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The difference between short, medium, and long-term objectives is the time frame of each, and the implication this has on the nature of the objectives.
Working with a business coach can be the starting point for many business owners when it comes to objective setting.
That was the experience of Simon Freer, owner of Surrey-based contract cleaning company, SAF Professional Cleaning Services Ltd.
We already have a very strong website in comparison to our competitors.
Where we feel we can stand out, however, is by having multi-lingual sites across the UK and Europe.
An example might be to raise turnover by 8 per cent and profit by 9 per cent by the end of the financial year.
Medium-term objectives are generally those that relate to a period from 18 months to three years or sometimes five years (whichever is appropriate for the organisation and people setting the objectives).I now have a team of people working for me in the back office and I’ve doubled my turnover – all as a result of having clear, focused objectives which I reviewed and became accountable for.However, it is imperative when setting business goals, whether they are short-term or long-term, that they follow the principle of SMART – Specific, Measurable, Achievable, Realistic and Time-bound, if they are to be truly effective.Far better to have a condensed version that’s linked to your objectives.Short-term business objectives need to be a road map that shows where you want to go.That is why we've compiled some examples of short-term business objectives here.What's more, when setting business objectives you must always keep the long game in mind. And while your day to day work might seem impactful it will not be in a long run.This is what I did this for each dimension, setting objectives in every area.These varied from sourcing the right talent, to establishing operational processes, to improving conversion rates for marketing and sales.Alex Ingham, managing director of workwear and clothing site MI Supplies, put together a three-year growth plan called Project 2020 to get the company in gear.Focusing on our website, we are extending the MI brand to overseas markets with sites designed specifically for the German and French territories in 2018.