Goals and objectives tell your audience how you will accomplish your mission. Goals tend to be general statements, like “dominating the market” and “increasing profitability,” while objectives are quantifiable actions that are related to specific goals. For instance, one of your goals might be to increase sales, with a specific objective or reaching $1.0 million by the year 2020.
Suppose your mission is to become the largest retailer in your home state. Since it is unlikely that you will succeed overnight (unless your business has a name like Home Depot or Wal-mart), you will probably need a series of intermediary steps to accomplish this mission. You might start by setting a goal of selling more apparel in the coming year with an objective of running quarterly sales in men’s and women’s clothing.
Here’s are some examples of company goals and objectives:
“For our software business, we’re targeting a five percent return on sales in North America, profitability in Europe and a breakeven position in South America. A reduction in total costs from 2016 of $3 million, at constant volume and mix. And a reduction in capital spending.”
“Our top priority in fiscal 2015 is simplicity: reducing the total cost of ownership, and reducing complexity. We will need to keep this focus even as we roll out numerous products, and while competitors are battling with us on many fronts.”
“Our first priority is to improve restaurant operations. To create a meaningful gap between our restaurant and the competition, we must be the best. We’ll make fresher food that’s tastes better. We’ll serve customers faster, make sure they get what they ordered, and be friendlier while doing it.”
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