Setting goals is a business management process where owners and managers outline specific steps or activities for advancing their company’s operations. While universal practices exist for setting goals, owners and managers often use a personal approach to this process.
Planning is often the first step in a traditional goal setting process. Owners and managers will review internal business operations, current staffing needs and the economic market to determine the best ways to set goals. Reviewing these areas also allows business owners and managers to gather supporting information for making decisions.
Effective goal setting typically involves setting priorities, delegating and time management. Owners and managers use these features to help them develop a standard process for setting and accomplishing goals quickly and easily. Delegating minor tasks is important because owners and managers often work on multiple goals at one time.
Goals often have a specific purpose. Improving production output, lowering operating costs, developing a new product for the market or increasing the company’s market niche are common goals. Goals can also be an effective performance measurement tool, allowing owners and managers to gauge department or employee efficiency.