In general there are two types of business goals which is short and long terms. Each of these has its own characteristics and time frames. When setting these one must make sure that they are not only achievable, clear and specific, but also relevant to the business context. Choose related areas such as advertising and revenue, and base your goals either short or long terms within these categories.
In other words, As a business owner you will use goal-setting in the beginning to write a start-up business plan. You will write long-term goals for your company's strategic plan. These goal will help your staff know the direction for your company in three years, five years or 10 years but after that you need to write SMART goals that are specific, measurable, achievable, realistic and timed, so they are clear to all employees that is your short term goals.
“Long term” planning in business differs a bit from quick-start business planning. You can write a business plan before starting your venture to detail the process in advance, or you can rewrite a business plan once a business is a success to work towards more long term goals. These goals are closely related to the overall strategic intent of the business, like the purpose of the business. “Long term” include the overall direction of the business and are usually set with a time frame of between five to ten years, or more. It is difficult to measure the achievability of these goals, as they can be heavily affected by macro-economic factors such as “inflation”, “unemployment” and “government income and spending”. Great caution should be taken here as one needs to attempt to predict future economic trends.
An example of this term business goal is that the short-term goal helps achieve is to double business revenue by the end of the fiscal year.
“Short-term” are easier to set mostly, these can also be called “specific goals”. They are produced by assessing the current economic situation and breaking down the “long-term” goals into step-by-step action plans. These are easier to “set”, “manage”, and “achieve” and are there favored most as they are more practical and easier to apply into the day-to-day operations of a business. Attracting new talent and meeting quarterly performance targets are key and measurable short-term goals. Identifying and establishing fruitful relationships with suppliers, vendors, and business partners are continuous short-term goals.
An example of this term goal is to increase your advertising budget each month for the next three months.
Both “long” and “short” terms goal are important for the business to function as one unit. They provide direction and help personnel to stay in the right frame of mind to contribute to the strategic intent of the organization.