a> for your product or service.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Increasing_profitability\"><\/span>Increasing profitability.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Business must be profitable &#8211; it is a fact. Profitability implies that the company&#8217;s revenue is higher than the cost of doing business. The main ways to increase profitability are, on the one hand, an increase in the mass of profit and, on the other, an improvement in the use of production assets.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Increasing_performance\"><\/span>Increasing performance.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Employee training, the acquisition of new equipment and the maintenance of existing ones &#8211; all these are included in the performance of your company. To increase productivity, provide your employees with all the necessary resources that will allow them to be as productive as possible.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Improving_customer_service\"><\/span>Improving customer service.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">It helps to retain customers and keep the company&#8217;s income at a stable level. Be creative in meeting all the needs of your customers!<\/span><a href=\"https:\/\/${domain}\/blog\/how-to-provide-excellent-customer-service\/\" target=\"_blank\" rel=\"noopener noreferrer\"><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Employee_retention\"><\/span>Employee retention.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Staff turnover reduces productivity and increases company costs. Create a positive environment within the company and motivate valuable employees to retain them.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Creating_the_companys_core_values\"><\/span>Creating the company\u2019s core values.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The core values \u200b\u200bof the company are described in its mission and are related to the level of customer satisfaction, public responsibility, and employee satisfaction. The company&#8217;s values \u200b\u200bare its goals that must be achieved in order to create a positive corporate culture.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Growing_your_business\"><\/span>Growing your business.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Not only by external factors (such as large customers) but also by internal ones, such as finances and personnel play the dominant role in the development and growth of the company. It is important for the company not to waste resources, but to move out from diversification, and constantly look for the company&#8217;s internal development opportunities.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Finding_financing_opportunities\"><\/span>Finding financing opportunities.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Even a small prospering business needs financing when expanding. The possibility of self-financing indicates the company&#8217;s readiness to achieve long-term goals.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Organizing_change_management\"><\/span>Organizing change management<b>.<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is the process of preparing a company for the development and creation of processes that interact with an emerging market. Its purpose is to create a dynamic business that is always ready to solve the problems of the industry.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Achieving_marketing_goals\"><\/span>Achieving marketing goals.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is an understanding of shopping trends, the ability to anticipate product distribution needs, developing partnerships that increase the company\u2019s market share, and building brand awareness using <\/span><a href=\"https:\/\/www.emailvendorselection.com\/marketing-automation-tools\/\"><span style=\"font-weight: 400;\">marketing automation tools<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Conducting_competitive_analysis\"><\/span>Conducting competitive analysis.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">This is a constant business task of the company. If you understand at what level your product is on the market, you are able to improve the company&#8217;s image and increase revenue.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Three_types_of_small_business_goals\"><\/span>Three types of small business goals<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 style=\"text-align: left;\"><b>The long term small business goals<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Long term goals set the desired points for the long-term development prospects of the company in the period of the next 3-5 years or more, depending on the dynamics of the business.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They clearly indicate the things that should be done today to achieve long-term goals tomorrow.<\/span><\/p>\n<p><b>Examples of long-term business goals:<\/b><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> growth in market share;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> a stronger and more secure position in your business industry;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> improving the quality of the product &#8211; product;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> lower production costs compared to major competitors;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> expansion and improvement of the product range;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> improving the organization&#8217;s reputation among customers;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> improving customer service <\/span><span style=\"font-weight: 400;\">of the company.<\/span><\/li>\n<\/ul>\n<h3><b>Medium-term goals<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Medium-term goals should be realistic and achievable. Otherwise, they will demotivate employees. For example, it is not necessary to set goals for doubling profits in half a year or tripling turnover in a year. In order for goals to be achievable, you must find a balance between motivation and attainability.<\/span><\/p>\n<h3><b>Short term goals<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Short term goals<\/span> <span style=\"font-weight: 400;\">consistently indicate the results that should be achieved immediately or in the nearest future. They show how fast the organization needs to move along the chosen path and the set of actions required (&#8220;how much and when it should be done\u201d). For example, a company needs to reduce unit costs by 10% compared to last year, or it has to increase sales profitability by 5%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Short-term goals are characterized by much greater concretization and detailing than the long-term goals.<\/span><\/p>\n<h3><b>Examples of medium and short term business goals:<\/b><\/h3>\n<ul>\n<li><span style=\"font-weight: 400;\">Accelerated revenue growth.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Accelerated cash flow growth.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Higher dividends.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Wider margins of profit.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Growth in return on invested capital.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Improving the reliability of bonds and interest rates on loans.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Increase in cash inflows.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Raising stock prices.<\/span><\/li>\n<\/ul>\n<p>[\/et_pb_text][et_pb_image src=&#8221;<a href=\"https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2.png&#038;#8221\">https:\/\/${domain}\/blog\/wp-content\/uploads\/2024\/01\/2.2.png&#038;#8221<\/a>; url=&#8221;<a href=\"https:\/\/app.weblium.com\/signup?utm_source=en_blog&#038;utm_medium=article&#038;utm_campaign=banner_article&#038;#8221\" rel=\"nofollow\">https:\/\/app.weblium.com\/signup?utm_source=en_blog&#038;utm_medium=article&#038;utm_campaign=banner_article&#038;#8221<\/a>; _builder_version=&#8221;4.11.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_image][et_pb_text _builder_version=&#8221;4.11.1&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<p><span style=\"font-weight: 400;\"><\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"What_are_SMART_goals_for_small_business\"><\/span>What are SMART goals for small business?\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We have already shown what types of business goals are there and what are the most important ones. Now you need to analyze it all using \u201cSMART\u201d \u2013 an effective tool for the correct goal setting<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"><strong> S &#8211; specific.<\/strong> If you want to <\/span>reach your goals<span style=\"font-weight: 400;\">, they should be as specific as possible;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong> M is measurable.<\/strong> It is necessary to establish clear criteria by which you will understand that the goal has been successfully achieved;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong> A &#8211; achievable,<\/strong> ambitious, aggressive, attractive. The final result should be ambitious and encourage your subordinates to achieve it. Besides, it is necessary to consider the motivation for every person involved: performers, managers, company owners and to constantly <\/span><b>track your progress<\/b><span style=\"font-weight: 400;\">;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong> R &#8211; relevant.<\/strong> The goal should be relevant and it should not harm the current processes;<\/span><\/li>\n<li><span style=\"font-weight: 400;\"><strong> T &#8211; time-bound.<\/strong> The goal should be limited in time, that is, have deadlines.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">This is the final stage of goal setting <\/span><span style=\"font-weight: 400;\">when all indicators and details for achieving goals and fulfilling tasks are worked out within the criteria of the SMART methodology.<\/span><\/p>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Business_goals_examples\"><\/span>Business goals examples<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Move deeper from global goals to tasks, the implementation of which, in fact, allows you to make a profit and develop the project. These tasks are the same goals but at a lower level.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The process includes three levels:<\/span><\/p>\n<h3><strong>Level 1: Generating <a href=\"https:\/\/${domain}\/blog\/10-best-ways-to-collect-website-leads\/\">leads<\/a> and converting them into sales<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The profit plan shows you the approximate number of leads that you should get to make the required number of deals. Now it is necessary to take care not only about the quantity but also quality. Therefore, you will have to work with categories such as quantity, quality and cost of lead you get from a particular channel. You will have to influence and improve each parameter on them.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Converting leads are monitored at each stage of the business process by intermediate conversion rates. You can influence them through the advanced training of sellers, as well as motivation.<\/span><\/p>\n<h3><strong>Level 2: Activity of managers<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">The level of activity of managers is a quantitative indicator of their actions at each stage of the business process. That is, you have to determine and plan the daily number of calls, repeat calls, meetings, presentations, business offers, bills, payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">How to calculate it? Using the intermediate conversion between the steps, you need to calculate the required number of daily actions for each manager.<\/span><\/p>\n<h3><strong>Level 3: The deal<\/strong><\/h3>\n<p><span style=\"font-weight: 400;\">You can improve the performance of each specific transaction by setting 3 goals on a daily basis:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\"> Increase the share of a particular buyer through the study of his potential.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Increase the average bill.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Work with a personal pipeline of employees and monitor the progress of transactions on it.<\/span><span style=\"font-weight: 400;\"><\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Remember that there\u2019s one more important thing than setting goals in business: it is the tools that effectively help to achieve them! One of the instruments that help small businesses to attract first customers and popularize the brand (and partly, to create it!) is a professionally-made website.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You don\u2019t want to waste months developing a website yourself or thousands of dollars on getting your website done by the web studio? You\u2019re absolutely right! Because today, you can use the progressive <\/span><strong><a href=\"https:\/\/weblium.com\/\">Weblium<\/a><\/strong><span style=\"font-weight: 400;\"> website builder and create a site yourself in a couple of days for absolutely free, receiving a bunch series of benefits! You will get an SSL-protected website with a really unique design, capable to attract the new customers tomorrow!<\/span><\/p>\n<p>[\/et_pb_text][et_pb_button button_url=&#8221;<a href=\"https:\/\/app.weblium.com\/signup?lang=en&#038;#8221\" rel=\"nofollow\">https:\/\/app.weblium.com\/signup?lang=en&#038;#8221<\/a>; button_text=&#8221;Create a website for free&#8221; button_alignment=&#8221;center&#8221; _builder_version=&#8221;4.11.1&#8243; _module_preset=&#8221;default&#8221; button_rel=&#8221;off|off|on|on|on&#8221; global_colors_info=&#8221;{}&#8221;][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Starting a small business, we aim to achieve&#8230;<\/p>\n","protected":false},"author":35,"featured_media":12361,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<span style=\"font-weight: 400;\">Starting a small business, we aim to achieve different <\/span><b>business goals<\/b><span style=\"font-weight: 400;\">: it can be money, ambition, or even peace for the whole world. The most interesting thing is that no matter which business goal is the main one, it always leads entrepreneurs to success.<\/span>\r\n<h2><strong>What is the small business goal?<\/strong><\/h2>\r\n<span style=\"font-weight: 400;\">Your business goals are the results you hope to achieve and retain in the process of managing a business. The goals of small business have the same concept.\u00a0<\/span>\r\n\r\n<span style=\"font-weight: 400;\"><strong>A good example of a specific business goal<\/strong> is to increase conversion by 10% by XX\/XX\/20XX. This is the exact business goal that will work for a global profit result.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">At the same time, every business goal (small business goal too) is divided into many sub-goals, tasks, subtasks, indicators and small everyday actions. Now we will structure the variety of small business goals, show what goals you need to set first and explain the strategies and methods for <\/span><b>achieving your goals<\/b><span style=\"font-weight: 400;\">.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Remember that there\u2019s one more important thing than setting goals in business: it is the tools that effectively help to achieve them! One of the instruments that help small businesses to attract first customers and popularize the brand (and partly, to create it!) is a professionally-made website.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">You don\u2019t want to waste months developing a website yourself or thousands of dollars on getting your website done by the web studio? You\u2019re absolutely right! Because today, you can use the progressive <\/span><a href=\"https:\/\/weblium.com\/\"><b>Weblium website builder<\/b><\/a> <span style=\"font-weight: 400;\">and create a site yourself in a couple of days for absolutely free, receiving a bunch series of benefits! You will get an SSL-protected website with a really unique design, capable to attract the new customers tomorrow!<\/span>\r\n<h2><strong>Three types of small business goals<\/strong><\/h2>\r\n<h3 style=\"text-align: left;\"><b>The long term small business goals<\/b><\/h3>\r\n<b>Long term goals<\/b><span style=\"font-weight: 400;\"> set the desired points for the long-term development prospects of the company in the period of the next 3-5 years or more, depending on the dynamics of the business.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">They clearly indicate the things that should be done today to achieve long-term goals tomorrow.<\/span>\r\n\r\n<b>Examples of long-term business goals:<\/b>\r\n<ul>\r\n \t<li><span style=\"font-weight: 400;\"> growth in market share;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> a stronger and more secure position in your business industry;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> improving the quality of the product - product;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> lower production costs compared to major competitors;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> expansion and improvement of the product range;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> improving the organization's reputation among customers;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> improving <\/span><b>customer service<\/b><span style=\"font-weight: 400;\"> of the company.<\/span><\/li>\r\n<\/ul>\r\n<h3><b>Medium-term goals<\/b><\/h3>\r\n<b>Medium-term goals<\/b> should be realistic and achievable. Otherwise, they will demotivate employees. For example, it is not necessary to set goals for doubling profits in half a year or tripling turnover in a year. In order for goals to be achievable, you must find a balance between motivation and attainability.\r\n<h3><b>Short term goals<\/b><\/h3>\r\n<b>Short term goals<\/b> <span style=\"font-weight: 400;\">consistently indicate the results that should be achieved immediately or in the nearest future. They show how fast the organization needs to move along the chosen path and the set of actions required (\"how much and when it should be done\u201d). For example, a company needs to reduce unit costs by 10% compared to last year, or it has to increase sales profitability by 5%.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Short-term goals are characterized by much greater concretization and detailing than the long-term goals.<\/span>\r\n<h3><b>Examples of medium and short term business goals:<\/b><\/h3>\r\n<ul>\r\n \t<li><span style=\"font-weight: 400;\">Accelerated revenue growth.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Accelerated cash flow growth.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Higher dividends.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Wider margins of profit.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Growth in return on invested capital.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Improving the reliability of bonds and interest rates on loans.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Increase in cash inflows.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Raising stock prices.<\/span><\/li>\r\n<\/ul>\r\n<h2><strong>The 11 main small business goals<\/strong><\/h2>\r\n<h2 id=\"mntl-sc-block_2-0-15\" class=\"comp mntl-sc-list-item-title list-sc-item__title mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Creating a new product.\u00a0<\/span><\/h2>\r\nCreate a small business that will be useful.\r\n\r\n<b><strong><a class=\"button\" href=\"https:\/\/app.weblium.com\/login\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Get your small business website right now :)<\/a><\/strong><\/b>\r\n<h2><b>Increasing profitability.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Business must be profitable - it is a fact. Profitability implies that the company's revenue is higher than the cost of doing business. The main ways to increase profitability are, on the one hand, an increase in the mass of profit and, on the other, an improvement in the use of production assets.<\/span>\r\n<h2><b>Increasing performance.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Employee training, the acquisition of new equipment and the maintenance of existing ones - all these are included in the performance of your company. To increase productivity, provide your employees with all the necessary resources that will allow them to be as productive as possible.<\/span>\r\n<h2><b>Improving customer service.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">It helps to retain customers and keep the company's income at a stable level. Be creative in meeting all the needs of your customers!<\/span>\r\n\r\nRead more about: <a href=\"https:\/\/${domain}\/blog\/how-to-provide-excellent-customer-service\/\" target=\"_blank\" rel=\"noopener noreferrer\">How to Provide Excellent Customer Service Online<\/a>\r\n<h2><b>Employee retention.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Staff turnover reduces productivity and increases company costs. Create a positive environment within the company and motivate valuable employees to retain them.<\/span>\r\n<h2><b>Creating the company\u2019s core values.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">The core values \u200b\u200bof the company are described in its mission and are related to the level of customer satisfaction, public responsibility, and employee satisfaction. The company's values \u200b\u200bare its goals that must be achieved in order to create a positive corporate culture.<\/span>\r\n<h2><b>Growing your business.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Not only by external factors (such as large customers) but also by internal ones, such as finances and personnel play the dominant role in the development and growth of the company. It is important for the company not to waste resources, but to move out from diversification, and constantly look for the company's internal development opportunities.<\/span>\r\n<h2><b>Finding financing opportunities.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">Even a small prospering business needs financing when expanding. The possibility of self-financing indicates the company's readiness to achieve long-term goals.<\/span>\r\n<h2><b>Organizing change management.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">This is the process of preparing a company for the development and creation of processes that interact with an emerging market. Its purpose is to create a dynamic business that is always ready to solve the problems of the industry.<\/span>\r\n<h2><b>Achieving marketing goals.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">This is an understanding of shopping trends, the ability to anticipate product distribution needs, and developing partnerships that increase the company's market share.<\/span>\r\n<h2><b>Conducting competitive analysis.<\/b><\/h2>\r\n<span style=\"font-weight: 400;\">This is a constant business task of the company. If you understand at what level your product is on the market, you are able to improve the company's image and increase revenue.<\/span>\r\n<h2><strong>What are SMART goals for small business?\u00a0<\/strong><\/h2>\r\n<span style=\"font-weight: 400;\">We have already shown what types of business goals are there and what are the most important ones. Now you need to analyze it all using \u201cSMART\u201d \u2013 an effective tool for the correct <\/span><b>goal setting<\/b><span style=\"font-weight: 400;\">:<\/span>\r\n<ul>\r\n \t<li><span style=\"font-weight: 400;\"><strong> S - specific.<\/strong> If you want to <\/span>reach your goals<span style=\"font-weight: 400;\">, they should be as specific as possible;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"><strong> M is measurable.<\/strong> It is necessary to establish clear criteria by which you will understand that the goal has been successfully achieved;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"><strong> A - achievable,<\/strong> ambitious, aggressive, attractive. The final result should be ambitious and encourage your subordinates to achieve it. Besides, it is necessary to consider the motivation for every person involved: performers, managers, company owners and to constantly <\/span><b>track your progress<\/b><span style=\"font-weight: 400;\">;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"><strong> R - relevant.<\/strong> The goal should be relevant and it should not harm the current processes;<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"><strong> T - time-bound.<\/strong> The goal should be limited in time, that is, have deadlines.<\/span><\/li>\r\n<\/ul>\r\n<span style=\"font-weight: 400;\">This is the final stage of <\/span><b>goal setting<\/b><span style=\"font-weight: 400;\"> when all indicators and details for achieving goals and fulfilling tasks are worked out within the criteria of the SMART methodology.<\/span>\r\n<h2>Business goals examples<\/h2>\r\n<span style=\"font-weight: 400;\">Move deeper from global goals to tasks, the implementation of which, in fact, allows you to make a profit and develop the project. These tasks are the same goals but at a lower level.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">The process includes three levels:<\/span>\r\n<h3><strong>Level 1: Generating leads and converting them into sales<\/strong><\/h3>\r\n<span style=\"font-weight: 400;\">The profit plan shows you the approximate number of leads that you should get to make the required number of deals. Now it is necessary to take care not only about the quantity but also quality. Therefore, you will have to work with categories such as quantity, quality and cost of lead you get from a particular channel. You will have to influence and improve each parameter on them.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">Converting leads are monitored at each stage of the business process by intermediate conversion rates. You can influence them through the advanced training of sellers, as well as motivation.<\/span>\r\n<h3><strong>Level 2: Activity of managers<\/strong><\/h3>\r\n<span style=\"font-weight: 400;\">The level of activity of managers is a quantitative indicator of their actions at each stage of the business process. That is, you have to determine and plan the daily number of calls, repeat calls, meetings, presentations, business offers, bills, payments.<\/span>\r\n\r\n<span style=\"font-weight: 400;\">How to calculate it? Using the intermediate conversion between the steps, you need to calculate the required number of daily actions for each manager.<\/span>\r\n<h3><strong>Level 3: The deal<\/strong><\/h3>\r\n<span style=\"font-weight: 400;\">You can improve the performance of each specific transaction by setting 3 goals on a daily basis:<\/span>\r\n<ul>\r\n \t<li><span style=\"font-weight: 400;\"> Increase the share of a particular buyer through the study of his potential.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Increase the average bill.<\/span><\/li>\r\n \t<li><span style=\"font-weight: 400;\"> Work with a personal pipeline of employees and monitor the progress of transactions on it.<\/span><\/li>\r\n<\/ul>","_et_gb_content_width":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[95],"tags":[],"class_list":["post-12353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-startups","has-thumb"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The 11 Main Small Business Goals | Weblium Blog<\/title>\n<meta name=\"description\" content=\"Use these main small business goals to understand the future of your business: examples will help you. 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