Now, let’s briefly define the timelines for an entrepreneurial venture.
“Short-term””means the next 9 – 12 months, while “long-term” means the next 1 – 5 years.
Goals are the ultimate successes that you plan to achieve after some activity or practice.
For example, one of your business goals could be “to expand your business from small scale to medium scale by the next 5 years.”Business goals outline the destination you are heading for and the time you plan to reach those destinations.
With the above in mind, let’s now look at how goals and objectives work together to propel a business to success.
Having well-defined goals and objectives for your business means forming a road map for your company’s future.
Goals also help you improve the overall effectiveness of your business.
The more carefully you define them, the more likely you are to achieve them in the long run.
Before we dig deeper into how you can plan your business goals and objectives, let me explain what both terms mean and how they are different.
(Many people think both terms can be used interchangeably, but they have different meanings).