As a small-business owner, you will use goal-setting in the beginning to write a startup business plan. You will write long-term goals for your company's strategic plan. These goals will help your staff know the direction for your company in three years, five years or 10 years. You need to write SMART goals that are Specific, Measurable, Achievable, Realistic and Timed, so they are clear to all employees.
You want to set some long-term goals that will inspire managers and employees to grow the company over the next few years. If you have been planning to move into a new product or service market, write a goal for that milestone. For example, "In five years, our company will launch three new batteries: environmentally friendly versions of batteries for gasoline-powered, hybrid and electric cars."
Some owners are not satisfied with the amount of market share they have attained for their business. You can look at the latest market research to see how much market share you hold compared to your nearest competitors. If your market-share gain must come only at the expense of these companies, then you must develop implementation strategies that will help you reach the goal.
Here is an example: "In 5 years, our company will increase its share of car sales for the three-county region by 5% by adding two new dealership locations." This goal offers information on how the goal will be achieved.
It is a big mistake for entrepreneurs to make goals too easy, sometimes to the point that they will be reached way before the long-term deadline included in the goal. If you find a goal that is too easy or would require minimal effort from your staff, the best choice is to rewrite it and make it harder to reach. For example, a business might have a goal: "Increase the number of dinners served per month by 10%." If your restaurant serves breakfast and lunch too, here is a better long-term goal: "Increase the number of breakfast, lunches and dinners served per month by 5% per year for each of the next five years."
You may own a for-profit business but have never considered landing government contracts. For example, a local food service could win a government contract for operating a cafeteria for federal, state or local employees. Write a goal like this: "We will open a new government-contracted cafeteria each year for the next 10 years." Government contracts are a known way to diversify your business, and a way for medium-sized companies to keep growing after graduating from the small-business phase.
