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Goals and Objectives for Business Plan with Examples

Published Nov.05, 2023

Updated Sep.14, 2024

By: Jakub Babkins

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Goals and Objectives  for Business Plan with Examples

Table of Content

Every business needs a clear vision of what it wants to achieve and how it plans to get there. A business plan is a document that outlines the goals and objectives of a business, as well as the strategies and actions to achieve them. A well-written business plan from business plan specialists can help a business attract investors, secure funding, and guide its growth.

Understanding Business Objectives

Business objectives are S pecific, M easurable, A chievable, R elevant, and T ime-bound (SMART) statements that describe what a business wants to accomplish in a given period. They are derived from the overall vision and mission of the business, and they support its strategic direction.

Business plan objectives can be categorized into different types, depending on their purpose and scope. Some common types of business objectives are:

Financial objectives
Operational objectives
Marketing objectives
Social objectives

For example, a sample of business goals and objectives for a business plan for a bakery could be:

To increase its annual revenue by 20% in the next year.
To reduce its production costs by 10% in the next six months.
To launch a new product line of gluten-free cakes in the next quarter.
To improve its customer satisfaction rating by 15% in the next month.

The Significance of Business Objectives

Business objectives are important for several reasons. They help to:

Clarify and direct the company and stakeholders
Align the company’s efforts and resources to a common goal
Motivate and inspire employees to perform better
Measure and evaluate the company’s progress and performance
Communicate the company’s value and advantage to customers and the market

For example, by setting a revenue objective, a bakery can focus on increasing its sales and marketing efforts, monitor its sales data and customer feedback, motivate its staff to deliver quality products and service, communicate its unique selling points and benefits to its customers, and adjust its pricing and product mix according to market demand.

Advantages of Outlining Business Objectives

Outlining business objectives is a crucial step in creating a business plan. It serves as a roadmap for the company’s growth and development. Outlining business objectives has several advantages, such as:

Clarifies the company’s vision, direction, scope, and boundaries
Break down the company’s goals into smaller tasks and milestones
Assigns roles and responsibilities and delegates tasks
Establishes standards and criteria for success and performance
Anticipates risks and challenges and devises contingency plans

For example, by outlining its business objective for increasing the average revenue per customer in its business plan, a bakery can:

Attract investors with its viable business plan for investors
Secure funding from banks or others with its realistic financial plan
Partner with businesses or organizations that complement or enhance its products or services
Choose the best marketing, pricing, product, staff, location, etc. for its target market and customers

Setting Goals and Objectives for a Business Plan

Setting goals and objectives for a business plan is not a one-time task. It requires careful planning, research, analysis, and evaluation. To set effective goals and objectives for a business plan, one should follow some best practices, such as:

OPTION 1: Use the SMART framework. A SMART goal or objective is clear, quantifiable, realistic, aligned with the company’s mission and vision, and has a deadline. SMART stands for:

Specific – The goal or objective should be clear, concise, and well-defined.
Measurable – The goal or objective should be quantifiable or verifiable.
Achievable – The goal or objective should be realistic and attainable.
Relevant – The goal or objective should be aligned with the company’s vision, mission, and values.
Time-bound – The goal or objective should have a deadline or timeframe.

For example, using the SMART criteria, a bakery can refine its business objective for increasing the average revenue per customer as follows:

Specific – Increase revenue with new products and services from $5 to $5.50.
Measurable – Track customer revenue monthly with sales reports.
Achievable – Research the market, develop new products and services, and train staff to upsell and cross-sell.
Relevant – Improve customer satisfaction and loyalty, profitability and cash flow, and market competitiveness.
Time-bound – Achieve this objective in six months, from January 1st to June 30th.

OPTION 2: Use the OKR framework. OKR stands for O bjectives and K ey R esults. An OKR is a goal-setting technique that links the company’s objectives with measurable outcomes. An objective is a qualitative statement of what the company wants to achieve. A key result is a quantitative metric that shows how the objective will be achieved.

OPTION 3: Use the SWOT analysis. SWOT stands for S trengths, W eaknesses, O pportunities, and T hreats. A SWOT analysis is a strategic tool that helps the company assess the internal and external factors that affect its goals and objectives.

Strengths – Internal factors that give the company an advantage over others.
Weaknesses – Internal factors that limit the company’s performance or growth.
Opportunities – External factors that allow the company to improve or expand.
Threats – External factors that pose a risk or challenge to the company.

For example, using these frameworks, a bakery might set the following goals and objectives for its SBA business plan :

Objective – To launch a new product line of gluten-free cakes in the next quarter.

Key Results:

Research gluten-free cake market demand and preferences by month-end.
Create and test 10 gluten-free cake recipes by next month-end.
Make and sell 100 gluten-free cakes weekly online or in-store by quarter-end.

SWOT Analysis:

Expertise and experience in baking and cake decorating.
Loyal and satisfied customer base.
Strong online presence and reputation.

Weaknesses:

Limited production capacity and equipment.
High production costs and low-profit margins.
Lack of knowledge and skills in gluten-free baking.

Opportunities:

Growing demand and awareness for gluten-free products.
Competitive advantage and differentiation in the market.
Potential partnerships and collaborations with health-conscious customers and organizations.
Increasing competition from other bakeries and gluten-free brands.
Changing customer tastes and preferences.
Regulatory and legal issues related to gluten-free labeling and certification.

Examples of Business Goals and Objectives

To illustrate how to write business goals and objectives for a business plan, let’s use a hypothetical example of a bakery business called Sweet Treats. Sweet Treats is a small bakery specializing in custom-made cakes, cupcakes, cookies, and other baked goods for various occasions.

Here are some examples of possible startup business goals and objectives for Sweet Treats:

Earning and Preserving Profitability

Profitability is the ability of a company to generate more revenue than expenses. It indicates the financial health and performance of the company. Profitability is essential for a business to sustain its operations, grow its market share, and reward its stakeholders.

Some possible objectives for earning and preserving profitability for Sweet Treats are:

To increase the gross profit margin by 5% in the next quarter by reducing the cost of goods sold
To achieve a net income of $100,000 in the current fiscal year by increasing sales and reducing overhead costs

Ensuring Consistent Cash Flow

Cash flow is the amount of money that flows in and out of a company. A company needs to have enough cash to cover its operating expenses, pay its debts, invest in its growth, and reward its shareholders.

Some possible objectives for ensuring consistent cash flow for Sweet Treats are:

Increase monthly operating cash inflow by 15% by the end of the year by improving the efficiency and productivity of the business processes
Increase the cash flow from investing activities by selling or disposing of non-performing or obsolete assets

Creating and Maintaining Efficiency

Efficiency is the ratio of output to input. It measures how well a company uses its resources to produce its products or services. Efficiency can help a business improve its quality, productivity, customer satisfaction, and profitability.

Some possible objectives for creating and maintaining efficiency for Sweet Treats are:

To reduce the production time by 10% in the next month by implementing lean manufacturing techniques
To increase the customer service response rate by 20% in the next week by using chatbots or automated systems

Winning and Keeping Clients

Clients are the people or organizations that buy or use the products or services of a company. They are the source of revenue and growth for a company. Therefore, winning and keeping clients is vital to generating steady revenue, increasing customer loyalty, and enhancing word-of-mouth marketing.

Some possible objectives for winning and keeping clients for Sweet Treats are:

To acquire 100 new clients in the next quarter by launching a referral program or a promotional campaign
To retain 90% of existing clients in the current year by offering loyalty rewards or satisfaction guarantees

Building a Recognizable Brand

A brand is the name, logo, design, or other features distinguishing a company from its competitors. It represents the identity, reputation, and value proposition of a company. Building a recognizable brand is crucial for attracting and retaining clients and creating a loyal fan base.

Some possible objectives for building a recognizable brand for Sweet Treats are:

To increase brand awareness by 50% in the next six months by creating and distributing engaging content on social media platforms
To improve brand image by 30% in the next year by participating in social causes or sponsoring events that align with the company’s values

Expanding and Nurturing an Audience with Marketing

An audience is a group of people interested in or following a company’s products or services. They can be potential or existing clients, fans, influencers, or partners. Expanding and nurturing an audience with marketing is essential for increasing a company’s visibility, reach, and engagement.

Some possible objectives for expanding and nurturing an audience with marketing for Sweet Treats are:

To grow the email list by 1,000 subscribers in the next month by offering a free ebook or a webinar
To nurture leads by sending them relevant and valuable information through email newsletters or blog posts

Strategizing for Expansion

Expansion is the process of increasing a company’s size, scope, or scale. It can involve entering new markets, launching new products or services, opening new locations, or forming new alliances. Strategizing for expansion is important for diversifying revenue streams, reaching new audiences, and gaining competitive advantages.

Some possible objectives for strategizing for expansion for Sweet Treats are:

To launch a new product or service line by developing and testing prototypes
To open a new branch or franchise by securing funding and hiring staff

Template for Business Objectives

A template for writing business objectives is a format or structure that can be used as a guide or reference for creating your objectives. A template for writing business objectives can help you to ensure that your objectives are SMART, clear, concise, and consistent.

To use this template, fill in the blanks with your information. Here is an example of how you can use this template:

Example of Business Objectives

Our business is a _____________ (type of business) that provides _____________ (products or services) to _____________ (target market). Our vision is to _____________ (vision statement) and our mission is to _____________ (mission statement).

Our long-term business goals and objectives for the next _____________ (time period) are:

S pecific: We want to _____________ (specific goal) by _____________ (specific action).

M easurable: We will measure our progress by _____________ (quantifiable indicator).

A chievable: We have _____________ (resources, capabilities, constraints) that will enable us to achieve this goal.

R elevant: This goal supports our vision and mission by _____________ (benefit or impact).

T ime-bound: We will complete this goal by _____________ (deadline).

Repeat this process for each goal and objective for your business plan.

How to Monitor Your Business Objectives?

After setting goals and objectives for your business plan, you should check them regularly to see if you are achieving them. Monitoring your business objectives can help you to:

Track your progress and performance
Identify and overcome any challenges
Adjust your actions and strategies as needed

Some of the tools and methods that you can use to monitor your business objectives are:

Dashboards – Show key data and metrics for your objectives with tools like Google Data Studio, Databox, or DashThis.
Reports – Get detailed information and analysis for your objectives with tools like Google Analytics, Google Search Console, or SEMrush.
Feedback – Learn from your customers and their needs and expectations with tools like SurveyMonkey, Typeform, or Google Forms.

Strategies for Realizing Business Objectives

To achieve your business objectives, you need more than setting and monitoring them. You need strategies and actions that support them. Strategies are the general methods to reach your objectives. Actions are the specific steps to implement your strategies.

Different objectives require different strategies and actions. Some common types are:

Marketing strategies
Operational strategies
Financial strategies
Human resource strategies
Growth strategies

To implement effective strategies and actions, consider these factors:

Alignment – They should match your vision, mission, values, goals, and objectives
Feasibility – They should be possible with your capabilities, resources, and constraints
Suitability – They should fit the context and needs of your business

How OGSCapital Can Help You Achieve Your Business Objectives?

We at OGSCapital can help you with your business plan and related documents. We have over 15 years of experience writing high-quality business plans for various industries and regions. We have a team of business plan experts who can assist you with market research, financial analysis, strategy formulation, and presentation design. We can customize your business plan to suit your needs and objectives, whether you need funding, launching, expanding, or entering a new market. We can also help you with pitch decks, executive summaries, feasibility studies, and grant proposals. Contact us today for a free quote and start working on your business plan.

Frequently Asked Questions

What are the goals and objectives in business.

Goals and objectives in a business plan are the desired outcomes that a company works toward. To describe company goals and objectives for a business plan, start with your mission statement and then identify your strategic and operational objectives. To write company objectives, you must brainstorm, organize, prioritize, assign, track, and review them using the SMART framework and KPIs.

What are the examples of goals and objectives in a business plan?

Examples of goals and objectives in a business plan are: Goal: To increase revenue by 10% each year for the next five years. Objective: To launch a new product line and create a marketing campaign to reach new customers.

What are the 4 main objectives of a business?

The 4 main objectives of a business are economic, social, human, and organic. Economic objectives deal with financial performance, social objectives deal with social responsibility, human objectives deal with employee welfare, and organic objectives deal with business growth and development.

What are goals and objectives examples?

Setting goals and objectives for a business plan describes what a business or a team wants to achieve and how they will do it. For example: Goal: To provide excellent customer service. Objective: To increase customer satisfaction scores by 20% by the end of the quarter.

At OGSCapital, our business planning services offer expert guidance and support to create a realistic and actionable plan that aligns with your vision and mission. Get in touch to discuss further!

OGSCapital’s team has assisted thousands of entrepreneurs with top-rated document, consultancy and analysis. They’ve helped thousands of SME owners secure more than $1.5 billion in funding, and they can do the same for you.

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22 types of business objectives to meas ...

22 types of business objectives to measure success

Clear business objectives help you achieve your mission statement and long-term company vision. These objectives can range from financial objectives to organization specific objectives. Take a look at 22 types of business objectives you can set—plus, learn when to use business objectives vs. 14 other goal frameworks.

Whether you work at a small business, a start up, or as a team lead at a larger enterprise, as a key business owner, you’re responsible for identifying the business objectives that will help your organization hit its long-term goals. Setting goals and strategic objectives is the best way to know where you’re going and how to get there.

In this article, learn about 22 different types of business objectives and how to make them achievable. Then, take a look at the 15 different types of goals you can set, depending on why you’re setting those goals.

Connecting goals to work effectively

Learn how to align your team's work with organizational goals. Discover strategies to ensure that every task contributes to reaching your objectives quickly and efficiently.

What is a business objective?

Business objectives are the results you are aiming to achieve in order to accomplish your longer-term company vision. Think of business objectives as metrics to measure your overall business success.

Hitting your business objectives means you’re on the path towards achieving larger company goals. As such, business objectives should focus on large-scale organizational impact. Good business objectives are measurable, specific, and time-bound.

22 types of business objectives

Set business objectives based on factors that measure and impact your organization’s success. For example, you might set the following business objectives:

Financial business objectives

1. Profitability: A profitability-focused business objective is important if your company is relying on outside investors. Achieving—and maintaining—profitability ensures your long-term success so you can make progress towards your overall company mission.

2. Revenue: Revenue-focused business objectives help you balance your income with your costs in order to stay in business. You might set business objectives to achieve a certain annual revenue goal, or to increase revenue by a certain percentage over a period of time.

3. Costs: Costs refer to how much money you’re spending on your business. Reducing costs can help you increase revenue and achieve profitability. Business objectives related to cost can help you control production or operations cost to improve your business’s financial performance.

4. Cash flow: Cash flow refers to the money moving into and out of your business. Cash flow can be positive—when you’re making more than you’re spending—or negative—when you’re spending more than you’re making. Similar to profitability, a cash flow-oriented business objective can help set you up for long term financial success.

5. Sustainable growth: In order to grow as a business, you need to grow sustainably. Setting business objectives around sustainable growth can help you plan your financial projections, employee costs, and other financial considerations.

Customer-centric business objectives

6. Competitive positioning: A big element of your business strategy is thinking about how your product or service compares to others in the same market. By setting a business objective focused on competitive positioning, you can ensure your product or service reaches parity with what’s expected in the market, or use competitive positioning to outdo your competitors in a key area.

8. Customer satisfaction: In order to succeed as a business, you need happy customers. Focusing on a customer satisfaction-based business objective can help you better serve your customers. Depending on the business objective, this might focus on a customer advocacy program, a better help desk, or something similarly customer-facing.

9. Brand awareness: Your brand is what makes your organization stand out from the crowd. Brand awareness is an important way to understand how your customers think of your brand, and how aware they are of your distinct brand vs. your competitors. Understanding—and increasing—brand awareness is a key part of your long-term marketing strategy .

10. Sales: You’ll often find business objectives related to improving or refining the sales cycle. This could include anything from reducing customer acquisition cost (CAC), developing better lead tracking, increasing cross-selling, or something else.

11. Churn: In business, your churn rate refers to how many customers you lose over a set period of time. Reducing churn is a great way to increase your revenue and ensure your customers are satisfied with the product or service you provide.

Internal business objectives

12. Employee satisfaction and engagement: Part of your business is how your employees feel about working there, too. Increasing employee satisfaction and engagement leads to happier employees, reduced burnout , and more effective teams.

13. Employee retention: A key internal business objective is how long your employees spend at your company. Increasing tenure and reducing turnover can help you achieve more complex projects with knowledgeable employees.

14. Company growth: In order to grow your business, you also need to grow the number of people you employ. Growing your company sustainably can be difficult—which is why businesses often set company growth as a key business objective.

15. Organizational culture: Organizational culture is the ideals, values, and group norms that shape how team members interact within your company. Good culture drives employee engagement and increases retention, which is one of the key reasons so many companies set organizational culture-focused business objectives.

16. Change management: Smoothly implement large-scale organizational change with change management . Though you typically won’t see organizations set this type of business objective year after year, it can be a helpful objective to set if you have large changes on the horizon.

17. Productivity: At Asana, we don’t think of productivity as “doing the most you can,” but rather as a way to optimize your time and get your best work done. Increasing employee productivity can help your teams achieve their high-impact work more efficiently.

18. Employee effectiveness: Teams don’t just need to be efficient—they also need to know the right things to work on. The best companies aim for efficiency and effectiveness—which is where an effectiveness-based business objective comes into play. To learn more, read our article about the difference between efficiency and effectiveness .

19. Diversity and inclusion: A big part of a welcoming company culture is making sure your employees feel like they belong. Investing in diversity and inclusion programs can help your business be more welcoming to your current and potential employees.

Regulation related business objectives

20. Quality control: Implementing quality control measures as a business objective can help you ensure your product or services are at the level you want them to be. This in turn leads to better customer relationships and overall increase in revenue.

21. Compliance: If your business has any compliance needs to meet in the near future, setting those compliance requirements as a business objective will ensure you hit your targets on time.

22. Sustainability or waste reduction: Some businesses set business objectives to reduce waste or increase sustainability. While this may not directly impact your business, proving that you’re environmentally minded can help you reach specific audiences you’re targeting.

Which goal framework is right for you?

Figuring out exactly what type of goal you need to set can be tricky. Each goal framework is slightly different—and implementing the right one can help you achieve success.

The type of goal you set will depend on the business activities you’re running and the specific goals you have. If your goals have a set time frame, you may want to go with short-term objectives, whereas larger goals have their own unique frameworks.

If you’re not sure where to start, check out these 15 goal frameworks for different situations:

1. Business objectives: Set goals based on operating factors that impact your company’s long-term success.

2. Business plan : Also called a business strategy plan. Document your business’ goals and plan out how you’ll get there.

3. Vision statement : Set an organization-wide North Star.

4. Big Hairy Audacious Goals (BHAGs) : Set organization-sized stretch goals .

5. Company values : Align your team around core principles.

6. Strategic plan : Clarify your three to five year company goals during the strategic planning process.

7. Strategic goal : Set the goals you want to achieve by the end of your strategic plan.

8. Critical success factors : Clarify the high-level goals you need to achieve in order to achieve your strategic goals.

9. Strategic management : Execute against your strategic plan in order to achieve your company goals.

10. Business goals : Set predetermined targets to achieve in a set period of time.

11. Objectives and key results (OKRs) : Set and communicate annual company goals.

12. Key performance indicators (KPIs) : Set quantitative goals.

13. Project objectives : Share what you want to achieve by the end of a project.

14. Project deliverables : Identify a project’s output.

15. Project milestones : Mark specific checkpoints along a project’s timeline.

More goal setting resources

Clear goals are critical to keep your organization functioning. In addition to business objectives, check out our goal setting resource hub for tips on setting goals and achieving high-impact results. Then when you’re ready, get started with Asana for goal tracking. With Asana , you can connect your company goals to the work that supports them—all in one place.