how to write goals for a business plan

Business Goals 101: How to Set, Track, and Achieve Your Organization’s Goals with Examples

By Kate Eby | November 7, 2022

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Learning how to set concrete, achievable business goals is critical to your organization’s success. We’ve consulted seasoned experts on how to successfully set and achieve short- and long-term business goals, with examples to help you get started.

Included on this page, you’ll find a list of the different types of business goals , the benefits and challenges of business goal-setting, and examples of short-term and long-term business goals. Plus, find expert tips and compare and contrast business goal-setting frameworks.

What Are Business Goals?

Business goals are the outcomes an organization aims to achieve. They can be broad and long term or specific and short term. Business leaders set goals in order to motivate teams, measure progress, and improve performance.

“Business goals are those that represent a company's overarching mission,” says David Bitton, Co-founder and CMO of DoorLoop . “These goals typically cover the entire business and are vast in scope. They are established so that employees may work toward a common goal. In essence, business goals specify the ‘what’ of a company's purpose and provide teams with a general course to pursue.”

For more resources and information on setting goals, try one of these free goal tracking and setting templates .

Business Goals vs. Business Objectives

Many professionals use the terms business goal and business objective interchangeably. Generally, a business goal is a broad, long-term outcome an organization works toward, while a business objective is a specific and measurable task, project, or initiative. 

Think of business objectives as the steps an organization takes toward their broader, long-term goals. In some cases, a business objective might simply be a short-term goal. In most cases, business goals refer to outcomes, while business objectives refer to actionable tasks. 

“Business objectives are clear and precise,” says Bitton. “When businesses set out to achieve their business goals, they do so by establishing quantifiable, simply defined, and trackable objectives. Business objectives lay out the ‘how’ in clear, doable steps that lead to the desired result.”

For more information and resources, see this article on the key differences between goals and objectives.

Common Frameworks for Writing Business Goals

Goal-setting frameworks can help you get the most out of your business goals. Common frameworks include SMART, OKR, MBO, BHAG, and KRA. Learning about these goal-setting tools can help you choose the right one for your company.

Here are the common frameworks for writing business goals with examples:

• SMART: SMART goals are specific, measurable, achievable, relevant, and time-bound. This is probably the most popular method for setting goals. Ensuring that your goals meet SMART goal criteria is a tried and true way to increase your chances of success and make progress on even your most ambitious goals. Example SMART Goal: We will increase the revenue from our online store by 5 percent in three months by increasing our sign-up discount from 25 to 30 percent.
• OKR: Another popular approach is to set OKRs, or objectives and key results. In order to use OKRs , a team or individual selects an objective they would like to work toward. Then they select key results , or standardized measurements of success or progress. Example Objective: We aim to increase the sales revenue of our online store. Example Key Result: Make $200,000 in sales revenue from the online store in June. 
• MBO: MBO, or management by objectives , is a collaborative goal-setting framework and management technique. When using MBO, managers work with employees to create specific, agreed-upon objectives and develop a plan to achieve them. This framework is excellent for ensuring that everyone is aligned on their goals. Example MBO: This quarter, we aim to decrease patient waiting times by 30 percent.
• BHAG: A BHAG, or a big hairy audacious goal , is an ambitious, possibly unattainable goal. While the idea of setting a BHAG might run contrary to a lot of advice about goal-setting, a BHAG can energize the team by giving everyone a shared purpose. These are best for long-term, visionary business goals. Example BHAG: We want to be the leading digital music service provider globally by 2030. 
• KRA: KRAs, or key result areas , refer to a short list of goals that an individual, department, or organization can work toward. KRAs function like a rubric for general progress and to help ensure that the team’s efforts have an optimal impact on the overall health of the business. Example KRA: Increase high-quality sales leads per sales representative. 

Use the table below to compare the pros and cons of each goal-setting framework to help you decide which framework will be most useful for your business goals.

Types of Business Goals

A business goal is any goal that helps move an organization toward a desired result. There are many types of business goals, including process goals, development goals, innovation goals, and profitability goals.

Here are some common types of business goals:

• Growth: A growth goal is a goal relating to the size and scope of the company. A growth goal might involve increasing the number of employees, adding new verticals, opening new stores or offices, or generally expanding the impact or market share of a company. 
• Process: A process goal , also called a day-to-day goal or an efficiency goal , is a goal to improve the everyday effectiveness of a team or company. A process goal might involve establishing or improving workflows or routines, delegating responsibilities, or improving team skills. 
• Problem-Solving: Problem-solving goals address a specific challenge. Problem-solving goals might involve removing an inefficiency, changing policies to accommodate a new law or regulation, or reorienting after an unsuccessful project or initiative.
• Development: A development goal , also called an educational goal , is a goal to develop new skills or expertise, either for your team or for yourself. For example, development goals might include developing a new training module, learning a new coding language, or taking a continuing education class in your field. 
• Innovation: An innovation goal is a goal to create new or more reliable products or services. Innovation goals might involve developing a new mobile app, redesigning an existing product, or restructuring to a new business model. 
• Profitability: A profitability goal , also called a financial goal , is any goal to improve the financial prospects of a company. Profitability goals might involve increasing revenue, decreasing debt, or growing the company’s shareholder value. 
• Sustainability: A s ustainability goal is a goal to either decrease your company’s negative impact on the environment or actively improve the environment through specific initiatives. For example, a sustainability goal might be to decrease a company’s carbon footprint, reduce energy use, or divest from environmentally irresponsible organizations and reinvest in sustainable ones.
• Marketing: A marketing goal , also called a brand goal , is a goal to increase a company’s influence and brand awareness in the market. A marketing goal might be to boost engagement across social media platforms or generate more higher-quality leads. 
• Customer Relations: A customer relations goal is a goal to improve customer satisfaction with and trust in your product or services. A customer relations goal might be to decrease customer service wait times, improve customers’ self-reported satisfaction with your products or services, or increase customer loyalty.
• Company Culture: A company culture goal , also called a social goal , is a goal to improve the work environment of your company. A company culture goal might be to improve employee benefits; improve diversity, equity, and inclusion (DEI) across your organization; or create a greater sense of work-life balance among employees. 

What Are Business Goal Examples?

Business goal examples are real or hypothetical business goal statements. A business goal example can use any goal-setting framework, such as SMART, OKR, or KRA. Teams and individuals use these examples to guide them in the goal-setting process. 

For a comprehensive list of examples by industry and type, check out this collection of business goal examples .

What Are Short-Term Business Goals?

Short-term business goals are measurable objectives that can be completed within hours, days, weeks, or months. Many short-term business goals are smaller objectives that help a company make progress on a longer-term goal.

The first step in setting a short-term business goal is to clarify your long-term goals. 

“My practice is to start with an aspirational vision that is the framework for my long-term goals and to compare that ‘better tomorrow’ with the realities of today,” says Morgan Roth, Chief Communication Strategy Officer at EveryLife Foundation for Rare Diseases . “Once that framework of three to five major goals is drafted and I have buy-in, I can think about how we get there. Those will be my short-term goals.”

Bitton recommends using the SMART framework for setting short-term business goals to ensure that your team has structure and that their goals are achievable. “Determine which objectives can be attained in a reasonable amount of time,” she adds. “This will help you stay motivated. Your organization may suffer if you try to squeeze years-long ambitions into a month-long project.”

Short-Term Business Goal Examples

Companies can use short-term business goals to increase profits, implement new policies or initiatives, or improve company culture. We’ve gathered some examples of short-term business goals to help you brainstorm your own goal ideas. 

Here are three sample short-term business goals:

• Increase Your Market Share: When companies increase their market share, they increase the percentage of their target audience who chooses their product or service over competitors. This is a good short-term goal for companies that have long-term expansion goals. For example, a local retail business might want to draw new customers from the local community. The business sets a goal of increasing the average number of customers who enter its store from 500 per week to 600 per week within three months. It can meet this goal by launching a local advertising initiative, reducing prices, or expanding its presence on local social media groups. Small business owners can check out this comprehensive guide to learn more about setting productive goals for their small businesses.
• Reduce Paper Waste: All businesses produce waste, but company leaders can take actions to reduce or combat excessive waste. Reducing your company’s paper waste is a good short-term goal for companies that have long-term sustainability goals. For example, a large company’s corporate headquarters is currently producing an average of four pounds of paper waste per employee per day. They set a goal of decreasing this number to two pounds by the end of the current quarter. They can meet this goal by incentivizing or requiring electronic reporting and forms whenever possible. 
• Increase Social Media Engagement: High social media engagement is essential for businesses that want to increase brand awareness or attract new customers. This is a good short-term goal for companies with long-term marketing or brand goals. For example, after reviewing a recent study, a natural cosmetics company learns that its target audience is 30 percent more likely to purchase products recommended to them by TikTok influencers, but the company’s social media team only posts sporadically on its TikTok. The company sets a goal of producing and posting two makeup tutorials on TikTok each week for the next three months.

What Are Long-Term Business Goals?

A l ong-term business goal is an ambitious desired outcome for your company that is broad in scope. Long-term business goals might be harder to measure or achieve. They provide a shared direction and motivation for team members. 

“Long-term planning is increasingly difficult in our very complex and interconnected world,” says Roth. “Economically, politically, and culturally, we’re seeing sea changes in the way we live and work. Accordingly, it’s important to be thoughtful about long-term goal-setting, but not to the point where concerns stifle creativity and your ‘Big Ideas.’ A helpful strategy I employ is to avoid assumptions. Long-term planning should be based on what you know, not on what you assume will be true in some future state.”

Tip: You can turn most short-term goals into long-term goals by increasing their scope. For example, to turn the “increase market share” goal described above into a long-term goal, you might increase the target weekly customers from 600 to 2,000. This will likely take longer than a few months and might require expanding the store or opening new locations.

Long-Term Business Goal Examples

An organization can use long-term business goals to unify their vision, motivate workers, and prioritize short-term goals. We’ve gathered some examples of long-term business goals to guide you in setting goals for your business. 

Here are three sample long-term business goals:

• Increase Total Sales: A common growth profitability goal is to increase sales. An up-and-coming software company might set a long-term goal of increasing their product sales by 75 percent over two years. 
• Increase Employee Retention: Companies with high employee retention enjoy many benefits, such as decreased hiring costs, better brand reputation, and a highly skilled workforce. A large corporation with an employee retention rate of 80 percent might set a long-term goal of increasing that retention rate to 90 percent within five years. 
• Develop a New Technology: Most companies in the IT sphere rely on innovation goals to stay competitive. A company might set a long-term goal of creating an entirely new AI technology within 10 years.

Challenges of Setting Business Goals 

Although setting business goals has few downsides, teams can run into problems. For example, setting business goals that are too ambitious, inflexible, or not in line with the company vision can end up being counterproductive. 

Here are some common challenges teams face when setting business goals: 

• Having a Narrow Focus: One of the greatest benefits of setting business goals is how doing so can focus your team. That said, this can also be a drawback, as such focus on a single goal can narrow the team’s perspective and make people less able to adapt to change or recognize and seize unexpected opportunities. 
• Being Overly Ambitious: It’s important to be ambitious, but some goals are simply too lofty. If a goal is impossible to hit, it can be demoralizing. 
• Not Being Ambitious Enough: The opposite problem is when companies are too modest with their goal-setting. Goals should be realistic but challenging. Teams that prioritize the former while ignoring the latter will have problems with motivation and momentum.
• Facing Unexpected Obstacles: If something happens that suddenly derails progress toward a goal, it can be a huge blow to a company. Learn about project risk management to better manage uncertainty in your projects. 
• Having Unclear Objectives: Goals that are vague or unquantifiable will not be as effective as clear, measurable goals. Use frameworks such as SMART goals or OKRs to make sure your goals are clear. 
• Losing Motivation: Teams can lose sight of their goals over time, especially with long-term goals. Be sure to review and assess progress toward goals regularly to keep your long-term vision front of mind.

Why You Need Business Goals

Every business needs to set clear goals in order to succeed. Business goals provide direction, encourage focus, improve morale, and spur growth. We’ve gathered some common benefits of goal-setting for your business. 

Here are some benefits you can expect from setting business goals:

• More Clarity: Business goals ensure that everyone is moving toward a determined end point. Companies with clear business goals have teams that agree on what is important and what everyone should be working toward. 
• Increased Focus: Business goals encourage focus, which improves performance and increases productivity. 
• Faster Growth: Business goals help companies expand and thrive. “Setting goals and objectives for your business will help you grow it more quickly,” says Bitton. “Your potential for growth increases as you consistently accomplish your goals and objectives.”
• Improved Morale: Everyone is happier when they are working toward a tangible goal. Companies with clear business goals have employees that are more motivated and fulfilled at work. Plus, measuring progress toward specific goals makes it easier to notice and acknowledge everyone’s successes. 
• More Accountability: Having tangible goals means that everyone can see whether or not their work is effective at making progress toward those goals.
• Better Decision-Making: Business goals help teams prioritize tasks and make tough decisions. “You gain perspective on your entire business, which makes it easier for you to make smart decisions,” says Bitton. “You are forming a clear vision for the direction you want your business to go, which facilitates the efficient distribution of resources, the development of strategies, and the prioritization of tasks.”

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Goals and Objectives for Business Plan with Examples

NOV.05, 2023

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-rate business plan development, 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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How To Set Business Goals (+ Examples for Inspiration)

Updated: March 11, 2024

Published: October 24, 2023

You’re a business owner — the captain of your own ship. But how do you ensure you’re steering your company in the right direction? 

Without clear-cut goals and a plan to reach them, you risk setting your sails on the course of dangerous icebergs. 

The best way to steer clear of wreckage is to map out exactly where you want your business to go. This is what makes setting business goals so important. If you’re not already using them to guide your ship, then now’s a great time to start.

Table of contents:

• What are business goals?

Why business goals are important

How to set business goals, tips to achieve business goals, business goals examples, what are business goals .

Business goals are the desired outcomes that an organization aims to achieve within a specific time frame. These goals help define the purpose and direction of the company, guiding decision-making and resource allocation. They can be short-term or long-term objectives , aligned with the company’s mission and vision.

Operating a business using your gut and feelings will only get you so far. If you’re looking to build a sustainable company, then you need to set goals in advance and follow through with them. 

Here’s what goal setting can do to make your business a success:

• Give your business direction. Business goals align everyone toward a common purpose and ensure all efforts and resources are directed toward achieving specific outcomes.
• Keep everyone motivated to keep pushing forward. Goals provide employees with a sense of purpose and motivation. According to research from BiWorldwide, goal setting makes employees 14.2x more inspired at work and 3.6x more likely to be committed to the organization.
• Create benchmarks to work toward (and above). Goals provide a basis for measuring and evaluating the performance of the organization. They serve as benchmarks to assess progress, identify areas of improvement, and make informed decisions about resource allocation and strategy adjustments .
• Prioritize activities and allocate resources effectively. Goals help you identify the most important initiatives, ensuring that time, money, and effort are invested in activities that align with the overall objectives.
• Make continuous organizational improvements. Goals drive continuous improvement by setting targets for growth and progress. They encourage businesses to constantly evaluate their performance, identify areas for refinement, and implement strategies to enhance efficiency and effectiveness.

Nothing creates solidarity among teams and departments like shared goals. So be sure to get everyone involved to boost camaraderie. 

Setting business goals requires careful consideration and planning. By defining specific and measurable targets, you can track progress and make necessary adjustments along the way.

Here are the steps to effectively set business goals.

Step 1: Identify key areas to improve in your business

Start by assessing the current state of your organization. Identify areas that require improvement or growth. This could include increasing revenue, expanding your customer base, improving employee satisfaction, or enhancing product offerings.

Step 2: Choose specific and measurable goals 

Setting clear and specific goals is essential. Use the SMART goal framework to ensure your goals are Specific, Measurable, Achievable, Relevant, and Time-bound. For example, instead of setting a vague goal like “increase revenue,” set a specific goal like “increase revenue by 15% in the next quarter.”

Step 3: Prioritize which goals to tackle first

Not all goals are equally important or urgent. Evaluate the impact and feasibility of each goal and prioritize them accordingly. By ranking your goals, you can focus your efforts and resources on the most critical objectives.

Step 4: Break down your goals into smaller milestones

Breaking down each goal into smaller, manageable tasks makes them more attainable. Assign responsibilities and set deadlines for each step. This approach helps track progress and ensures accountability.

Step 5: Decide what your Key Performance Indicators (KPIs) will be

Key Performance Indicators (KPIs) are metrics used to measure progress toward your goals. Set realistic and relevant KPIs that align with your objectives. For example, if your goal is to increase customer acquisition, a relevant KPI could be the number of new customers acquired per month.

Now that you have set your business goals, it’s time to take action and work toward achieving them. Here are some tips to help you stay on track:

1. Write down your action plan 

Develop a detailed plan of action for each goal. Identify the necessary resources, strategies, and milestones to achieve them. A well-defined action plan provides a road map for success.

2. Foster a culture that’s goal-oriented

Encourage your employees to embrace and contribute to your goals. Foster a culture that values goal setting and achievement. Recognize and reward individuals or teams that make significant progress toward the goals.

3. Regularly track and evaluate progress

Monitor the progress toward each goal and make adjustments as needed. Use project management tools or software to track and visualize progress. Regularly review and evaluate your performance to ensure you’re on the right track.

4. Seek feedback and adapt

Gather feedback from employees, customers, and stakeholders. Their insights can provide valuable perspectives and help you refine your goals and strategies. Adapt your approach based on feedback to increase your chances of success.

5. Stay focused and motivated (even when you fail)

Staying motivated to achieve goals is difficult, especially when you come up short or fail. But don’t let this set you back. Continue pushing forward with your goals or readjust the direction as needed. Then do whatever you can to avoid distractions so you stay committed to your action plan.

Also, remember to celebrate small wins and milestones along the way to keep your team motivated and engaged.

To provide inspiration, here are some examples of common business goals:

1. Revenue growth

Revenue growth is a business goal that focuses on increasing the overall income generated by the company. Setting a specific target percentage increase in revenue can create a measurable goal to work toward.

Strategies for achieving revenue growth may include:

• Expanding the customer base through targeted marketing campaigns
• Improving customer retention and loyalty
• Upselling or cross-selling to existing customers
• Increasing the average order value by offering premium products or services

Example: A retail company sets a goal to increase its revenue by 10% in the next fiscal year. To achieve this, it implements several strategies, including launching a digital marketing campaign to attract new customers, offering personalized discounts and promotions to encourage repeat purchases, and introducing a premium product line to increase the average order value.

2. Customer acquisition

Customer acquisition focuses on expanding the customer base by attracting new customers to the business. Setting a specific goal for the number of new customers helps businesses track their progress and measure the effectiveness of their marketing efforts.

Strategies for customer acquisition may include:

• Running targeted advertising campaigns
• Implementing referral programs to incentivize existing customers to refer new ones
• Forming strategic partnerships with complementary businesses to reach a wider audience

Example: A software-as-a-service (SaaS) company aims to acquire 1k new customers in the next quarter. To achieve this, it launches a social media marketing campaign targeting its ideal customer profile, offers a referral program where existing customers receive a discount for referring new customers, and forms partnerships with industry influencers to promote its product.

3. Employee development

Employee development goals focus on enhancing the skills and knowledge of employees to improve their performance and contribute to the organization’s growth. By setting goals for employee training and skill development, businesses can create a culture of continuous learning and provide opportunities for career advancement.

Strategies for employee development may include:

• Offering training programs
• Providing mentorship opportunities
• Sponsoring professional certifications
• Creating a career development plan for each employee

Example: A technology company aims to have 80% of its employees complete at least one professional certification within the next year. To achieve this, it offers financial support and study materials for employees interested in obtaining certifications, provides dedicated study time during working hours, and celebrates employees’ achievements upon certification completion.

4. Product development

Product development goals focus on creating and improving products or services to meet customer needs and stay competitive in the market. Setting goals for product development can prioritize your efforts and so you can allocate resources effectively.

Strategies for product development may include:

• Conducting market research to identify customer preferences and trends
• Gathering customer feedback through surveys or focus groups
• Investing in research and development to create new products or enhance existing ones
• Collaborating with customers or industry experts to co-create innovative solutions

Example: An electronics company sets a goal to launch three new product lines within the next year. To achieve this, it conducts market research to identify emerging trends and customer demands, gathers feedback from its target audience through surveys and usability testing, allocates resources to research and development teams for product innovation, and collaborates with external design agencies to create visually appealing and user-friendly products.

5. Social responsibility

Social responsibility goals focus on making a positive impact on society or the environment. These goals go beyond financial success and emphasize the importance of ethical and sustainable business practices. Setting goals for social responsibility allows businesses to align their values with their actions and contribute to causes that resonate with their stakeholders.

Strategies for social responsibility may include: 

• Implementing sustainable practices to reduce environmental impact
• Donating a percentage of profits to charitable organizations
• Supporting local communities through volunteer programs
• Promoting diversity and inclusion within the organization

Example: A clothing retailer aims to reduce its carbon footprint by 20% in the next two years. To achieve this, it implements sustainable practices, such as using eco-friendly materials, optimizing packaging to minimize waste, and partnering with ethical manufacturers. It also donates a percentage of its profits to an environmental conservation organization.

Setting and achieving goals is what it takes to be successful in business. By following the steps outlined in this article and incorporating the tips provided, you can effectively set and work toward your goals. Remember to regularly evaluate progress, adapt as necessary, and celebrate milestones along the way.

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How to make a business plan

Table of Contents

How to make a good business plan: step-by-step guide.

A business plan is a strategic roadmap used to navigate the challenging journey of entrepreneurship. It's the foundation upon which you build a successful business.

A well-crafted business plan can help you define your vision, clarify your goals, and identify potential problems before they arise.

But where do you start? How do you create a business plan that sets you up for success?

This article will explore the step-by-step process of creating a comprehensive business plan.

What is a business plan?

A business plan is a formal document that outlines a business's objectives, strategies, and operational procedures. It typically includes the following information about a company:

Products or services

Target market

Competitors

Marketing and sales strategies

Financial plan

Management team

A business plan serves as a roadmap for a company's success and provides a blueprint for its growth and development. It helps entrepreneurs and business owners organize their ideas, evaluate the feasibility, and identify potential challenges and opportunities.

As well as serving as a guide for business owners, a business plan can attract investors and secure funding. It demonstrates the company's understanding of the market, its ability to generate revenue and profits, and its strategy for managing risks and achieving success.

Business plan vs. business model canvas

A business plan may seem similar to a business model canvas, but each document serves a different purpose.

A business model canvas is a high-level overview that helps entrepreneurs and business owners quickly test and iterate their ideas. It is often a one-page document that briefly outlines the following:

Key partnerships

Key activities

Key propositions

Customer relationships

Customer segments

Key resources

Cost structure

Revenue streams

On the other hand, a Business Plan Template provides a more in-depth analysis of a company's strategy and operations. It is typically a lengthy document and requires significant time and effort to develop.

A business model shouldn’t replace a business plan, and vice versa. Business owners should lay the foundations and visually capture the most important information with a Business Model Canvas Template . Because this is a fast and efficient way to communicate a business idea, a business model canvas is a good starting point before developing a more comprehensive business plan.

A business plan can aim to secure funding from investors or lenders, while a business model canvas communicates a business idea to potential customers or partners.

Why is a business plan important?

A business plan is crucial for any entrepreneur or business owner wanting to increase their chances of success.

Here are some of the many benefits of having a thorough business plan.

Helps to define the business goals and objectives

A business plan encourages you to think critically about your goals and objectives. Doing so lets you clearly understand what you want to achieve and how you plan to get there.

A well-defined set of goals, objectives, and key results also provides a sense of direction and purpose, which helps keep business owners focused and motivated.

Guides decision-making

A business plan requires you to consider different scenarios and potential problems that may arise in your business. This awareness allows you to devise strategies to deal with these issues and avoid pitfalls.

With a clear plan, entrepreneurs can make informed decisions aligning with their overall business goals and objectives. This helps reduce the risk of making costly mistakes and ensures they make decisions with long-term success in mind.

Attracts investors and secures funding

Investors and lenders often require a business plan before considering investing in your business. A document that outlines the company's goals, objectives, and financial forecasts can help instill confidence in potential investors and lenders.

A well-written business plan demonstrates that you have thoroughly thought through your business idea and have a solid plan for success.

Identifies potential challenges and risks

A business plan requires entrepreneurs to consider potential challenges and risks that could impact their business. For example:

Is there enough demand for my product or service?

Will I have enough capital to start my business?

Is the market oversaturated with too many competitors?

What will happen if my marketing strategy is ineffective?

By identifying these potential challenges, entrepreneurs can develop strategies to mitigate risks and overcome challenges. This can reduce the likelihood of costly mistakes and ensure the business is well-positioned to take on any challenges.

Provides a basis for measuring success

A business plan serves as a framework for measuring success by providing clear goals and financial projections . Entrepreneurs can regularly refer to the original business plan as a benchmark to measure progress. By comparing the current business position to initial forecasts, business owners can answer questions such as:

Are we where we want to be at this point?

Did we achieve our goals?

If not, why not, and what do we need to do?

After assessing whether the business is meeting its objectives or falling short, business owners can adjust their strategies as needed.

How to make a business plan step by step

The steps below will guide you through the process of creating a business plan and what key components you need to include.

1. Create an executive summary

Start with a brief overview of your entire plan. The executive summary should cover your business plan's main points and key takeaways.

Keep your executive summary concise and clear with the Executive Summary Template . The simple design helps readers understand the crux of your business plan without reading the entire document.

2. Write your company description

Provide a detailed explanation of your company. Include information on what your company does, the mission statement, and your vision for the future.

Provide additional background information on the history of your company, the founders, and any notable achievements or milestones.

3. Conduct a market analysis

Conduct an in-depth analysis of your industry, competitors, and target market. This is best done with a SWOT analysis to identify your strengths, weaknesses, opportunities, and threats. Next, identify your target market's needs, demographics, and behaviors.

Use the Competitive Analysis Template to brainstorm answers to simple questions like:

What does the current market look like?

Who are your competitors?

What are they offering?

What will give you a competitive advantage?

Who is your target market?

What are they looking for and why?

How will your product or service satisfy a need?

These questions should give you valuable insights into the current market and where your business stands.

4. Describe your products and services

Provide detailed information about your products and services. This includes pricing information, product features, and any unique selling points.

Use the Product/Market Fit Template to explain how your products meet the needs of your target market. Describe what sets them apart from the competition.

5. Design a marketing and sales strategy

Outline how you plan to promote and sell your products. Your marketing strategy and sales strategy should include information about your:

Pricing strategy

Advertising and promotional tactics

Sales channels

The Go to Market Strategy Template is a great way to visually map how you plan to launch your product or service in a new or existing market.

6. Determine budget and financial projections

Document detailed information on your business’ finances. Describe the current financial position of the company and how you expect the finances to play out.

Some details to include in this section are:

Startup costs

Revenue projections

Profit and loss statement

Funding you have received or plan to receive

Strategy for raising funds

7. Set the organization and management structure

Define how your company is structured and who will be responsible for each aspect of the business. Use the Business Organizational Chart Template to visually map the company’s teams, roles, and hierarchy.

As well as the organization and management structure, discuss the legal structure of your business. Clarify whether your business is a corporation, partnership, sole proprietorship, or LLC.

8. Make an action plan

At this point in your business plan, you’ve described what you’re aiming for. But how are you going to get there? The Action Plan Template describes the following steps to move your business plan forward. Outline the next steps you plan to take to bring your business plan to fruition.

Types of business plans

Several types of business plans cater to different purposes and stages of a company's lifecycle. Here are some of the most common types of business plans.

Startup business plan

A startup business plan is typically an entrepreneur's first business plan. This document helps entrepreneurs articulate their business idea when starting a new business.

Not sure how to make a business plan for a startup? It’s pretty similar to a regular business plan, except the primary purpose of a startup business plan is to convince investors to provide funding for the business. A startup business plan also outlines the potential target market, product/service offering, marketing plan, and financial projections.

Strategic business plan

A strategic business plan is a long-term plan that outlines a company's overall strategy, objectives, and tactics. This type of strategic plan focuses on the big picture and helps business owners set goals and priorities and measure progress.

The primary purpose of a strategic business plan is to provide direction and guidance to the company's management team and stakeholders. The plan typically covers a period of three to five years.

Operational business plan

An operational business plan is a detailed document that outlines the day-to-day operations of a business. It focuses on the specific activities and processes required to run the business, such as:

Organizational structure

Staffing plan

Production plan

Quality control

Inventory management

Supply chain

The primary purpose of an operational business plan is to ensure that the business runs efficiently and effectively. It helps business owners manage their resources, track their performance, and identify areas for improvement.

Growth-business plan

A growth-business plan is a strategic plan that outlines how a company plans to expand its business. It helps business owners identify new market opportunities and increase revenue and profitability. The primary purpose of a growth-business plan is to provide a roadmap for the company's expansion and growth.

The 3 Horizons of Growth Template is a great tool to identify new areas of growth. This framework categorizes growth opportunities into three categories: Horizon 1 (core business), Horizon 2 (emerging business), and Horizon 3 (potential business).

One-page business plan

A one-page business plan is a condensed version of a full business plan that focuses on the most critical aspects of a business. It’s a great tool for entrepreneurs who want to quickly communicate their business idea to potential investors, partners, or employees.

A one-page business plan typically includes sections such as business concept, value proposition, revenue streams, and cost structure.

Best practices for how to make a good business plan

Here are some additional tips for creating a business plan:

Use a template

A template can help you organize your thoughts and effectively communicate your business ideas and strategies. Starting with a template can also save you time and effort when formatting your plan.

Miro’s extensive library of customizable templates includes all the necessary sections for a comprehensive business plan. With our templates, you can confidently present your business plans to stakeholders and investors.

Be practical

Avoid overestimating revenue projections or underestimating expenses. Your business plan should be grounded in practical realities like your budget, resources, and capabilities.

Be specific

Provide as much detail as possible in your business plan. A specific plan is easier to execute because it provides clear guidance on what needs to be done and how. Without specific details, your plan may be too broad or vague, making it difficult to know where to start or how to measure success.

Be thorough with your research

Conduct thorough research to fully understand the market, your competitors, and your target audience . By conducting thorough research, you can identify potential risks and challenges your business may face and develop strategies to mitigate them.

Get input from others

It can be easy to become overly focused on your vision and ideas, leading to tunnel vision and a lack of objectivity. By seeking input from others, you can identify potential opportunities you may have overlooked.

Review and revise regularly

A business plan is a living document. You should update it regularly to reflect market, industry, and business changes. Set aside time for regular reviews and revisions to ensure your plan remains relevant and effective.

Create a winning business plan to chart your path to success

Starting or growing a business can be challenging, but it doesn't have to be. Whether you're a seasoned entrepreneur or just starting, a well-written business plan can make or break your business’ success.

The purpose of a business plan is more than just to secure funding and attract investors. It also serves as a roadmap for achieving your business goals and realizing your vision. With the right mindset, tools, and strategies, you can develop a visually appealing, persuasive business plan.

Ready to make an effective business plan that works for you? Check out our library of ready-made strategy and planning templates and chart your path to success.

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How to Write a Business Plan, Step by Step

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What is a business plan?

1. write an executive summary, 2. describe your company, 3. state your business goals, 4. describe your products and services, 5. do your market research, 6. outline your marketing and sales plan, 7. perform a business financial analysis, 8. make financial projections, 9. summarize how your company operates, 10. add any additional information to an appendix, business plan tips and resources.

A business plan outlines your business’s financial goals and explains how you’ll achieve them over the next three to five years. Here’s a step-by-step guide to writing a business plan that will offer a strong, detailed road map for your business.

ZenBusiness

A business plan is a document that explains what your business does, how it makes money and who its customers are. Internally, writing a business plan should help you clarify your vision and organize your operations. Externally, you can share it with potential lenders and investors to show them you’re on the right track.

Business plans are living documents; it’s OK for them to change over time. Startups may update their business plans often as they figure out who their customers are and what products and services fit them best. Mature companies might only revisit their business plan every few years. Regardless of your business’s age, brush up this document before you apply for a business loan .

» Need help writing? Learn about the best business plan software .

This is your elevator pitch. It should include a mission statement, a brief description of the products or services your business offers and a broad summary of your financial growth plans.

Though the executive summary is the first thing your investors will read, it can be easier to write it last. That way, you can highlight information you’ve identified while writing other sections that go into more detail.

» MORE: How to write an executive summary in 6 steps

Next up is your company description. This should contain basic information like:

Your business’s registered name.

Address of your business location .

Names of key people in the business. Make sure to highlight unique skills or technical expertise among members of your team.

Your company description should also define your business structure — such as a sole proprietorship, partnership or corporation — and include the percent ownership that each owner has and the extent of each owner’s involvement in the company.

Lastly, write a little about the history of your company and the nature of your business now. This prepares the reader to learn about your goals in the next section.

» MORE: How to write a company overview for a business plan

The third part of a business plan is an objective statement. This section spells out what you’d like to accomplish, both in the near term and over the coming years.

If you’re looking for a business loan or outside investment, you can use this section to explain how the financing will help your business grow and how you plan to achieve those growth targets. The key is to provide a clear explanation of the opportunity your business presents to the lender.

For example, if your business is launching a second product line, you might explain how the loan will help your company launch that new product and how much you think sales will increase over the next three years as a result.

» MORE: How to write a successful business plan for a loan

In this section, go into detail about the products or services you offer or plan to offer.

You should include the following:

An explanation of how your product or service works.

The pricing model for your product or service.

The typical customers you serve.

Your supply chain and order fulfillment strategy.

You can also discuss current or pending trademarks and patents associated with your product or service.

Lenders and investors will want to know what sets your product apart from your competition. In your market analysis section , explain who your competitors are. Discuss what they do well, and point out what you can do better. If you’re serving a different or underserved market, explain that.

Here, you can address how you plan to persuade customers to buy your products or services, or how you will develop customer loyalty that will lead to repeat business.

Include details about your sales and distribution strategies, including the costs involved in selling each product .

» MORE: R e a d our complete guide to small business marketing

If you’re a startup, you may not have much information on your business financials yet. However, if you’re an existing business, you’ll want to include income or profit-and-loss statements, a balance sheet that lists your assets and debts, and a cash flow statement that shows how cash comes into and goes out of the company.

Accounting software may be able to generate these reports for you. It may also help you calculate metrics such as:

Net profit margin: the percentage of revenue you keep as net income.

Current ratio: the measurement of your liquidity and ability to repay debts.

Accounts receivable turnover ratio: a measurement of how frequently you collect on receivables per year.

This is a great place to include charts and graphs that make it easy for those reading your plan to understand the financial health of your business.

This is a critical part of your business plan if you’re seeking financing or investors. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.

Here, you’ll provide your business’s monthly or quarterly sales, expenses and profit estimates over at least a three-year period — with the future numbers assuming you’ve obtained a new loan.

Accuracy is key, so carefully analyze your past financial statements before giving projections. Your goals may be aggressive, but they should also be realistic.

NerdWallet’s picks for setting up your business finances:

The best business checking accounts .

The best business credit cards .

The best accounting software .

Before the end of your business plan, summarize how your business is structured and outline each team’s responsibilities. This will help your readers understand who performs each of the functions you’ve described above — making and selling your products or services — and how much each of those functions cost.

If any of your employees have exceptional skills, you may want to include their resumes to help explain the competitive advantage they give you.

Finally, attach any supporting information or additional materials that you couldn’t fit in elsewhere. That might include:

Licenses and permits.

Equipment leases.

Bank statements.

Details of your personal and business credit history, if you’re seeking financing.

If the appendix is long, you may want to consider adding a table of contents at the beginning of this section.

How much do you need?

with Fundera by NerdWallet

We’ll start with a brief questionnaire to better understand the unique needs of your business.

Once we uncover your personalized matches, our team will consult you on the process moving forward.

Here are some tips to write a detailed, convincing business plan:

Avoid over-optimism: If you’re applying for a business bank loan or professional investment, someone will be reading your business plan closely. Providing unreasonable sales estimates can hurt your chances of approval.

Proofread: Spelling, punctuation and grammatical errors can jump off the page and turn off lenders and prospective investors. If writing and editing aren't your strong suit, you may want to hire a professional business plan writer, copy editor or proofreader.

Use free resources: SCORE is a nonprofit association that offers a large network of volunteer business mentors and experts who can help you write or edit your business plan. The U.S. Small Business Administration’s Small Business Development Centers , which provide free business consulting and help with business plan development, can also be a resource.

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Business Plan: What It Is + How to Write One

Discover what a business plan includes and how writing one can foster your business’s development.

What is a business plan?

A business plan is a written document that defines your business goals and the tactics to achieve those goals. A business plan typically explores the competitive landscape of an industry, analyzes a market and different customer segments within it, describes the products and services, lists business strategies for success, and outlines financial planning.  

In your research into business plans, you may come across different formats, and you might be wondering which kind will work best for your purposes. 

Let’s define two main types of business plans—the traditional business plan and the lean start-up business plan. Both types can serve as the basis for developing a thriving business, as well as exploring a competitive market analysis, brand strategy, and content strategy in more depth. 

There are some significant differences to keep in mind [ 1 ]: 

The traditional business plan is a long document that explores each component in depth. You can build a traditional business plan to secure funding from lenders or investors. 

The lean start-up business plan focuses on the key elements of a business’s development and is shorter than the traditional format. If you don’t plan on seeking funding, the lean start-up plan can serve mainly as a document for making business decisions and carrying out tasks. 

Now that you have a clear business plan definition, continue reading to learn how to start writing a detailed plan that will guide your journey as an entrepreneur.  

How to write a business plan 

In the sections below, you’ll build the following components of your business plan:

Executive summary

Business description 

Products and services 

Competitor analysis 

Marketing plan and sales strategies 

Brand strategy

Financial planning

Explore each section to bring fresh inspiration and reveal new possibilities for developing your business. Depending on which format you're using, you may choose to adapt the sections, skip over some, or go deeper into others. Consider your first draft a foundation for your efforts and one that you can revise, as needed, to account for changes in any business area.

1. Executive summary 

This is a short section that introduces the business plan as a whole to the people who will be reading it, including investors, lenders, or other members of your team. Start with a sentence or two about your business, your goals for developing it, and why it will be successful. If you are seeking funding, summarize the basics of the financial plan. 

2. Business description 

Use this section to provide detailed information about your company and how it will operate in the marketplace.

Mission statement: What drives your desire to start a business? What purpose are you serving? What do you hope to achieve for your business, the team, and customers? 

Revenue streams: From what sources will your business generate revenue? Examples include product sales, service fees, subscriptions, rental fees, license fees, and more. 

Leadership: Describe the leaders in your business, their roles and responsibilities, and your vision for building teams to perform various functions, such as graphic design, product development, or sales.  

Legal structure: Are you operating as a partnership or a corporation? If you’re registering a specific legal structure within your province or territory, include it here and the rationale behind this choice. 

3. Competitor analysis 

This section will include an assessment of potential competitors, their offers, and marketing and sales efforts. For each competitor, explore the following:

Value proposition: What outcome or experience does this brand promise?

Products and services: How does each one solve customer pain points and fulfil desires? What are the price points? 

Marketing: Which channels do competitors use to promote? What kind of content does this brand publish on these channels? What messaging does this brand use to communicate value to customers?  

Sales: What sales process or buyer’s journey does this brand lead customers through?

4. Products and services

Use this section to describe everything your business offers to its target market. For every product and service, list the following: 

The value proposition or promise to customers, in terms of how they will experience it

How the product serves customers, addresses their pain points, satisfies their desires, and improves their lives.

The features or outcomes that make the product better than those of competitors

Your price points and how these compare to competitors

5. Marketing plan and sales strategies 

In this section, you’ll draw from thorough market research to describe your target market and how you will reach it. 

Who are your ideal customers?   

How can you describe this segment according to their demographics (age, ethnicity, income, location, etc.) and psychographics (beliefs, values, aspirations, lifestyle, etc.)? 

What are their daily lives like? 

What problems and challenges do they experience? 

What words, phrases, ideas, and concepts do consumers in your target market use to describe these problems when posting on social media or engaging with your competitors?  

What messaging will present your products as the best on the market? How will you differentiate messaging from competitors? 

On what marketing channels will you position your products and services?

How will you design a customer journey that delivers a positive experience at every touchpoint and leads customers to a purchase decision?

6. Brand strategy 

In this section, you will describe your business’s design, personality, values, voice, and other details that go into delivering a consistent brand experience. 

What are the values that define your brand?

What visual elements give your brand a distinctive look and feel?

How will your marketing messaging reflect a distinctive brand voice, including tone, diction, and sentence-level stylistic choices? 

How will your brand look and sound throughout the customer journey? 

Define your brand positioning statement. What will inspire your audience to choose your brand over others? What experiences and outcomes will your audience associate with your brand? 

7. Financial planning  

In this section, you will explore your business’s financial future. If you are writing a traditional business plan to seek funding, this section is critical for demonstrating to lenders or investors that you have a strategy for turning your business ideas into profit. For a lean start-up business plan, this section can provide a useful exercise for planning how you will invest resources and generate revenue [ 2 ].  

Use any past financials and other sections of this business plan, such as your price points or sales strategies, to begin your financial planning. 

How many individual products or service packages do you plan to sell over a specific time period?

List your business expenses, such as subscribing to software or other services, hiring contractors or employees, purchasing physical supplies or equipment, etc.

What is your break-even point, or the amount you have to sell to cover all expenses?

Create a sales forecast for the next three to five years: (No. of units to sell X price for each unit) – (cost per unit X No. of units) = sales forecast.

Quantify how much capital you have on hand.

When writing a traditional business plan to secure funding, you may choose to append supporting documents, such as licenses, permits, patents, letters of reference, resumes, product blueprints, brand guidelines, the industry awards you’ve received, and media mentions and appearances.

Business plan key takeaways and best practices

Remember: Creating a business plan is crucial when starting a business. You can use this document to guide your decisions and actions and even seek funding from lenders and investors. 

Keep these best practices in mind:

Your business plan should evolve as your business grows. Return to it periodically, such as every quarter or year, to update individual sections or explore new directions your business can take.

Ensure everyone on your team has a copy of the business plan, and welcome their input as they perform their roles. 

Ask fellow entrepreneurs for feedback on your business plan and look for opportunities to strengthen it, from conducting more market and competitor research to implementing new strategies for success. 

Start your business with Coursera 

Ready to start your business? Watch this video on the lean approach from the Entrepreneurship Specialization :

Article sources

BDC. “ Step 2—Prepare a winning business plan , https://www.bdc.ca/en/articles-tools/start-buy-business/start-business/create-effective-business-plan." Accessed November 13, 2022.

CBDC. " NEW fillable CBDC Business Plan ,   https://www.cbdc.ca/en/new-fillable-cbdc-business-plan." Accessed November 13, 2022.

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Business growth

Business tips

Business objectives: How to set them (with 5 examples and a template)

As anyone who played rec league sports in the '90s might remember, being on a team for some reason required you to sell knockoff candy bars to raise funds. Every season, my biggest customer was always me. Some kids went door-to-door, some set up outside local businesses, some sent boxes to their parents' jobs—I just used my allowance to buy a few for myself.

Aside from initiative, what my approach lacked was a plan, a goal, and accountability. A lot to ask of an unmotivated nine-year-old, I know, but 100% required for anyone who runs an actual business.

Business objectives help companies avoid my pitfalls by laying the groundwork for all the above so they can pursue achievable growth.

Table of contents:

The benefits of setting business objectives

How to set business objectives, examples of business objectives and goals, business objective template, tips for achieving business objectives.

Zapier is the leader in workflow automation—integrating with 6,000+ apps from partners like Google, Salesforce, and Microsoft. Use interfaces, data tables, and logic to build secure, automated systems for your business-critical workflows across your organization's technology stack. Learn more .

What are business objectives?

Business objectives are specific, written steps that guide company growth in measurable terms. A good business objective is concise, actionable, and assigned definite metrics for tracking progress and measuring success. Coming up with effective objectives requires a strong understanding of:

What you want the company to achieve

How you can measure success

Which players are involved in driving success

The timelines needed to plan, initiate, and implement steps

How you can improve or better support business processes , personnel, logistics, and management 

How, if successful, these actions can be integrated sustainably going forward

Business objectives vs. goals

Where a business objective is an actionable step taken to make improvements toward growth, a business goal is the specific high-level growth an objective helps a company reach. Business objectives are often used interchangeably with business goals, but an objective is in service of a goal. 

Here's what that breakdown could have looked like for nine-year-old me selling candy for my little league team: 

Business objective: I will increase my sales output by learning and implementing point-of-sale conversion frameworks. I'll measure success by comparing week-over-week sales growth to median sales across players on my baseball team.

Business goal: I will sell more candy bars than anyone on my team and earn the grand prize: a team party at Pizza Hut.

You might think it's good enough to continue working status quo toward your goals, but as the cliche goes, good enough usually isn't. Establishing and following defined, actionable steps through business objectives can:

Help establish clear roadmaps: You can translate your objectives into time-sensitive sequences to chart your path toward growth.

Set groundwork for culture: Clear objectives should reflect the culture you envision, and, in turn, they should help guide your team to foster it.

Influence talent acquisition: Once you know your objectives, you can use them to find the people with the specific skills and experiences needed to actualize them.

Encourage teamwork: People work together better when they know what they're working toward.

Promote sound leadership: Clear objectives give leaders opportunities to get the resources they need.

Establish accountability: By measuring progress, you can see where errors and inefficiencies come from.

Drive productivity: The endgame of an objective is to make individual team members and processes more effective.

Setting business objectives takes a thoughtful, top-to-bottom approach. At every level of your business—whether you're a massive candy corporation or one kid selling chocolate almond bars door-to-door—there are improvements to make, steps to take, and players with stakes (or in my case, bats) in the game.

1. Establish clear goals

You can't hit a home run without a fence, and you can't reach a goal without setting it. Before you start brainstorming your objectives, you need to know what your objectives will help you work toward.

Analytical tactics like a SWOT analysis and goal-setting frameworks like SMART can be extremely useful at this stage, as you'll need to be specific about what you want to achieve and honest about what is achievable. Here are a few example goals:

Increase total revenue by 25% over the next two years

Reduce production costs by 10% by the end of the year

Provide health insurance for employees by next fiscal year

Grow design department to 10+ employees this year

Reach 100k Instagram followers ahead of new product launch

Implement full rebrand before new partnership announcement

Once you have these goals in place, you can establish individual objectives that position your company to reach them.

2. Set a baseline

Like a field manager before a game, you've got to set your baselines. (Very niche pun, I know.) With a definite goal in mind, the only way to know your progress is to know where you're starting from. 

If you want to increase conversions on a specific link by X percent, look beyond current conversion percentage to the myriad factors going into it. Log the page traffic, clicks, ad performance, time on page, bounce rate, and other engagement metrics historically to this point. Your objectives will dig deeper into that one outcome to address deficiencies in the sales funnel , so every figure is important.

Analyzing your baselines could also help you recalibrate your goals. You may have decided abstractly that you want conversion rates to double in six months, but is that really possible? If your measurables show there's potentially a heavier lift involved than you expected, you can always roll back the goal performance or expand the timeline.

3. Involve players at all levels in the conversation

Too often, the most important people are left out of conversations about goals and objectives. The more levels of complexity and oversight, the more important it is to hear from everyone—yet the more likely it is that some will be excluded.

Let's say you want to reduce overhead by 5% over the next two years for your sporting goods manufacturing outfit. At a high level, your team finds you can reduce production costs by using cheaper materials for baseball gloves. A member of your sales team points out that the reduction in quality, which your brand is famous for, could lead to losses that offset those savings. Meanwhile, a factory representative points out that replacing outdated machines would be expensive initially but would increase efficiency, reduce defects, and cut maintenance costs, breaking even in four years.

By involving various teams at multiple levels, you find it's worth it to extend timelines from two to four years. Your overhead reduction may be lower than 5% by year two but should be much higher than that by year four based on these changes.

The takeaway from this pretty crude example is that it's helpful to make sure every team that touches anything related to your objective gets consulted. They should give valuable, practical input thanks to their boots- (or cleats-) on-the-ground experience.

4. Define measurable outcomes

An objective should be exactly that. Using KPIs (key performance indicators) to apply a level of objectivity to your action steps allows you to measure their progress and success over time and either adapt as you go along or stay the course.

How do you know if your specific objectives are leading to increased web traffic, or if that's just natural (or even incidental) growth? How do you know if your recruiting efforts lead to better candidates, or whether your employees are actually more satisfied? Here are a few examples of measurable outcomes to show proof:

Percentage change (15% overall increase in revenue)

Goal number (10,000 subscribers)

Success range (five to 10 new clients)

Clear change (new company name)

Executable action (weekly newsletter launch)

Your objectives should have specific, measurable outcomes. It's not enough to have a better product, be more efficient, or have more brand awareness . Your objective should be provable and grounded in data.

5. Outline a roadmap with a schedule

You've got your organizational goals defined, logged your baselines, sourced objectives from across your company, and know your metrics for defining success. Now it's time to set an actionable plan you can execute.

Your objectives roadmap should include all involved team members and departments and clear timelines for reaching milestones. Within your objectives, set action items with deadlines to stay on track, along with corresponding progress markers. For the objective of "increase lead conversion efficiency by 10%," that could look like:

May 15: Begin time logging 

June 1: Register team members for productivity seminar

June 15: Integrate Trello for managing processes

June 15: Audit time log

July 1: Implement lead automation

August 1: Audit time log—goal efficiency increase of 5%

6. Integrate successful changes

You've successfully achieved your objectives—great! But as Yogi Berra famously said, "It ain't over till it's over," and it ain't over yet. 

Don't let this win be a one-off accomplishment. Berra also said "You can observe a lot by just watching," and applying what you observed from this process will help you continue growing your company. Take what worked, and integrate it into your business processes for sustainable improvement. Then create new objectives, so you can continue the cycle.

Business objectives aren't collated plans or complicated flowcharts—they're short, impactful statements that are easy to memorize and communicate. There are four basic components every business objective should have: 

A growth-oriented intention (improve efficiency)

One or more actions (implement monthly training sessions)

A measurement for success (20% increase)

A timeline to reach success (by end of year)

For this year's summer swimwear line, we will increase sales by 15% over last year's line through customer relationship marketing. We will execute distinct email campaigns by segmenting last year's summer swimwear customers and this year's spring casualwear customers and offering season-long discount codes.

Our SaaS product's implementation team will grow to five during the next fiscal year. This will require us to submit a budget proposal by the end of the quarter and look into restructured growth tracks, new job posting templates, and revised role descriptions by the start of next fiscal year.

We will increase customer satisfaction for our mobile app product demonstrably by the end of the year by integrating a new AI chatbot feature. To measure the change in customer satisfaction, we will monitor ratings in the app store, specifically looking for decreases in rates of negative reviews by 5%-10%  as well as increases in overall positive reviews by 5%-10%.

Each of our water filtration systems will achieve NSF certification ahead of the launch of our rebranding campaign. Our product team will establish a checklist of changes necessary for meeting certification requirements and communicate timelines to the marketing team.

HR will implement bi-annual performance reviews starting next year. Review timelines will be built into scheduling software, and HR will automate email reminders to managers to communicate to their teams.

Business objectives can be as simple as one action or as complex as a multi-year roadmap—but they should be able to fall into a clear, actionable framework.

Calling your shot to the left centerfield wall and hitting a ball over that wall are two different things—the same goes for setting an objective and actualizing it.

Start with clear, attainable goals: Objectives should position your business to reach broader growth goals, so start by establishing those.

Align decisions with objectives: Once you set objectives, they should inform other decisions. Decision-makers should think about how changes they make along the way affect their objectives' timelines and execution.

Stick to the schedule or adjust it: Schedules should propel change, not rush it. Work toward meeting milestones and deadlines, but understand that they can always be moved if complications or new priorities arise. Remember, it's ok to fall short on goals .

Listen to team members at all levels: Those most affected by organizational changes can be the ones with the least say in the matter. Great ideas and insights can come from any level—even if they're only tangentially related to an outcome.

Implement automation: Automation keeps systems running smoothly—business objectives are no exception. Make a plan to bring no-code automation into workflows with Zapier to move your work forward, faster.

What makes business objectives so useful is that they can help you build a plan with defined steps to reach obtainable growth goals. As (one more time) Yogi Berra also once said, "You've got to be very careful if you don't know where you are going, because you might not get there." 

As you outline your objectives, here are some guides that can help you find KPIs and improvement opportunities:

How to conduct your own market research survey

6 customer satisfaction metrics to start measuring

Streamline work across departments with automation

Measuring SaaS success: 5 essential product-led growth metrics to track

12 value proposition templates—and how to write your own

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Bryce Emley

Currently based in Albuquerque, NM, Bryce Emley holds an MFA in Creative Writing from NC State and nearly a decade of writing and editing experience. His work has been published in magazines including The Atlantic, Boston Review, Salon, and Modern Farmer and has received a regional Emmy and awards from venues including Narrative, Wesleyan University, the Edward F. Albee Foundation, and the Pablo Neruda Prize. When he isn’t writing content, poetry, or creative nonfiction, he enjoys traveling, baking, playing music, reliving his barista days in his own kitchen, camping, and being bad at carpentry.

• Small business
• Sales & business development

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How to write SMART goals

It’s easier to succeed when you have clearly defined objectives that are based in reality.

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5-second summary

• Teams often fall short of meeting their goals due to a lack of consensus on the definition of success.
• SMART goals use a specific set of criteria to help ensure that objectives are clearly defined and attainable within a certain timeframe.
• Working through each step of creating a SMART goal can reveal instances where priorities and resources are out of alignment.

Meet Jane. She’s a product manager at a mid-sized tech company – let’s call it Techfirm, Inc. Jane has been tasked with increasing usage of Techfirm’s mobile app.

She knows she’ll need all hands on deck to make this happen, but when Jane has set team-wide goals in the past, they’ve quickly fallen off track. Nobody seemed to have a clear understanding of what success should look like; progress wasn’t monitored closely enough, and inevitably, that important objective slipped to the back burner (before toppling off the stove entirely).

That’s why, this time around, Jane plans to leverage SMART goals for setting an action plan and staying the course.

Want to get started right now?

Use our template to define the different components of your SMART goal.

What are SMART goals?

The SMART in SMART goals stands for Specific, Measurable, Achievable, Relevant, and Time-Bound.

Defining these parameters as they pertain to your goal helps ensure that your objectives are attainable within a certain time frame. This approach eliminates generalities and guesswork, sets a clear timeline, and makes it easier to track progress and identify missed milestones.

An example of a SMART-goal statement might look like this: Our goal is to [quantifiable objective] by [timeframe or deadline]. [Key players or teams] will accomplish this goal by [what steps you’ll take to achieve the goal]. Accomplishing this goal will [result or benefit].

Let’s use Jane’s objective to work through each component.

S: Specific

In order for a goal to be effective, it needs to be specific. A specific goal answers questions like:

• What needs to be accomplished?
• Who’s responsible for it?
• What steps need to be taken to achieve it?

Thinking through these questions helps get to the heart of what you’re aiming for. Here’s an example of a specific goal Jane might come up with:

Grow the number of monthly users of Techfirm’s mobile app by optimizing our app-store listing and creating targeted social media campaigns.

M: Measurable

Don’t underestimate the outsized impact of short-term goals

Specificity is a solid start, but quantifying your goals (that is, making sure they’re measurable) makes it easier to track progress and know when you’ve reached the finish line.

Jane and her product team want to grow the number of their mobile app users – but by how much? If they get even one new signup, that’s technically positive growth – so does that mean they’re done? Same goes for their strategy – how many platforms will they advertise on? 

To make this SMART objective more impactful, Jane should incorporate measurable, trackable benchmarks.

Increase the number of monthly users of Techfirm’s mobile app by 1,000 by optimizing our app-store listing and creating targeted social media campaigns for four social media platforms: Facebook, Twitter, Instagram, and LinkedIn.

A: Achievable

This is the point in the process when you give yourself a serious reality check. Goals should be realistic –  not  pedestals from which you inevitably tumble. Ask yourself: is your objective something your team can reasonably accomplish?

Jane might look at her goal and realize that, given her small team and their heavy workload, creating ad campaigns for four social platforms might be biting off more than they can chew. She decides to scale back to the three social networks where she’s most likely to find new clients.

Increase the number of monthly users of Techfirm’s mobile app by 1,000 by optimizing our app-store listing and creating targeted social media campaigns for three social media platforms: Facebook, Twitter, and Instagram.

Safeguarding the achievability of your goal is much easier when you’re the one setting it. However, that’s not always the case. When goals are handed down from elsewhere, make sure to communicate any restraints you may be working under. Even if you can’t shift the end goal, at least you can make your position (and any potential roadblocks) known up-front.

R: Relevant

Here’s where you need to think about the big picture. Why are you setting the goal that you’re setting? Jane knows that the app is a huge driver of customer loyalty, and that an uptick in their app usage could mean big things for the company’s bottom-line revenue goals. Now she revises her statement to reflect that context.

Grow the number of monthly users of Techfirm’s mobile app by 1,000 by optimizing our app-store listing and creating targeted social media campaigns for three social media platforms: Facebook, Twitter, and Instagram. Because mobile users tend to use our product longer, growing our app usage will ultimately increase profitability.

T: Time-bound

To properly measure success, you and your team need to be on the same page about when a goal has been reached. What’s your time horizon? When will the team start creating and implementing the tasks they’ve identified? When will they finish?

SMART goals should have time-related parameters built in, so everybody knows how to stay on track within a designated time frame.

When Jane incorporates those dates, her SMART goal is complete.

Grow the number of monthly users of Techfirm’s mobile app by 1,000 within Q1 of 2022. This will be accomplished by optimizing our app-store listing and creating targeted social media campaigns, which will begin running in February 2022, on three social media platforms: Facebook, Twitter, and Instagram. Since mobile is our primary point of conversion for paid-customer signups, growing our app usage will ultimately increase sales.

Knowing how to set goals using the SMART framework can help you succeed in setting and attaining goals, no matter how large or small.

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How to Set Strategic Planning Goals

• 29 Oct 2020

In an ever-changing business world, it’s imperative to have strategic goals and a plan to guide organizational efforts. Yet, crafting strategic goals can be a daunting task. How do you decide which goals are vital to your company? Which ones are actionable and measurable? Which goals to prioritize?

To help you answer these questions, here’s a breakdown of what strategic planning is, what characterizes strategic goals, and how to select organizational goals to pursue.

Access your free e-book today.

What Is Strategic Planning?

Strategic planning is the ongoing organizational process of using available knowledge to document a business's intended direction. This process is used to prioritize efforts, effectively allocate resources, align shareholders and employees, and ensure organizational goals are backed by data and sound reasoning.

Research in the Harvard Business Review cautions against getting locked into your strategic plan and forgetting that strategy involves inherent risk and discomfort. A good strategic plan evolves and shifts as opportunities and threats arise.

“Most people think of strategy as an event, but that’s not the way the world works,” says Harvard Business School Professor Clayton Christensen in the online course Disruptive Strategy . “When we run into unanticipated opportunities and threats, we have to respond. Sometimes we respond successfully; sometimes we don’t. But most strategies develop through this process. More often than not, the strategy that leads to success emerges through a process that’s at work 24/7 in almost every industry."

Related: 5 Tips for Formulating a Successful Strategy

4 Characteristics of Strategic Goals

To craft a strategic plan for your organization, you first need to determine the goals you’re trying to reach. Strategic goals are an organization’s measurable objectives that are indicative of its long-term vision.

Here are four characteristics of strategic goals to keep in mind when setting them for your organization.

1. Purpose-Driven

The starting point for crafting strategic goals is asking yourself what your company’s purpose and values are . What are you striving for, and why is it important to set these objectives? Let the answers to these questions guide the development of your organization’s strategic goals.

“You don’t have to leave your values at the door when you come to work,” says HBS Professor Rebecca Henderson in the online course Sustainable Business Strategy .

Henderson, whose work focuses on reimagining capitalism for a just and sustainable world, also explains that leading with purpose can drive business performance.

“Adopting a purpose will not hurt your performance if you do it authentically and well,” Henderson says in a lecture streamed via Facebook Live . “If you’re able to link your purpose to the strategic vision of the company in a way that really gets people aligned and facing in the right direction, then you have the possibility of outperforming your competitors.”

Related: 5 Examples of Successful Sustainability Initiatives

2. Long-Term and Forward-Focused

While strategic goals are the long-term objectives of your organization, operational goals are the daily milestones that need to be reached to achieve them. When setting strategic goals, think of your company’s values and long-term vision, and ensure you’re not confusing strategic and operational goals.

For instance, your organization’s goal could be to create a new marketing strategy; however, this is an operational goal in service of a long-term vision. The strategic goal, in this case, could be breaking into a new market segment, to which the creation of a new marketing strategy would contribute.

Keep a forward-focused vision to ensure you’re setting challenging objectives that can have a lasting impact on your organization.

3. Actionable

Strong strategic goals are not only long-term and forward-focused—they’re actionable. If there aren’t operational goals that your team can complete to reach the strategic goal, your organization is better off spending time and resources elsewhere.

When formulating strategic goals, think about the operational goals that fall under them. Do they make up an action plan your team can take to achieve your organization’s objective? If so, the goal could be a worthwhile endeavor for your business.

4. Measurable

When crafting strategic goals, it’s important to define how progress and success will be measured.

According to the online course Strategy Execution , an effective tool you can use to create measurable goals is a balanced scorecard —a tool to help you track and measure non-financial variables.

“The balanced scorecard combines the traditional financial perspective with additional perspectives that focus on customers, internal business processes, and learning and development,” says HBS Professor Robert Simons in the online course Strategy Execution . “These additional perspectives help businesses measure all the activities essential to creating value.”

The four perspectives are:

• Internal business processes
• Learning and growth

The most important element of a balanced scorecard is its alignment with your business strategy.

“Ask yourself,” Simons says, “‘If I picked up a scorecard and examined the measures on it, could I infer what the business's strategy was? If you've designed measures well, the answer should be yes.”

Related: A Manager’s Guide to Successful Strategy Implementation

Strategic Goal Examples

Whatever your business goals and objectives , they must have all four of the characteristics listed above.

For instance, the goal “become a household name” is valid but vague. Consider the intended timeframe to reach this goal and how you’ll operationally define “a household name.” The method of obtaining data must also be taken into account.

An appropriate revision to the original goal could be: “Increase brand recognition by 80 percent among surveyed Americans by 2030.” By setting a more specific goal, you can better equip your organization to reach it and ensure that employees and shareholders have a clear definition of success and how it will be measured.

If your organization is focused on becoming more sustainable and eco-conscious, you may need to assess your strategic goals. For example, you may have a goal of becoming a carbon neutral company, but without defining a realistic timeline and baseline for this initiative, the probability of failure is much higher.

A stronger goal might be: “Implement a comprehensive carbon neutrality strategy by 2030.” From there, you can determine the operational goals that will make this strategic goal possible.

No matter what goal you choose to pursue, it’s important to avoid those that lack clarity, detail, specific targets or timeframes, or clear parameters for success. Without these specific elements in place, you’ll have a difficult time making your goals actionable and measurable.

Prioritizing Strategic Goals

Once you’ve identified several strategic goals, determine which are worth pursuing. This can be a lengthy process, especially if other decision-makers have differing priorities and opinions.

To set the stage, ensure everyone is aware of the purpose behind each strategic goal. This calls back to Henderson’s point that employees’ alignment on purpose can set your organization up to outperform its competitors.

Calculate Anticipated ROI

Next, calculate the estimated return on investment (ROI) of the operational goals tied to each strategic objective. For example, if the strategic goal is “reach carbon-neutral status by 2030,” you need to break that down into actionable sub-tasks—such as “determine how much CO2 our company produces each year” and “craft a marketing and public relations strategy”—and calculate the expected cost and return for each.

The ROI formula is typically written as:

ROI = (Net Profit / Cost of Investment) x 100

In project management, the formula uses slightly different terms:

ROI = [(Financial Value - Project Cost) / Project Cost] x 100

An estimate can be a valuable piece of information when deciding which goals to pursue. Although not all strategic goals need to yield a high return on investment, it’s in your best interest to calculate each objective's anticipated ROI so you can compare them.

Consider Current Events

Finally, when deciding which strategic goal to prioritize, the importance of the present moment can’t be overlooked. What’s happening in the world that could impact the timeliness of each goal?

For example, the coronavirus (COVID-19) pandemic and the ever-intensifying climate change crisis have impacted many organizations’ strategic goals in 2020. Often, the goals that are timely and pressing are those that earn priority.

Learn to Plan Strategic Goals

As you set and prioritize strategic goals, remember that your strategy should always be evolving. As circumstances and challenges shift, so must your organizational strategy.

If you lead with purpose, a measurable and actionable vision, and an awareness of current events, you can set strategic goals worth striving for.

Do you want to learn more about strategic planning? Explore our online strategy courses and download our free flowchart to determine which is right for you and your goals.

This post was updated on November 16, 2023. It was originally published on October 29, 2020.

About the Author

41 Business Goals Examples to Set in 2024 and Beyond

• Goal Management

What Are Business Goals?

4 goal frameworks with examples, manage business goals in weekdone.

For more than 10 years Weekdone has provided tens of thousands of teams from startups to Fortune 500 with world leading goal-setting software called Weekdone . These are our lessons learned.

Organizations invest time and resources in determining where to target their collective efforts. Whether your business goals and objectives center on strategic planning, expansion, or sustainability, they are a pivotal point in the expansion of any organization. They assist in several ways, from enhancing customer service to boosting revenues. In the end, they contribute to establishing the company’s main goal.

You may have come across many long-term and short-term goal-setting methodologies or frameworks in the business sector, such as Objectives and Key Results (OKR) , Balanced Scorecard (BSC), SMART goals, and so on. 

• OKRs – Objectives and Key Results – as implemented in products like Weekdone are today’s de-facto standard for goal-setting in teams and companies
• SMART goals can help you handle the bumps on the road. 
• Business model and vision statement provide a big picture view of your firm and what you want to achieve, 
• Short-term and long-term business objectives describe the exact techniques you’ll employ to get there.

It’s time to advance with a proactive, strategic strategy that prioritizes pressing problems and helps us avoid making snap judgments in the future. Let’s go through the ultimate strategies for setting great business goals for 2024 and beyond.

Business goals are the aims that a company expects to achieve within a specific time frame. You may define business goals for your entire organization as well as specific departments, staff, management, and/or clientele.

Goals often indicate the wider purpose of a firm and seek to set an ultimate goal for staff to strive toward. The time period you set your goal for will determine whether it’s considered short-term or long term.

Short term goals are usually those which can be achieved in one or two working quarters (3-6 months) sometimes maybe a year, depending on how committed the organization is.

Further, when thinking of a long term goal – it’s typically one set with a date to accomplish within one year or more.

📚 What’s the difference between goals and objectives ?

A goal framework is a systematic way of defining goals. Although these frameworks vary in terms of precise rules and methods, they are all intended to simplify the goal management process to maximize the probability of achievement. This generally entails breaking down larger and more complicated goals into smaller steps and activities that should be completed within a specific period.

The 4 goal-setting frameworks listed below are among the most widely used and successful frameworks available today.

Objectives and Key Results (OKR)

OKR stands for “ Objectives and Key Results .” This popular goal management framework focuses on development and progress by setting proper quarterly goals – leveraging the ability of your teams to achieve results. Weekdone is a tool to implement OKRs in your team.

Using OKRs is critical for attaining collaborative success and fulfilling the organization’s bigger vision. This framework helps businesses to keep alignment and engagement on the quantifiable metrics that actually matter!

OKR methodology entails defining objectives, involving individuals in the goal-setting exercise, and fostering an open and transparent culture. Maintaining this culture requires persistent and regular OKR check-ins to keep you on track and ensure you never lose sight of your priorities. OKRs have been embraced by many big corporations and charitable groups, including Netflix and Code for America.

Learn more about the best practices for tracking OKRs , why it is important, and how to use OKRs effectively throughout the company.

Get 14-day trial of Weekdone . Invite your teams and set better business goals with OKRs. Try it now .

How to Write Good OKRs

Writing OKRs at the Company or Team level lets you clearly view your core challenges and improvement possibilities and separate them from day-to-day activities. Good objectives bring teams together, foster long-term growth habits, and propel you to success. If you start using Weekdone , you can take advantage of the OKR examples in the software .

To create OKRs, you must first understand how to do them correctly. OKRs are composed of one main goal at the top and 3-5 accompanying key results. They may be expressed in the form of a statement.

Crafting Company Objectives

To begin, you need to create a corporate objective. The corporate goal should be wide enough to allow all teams to develop the most successful team goals. On the other hand, it should be detailed, so everyone understands the company’s direction.

Ultimately, the company objective helps to establish a quarterly focus for the entire organization. Team objectives are then developed based on this high-level focus.

Developing Team Objectives

Once the company’s Objective(s) is established, individual teams should work together to discuss their relative objectives. These motivating goals should be consistent with the general direction of the firm. They should create focus, a sense of urgency, and a sense of collective purpose. Furthermore, they are intended to represent challenges to be solved or possibilities for progress to be pursued during the quarter.

Pro Tip: In Weekdone , we recommend linking your team objectives to the company objective – creating the company OKR. This goal alignment tactic ensures that everything is moving as one cohesive organism.

Creating Key Results for Your Objectives

Objectives on all levels are subdivided into quantifiable key results used to track your success and progress toward the “O”. As a result, key results they must be time-bound, detailed, attainable, and quantifiable. While the goal is to fix or enhance the problem, crucial findings indicate whether the problem was successfully solved.

Keep in mind: Efficient Key results are lofty but attainable metrics -they are not KPIs or projects. KR’s are always tied to both the quarter and the objectives.

OKR Examples

By identifying some OKR examples to model and practice with, it will be much simpler to adopt the framework in your business effectively. Here are some example Objectives and their Key Results for different business departments:

Sales & Marketing Departmental OKR Examples

Example okr #1:.

Objective: Improve our overall sales performance. Key Result 1: Maintain a sales pipeline of quality leads worth at least $400K each quarter. Key Result 2: Increase the closure rate from 20% to 23%. Key Result 3: Increase the number of planned calls per sales rep from three to six per week. Key Result 4: Increase the average contract size from $12,000 to $124,000.

Example OKR #2:

Objective: Build a netbook of business recurring revenue to stabilize the firm. Key Result 1: Achieve $300,000 in monthly recurring revenue ($MRR) before the end of Q1. Key Result 2: Increase the proportion of subscription services sold against one-time contracts to 60%. Key Result 3: Increase the average paid subscription value to at least $400. Key Result 4: Increase the percentage of yearly renewals to 70%.

Example OKR #3:

Objective: Bring in as many high-quality leads to assist the sales team. Key Result 1: Develop three new case studies aimed at new consumer categories. Key Result 2:  Update the normal sales deck and discussion track with new products/offers. Key Result 3:  Try to double the number of online form leads. Key Result 4:  Organize two sales training sessions.

Example OKR #4:

Objective: Improve the quality of our outbound sales strategy. Key Result 1: Ensure that at least 75% of prospective parties are contacted directly within three working days. Key Result 2:   Consult with productive team members to determine what works in the sales process and develop a sales cheat sheet. Key Result 3: Publish a best practices sales process document with the lowest permitted service levels

Example OKR #5:

Objective: Generate sales leads of greater quality. Key Result 1: Create a set of lead metrics and prepare queries for CRM collection. Key Result 2:   Ensure that at least 75% of leads performed mandatory questions/answers. Key Result 3: Streamline the gathering of data from our database to CRM. Key Result 4: Redesign the user interaction form by adding three additional mandatory structured questionnaires.

Example OKR #6:

Objective : Extend our reach and brand recognition beyond our present geographic boundaries. Key Result 1:  Improve signups from transformational change leadership articles by 3% Key Result 2:  Boost publication subscriptions by 300 Key Result 3: Enhance web traffic from additional target areas by 12%.

Example OKR #7

Objective : Improve our SEO. Key Result 1: Get 20 fresh backlinks from relevant sites each quarter if your domain score exceeds 50. Key Result 2: Optimize our on-page optimization and improve ten pages every quarter. Key Result 3:  Increase the speed of our website to improve our speed score. Key Result 4:   Write one new blog article weekly optimized for our list of targeted search terms.

Example OKR #8

Objective : Foster a sense of community among our clients. Key Result 1:  Develop a best-practices-based customer community approach. Key Result 2:  During the first half of the year, produce 20 articles showing client satisfaction. Key Result 3:  We get 25% of our clients to engage in the community using discount opportunities. Key Result 4:  Earn five favorable PR mentions for our consumers this quarter.

Example OKR #9

Objective : Increase brand exposure and reputation. Key Result 1:  Roll out a new weekly magazine with valuable material and thought leadership. Key Result 2: Deliver five new value-added posts with over 250 words of content every month. Key Result 3: This quarter, obtain two favorable media exposure PR spots in our community. Key Result 4: Amass 10 reviews with five stars on Google and Yelp this quarter.

Example OKR #10

Objective : Deliberately and consistently enhance the competencies of our staff. Key Result 1:   Every member of the team has a personal growth plan. Key Result 2:  All workers have received 360-degree feedback. Key Result 3: Every manager has a one-on-one at least every other week. Key Result 4: Create a strategy for effective intervention opportunities to address capacity shortfalls.

SMART Goals for Business

SMART business goals give you the blueprint to make your overarching business aspirations a reality.

James Cunningham, Arthur Miller, and George Doran initially presented this method for defining goals in 1981. Setting SMART goals allows you to articulate your thoughts, organize your efforts, use your time and resources better, and enhance the odds of reaching your goal. Questions to ask when setting SMART goals:

• What exactly do you want to accomplish?
• What are your numeric priorities or restrictions regarding effort, expense, and time?
• How realistic is it? See committed or aspirational goals
• Does the goal apply to you and your company?
• What are your timeframes, deadlines, and quantifiable constraints?

SMART goals do not have a certain cadence or use case; they are suggestions and a descriptive set of criteria to use while considering what you want to accomplish. You may establish them for certain periods, departments, individuals, or tasks.

How to Write SMART Goals

Consider using the SMART steps to help you reach your goals:

• Specify your goal.
• Create a measurable goal.
• Set attainable goals.
• Ensure that it is relevant.
• Develop a time-bound plan.

SMART goals can be implemented in any section of a business. If you’re unsure whether it’s worthwhile to plan it out for your organization, consider using free online goal-setting tools.

SMART Business Goals Examples

1. i want to boost my revenue.

• Specific: I plan to boost revenue while decreasing spending. Shifting to a more affordable location, which would reduce my rent by 7%, will lower my operational expenditures.
• Measurable: I plan to increase sales over the following five months by signing up three additional potential clients.
• Attainable: I plan to strengthen my current client connections and develop the company through recommendations, networking, and social media. This will assist me in generating more leads, resulting in a rise in income for the company.
• Relevant: Moving to a less expensive location will lower my company’s operational costs, allowing for profit growth.
• Time-bound: By the end of the next three months, I will have doubled my profit.

2. Set Up a Virtual Sales Communication Link

• Specific: Our remote sales crew should have connectivity across the board and be fully functional.
• Measurable: The mission is fully functional when running the routing protocol, and our remote employees can start working.
• Achievable: This goal may be lofty, but we may bring it to the top of the list of priorities and briefly divert assets from longer-term initiatives to finish it.
• Relevant: Even if there is no epidemic, remote work is an excellent option. Remote networking assists people in being productive and organizations in achieving goals in a post-COVID environment.
• Time-bound: This objective has a time constraint of seven days.

3. I Want To Improve My Business Operations Efficiency

• Specific: I’ll strengthen the effectiveness of my daily operations by putting pressure on my sales team to raise their closing ratio from 30% to at least 40%.
• Measurable: Salespeople are expected to enhance their closing ratio from 30% to 40%, and delivery time is expected to be reduced from 72 hours to 12 hours.
• Attainable: I’ll run a poll to determine what the notion means to both clients and the sales staff. I’ll put it in place as soon as the concept is approved.
• Relevant: expanding the number of motorcycles and pickup trucks that will provide delivery services for us will aid the strategy’s success.
• Time-bound: This should take place within a year.

4. I Want To Expand My Business Operations

• Specific: During the next three years, open three additional branches around the country
• Measurable: The goal is to boost the company’s operations and revenue. This, in turn, will encourage the establishment of three additional branches.
• Attainable: More manufacturing will increase my present selling space by 25%. This will allow me to save for the projected expansion to four branches around the country.
• Relevant: Growing production, operations, and income will result in a larger customer base; therefore, opening new branches will not waste time.
• Time-bound: The establishment of the branches should take place during the next three years.

5. My goal is to increase employee retention

• Specific: In 90 days, I will reduce staff turnover by 25% by training new workers to let them understand what is expected of them and a strategy to assist them in becoming acquainted with the operational processes.
• Measurable: the increase in staff turnover is expected to be roughly 25% and should occur within 90 days.
• Attainable: training courses and one-on-one sessions will guarantee that personnel are ready for what is required of them when they start working in production.
• Relevant: exceptional personnel will be considered for a reward scheme. There will be motivational training for individuals who are having difficulty.
• Time-bound: Within 90 days, staff turnover will have improved.

OKR Goals vs. SMART Goals

OKRs and SMART goals may appear to be very comparable on the surface. However, they have entirely different use cases. OKR is regarded as a more advanced method for creating corporate-wide goals.

OKRs are intended to propel firms to growth and long-term progress. They operate best with a quarterly goal-setting cycle and regular weekly check-ins to keep track of progress and stay on target. SMART goals are one-time objectives created for smaller initiatives without a direct or established link to higher-level objectives.

Management by Objectives (MBO)

Management by Objectives, abbreviated “MBO,” is a management concept created by Peter Drucker in the late 1960s as he began to propose better methods for managing skilled workers over agricultural and industrial employees who came before them.

Staff objectives are set using the main business goals, with this framework. MBO enables everyone in the firm to evaluate what they have done concerning the company’s key objectives and priorities while completing duties. This demonstrates how action and outcome are linked and how they may significantly boost productivity.

MBO Examples

MBO can be used and possibly benefit a variety of sectors. Here are some real-world applications for MBO:

Human Resources: MBO may improve employee happiness, hold workplace events, and increase staff participation.

Company Performance: Using MBO to boost gross margins, minimize carbon footprints, enhance sales, and so on.

Marketing: MBO may help you reach goals like boosting email subscriptions, expanding social media followers, and tripling online traffic.

Customer Service: Minimizing incident rates, boosting associate accessibility to assist in customer disagreements, and speeding up a dispute resolution.

Sales: Reduce the sales cycle from six to three months, boost average revenues to $10,000, and acquire 15 new clients over a certain period.

In reality, a clear objective setting in areas where the organization may now fall short may assist all facets of a company, from human resources to marketing to sales to information technology and everything in between.

OKR vs. MBO 

The most notable difference between these two frameworks is that OKR is about outcomes, rather than outputs. OKR has been known to foster more important cross-departmental and team discussions to get to the greater problem or big picture ideas. Management by Objectives has been linked to performance management and is driven by outputs – both of which are very different from the Objectives and Key Results goal management framework.

Read more on the difference between OKR and MBO . 

Big Hairy Audacious Goals (BHAG)

BHAG stands for ‘big, hairy, audacious goals’ and refers to lofty ambitions that may appear impossible in the short term but give a crucial feeling of aspiration and emotional energy to propel the business to the top.

The concept, coined by Jim Collins and Jerry Porras in their book Built to Last: Successful Habits of Visionary Companies, often defines long-term strategies tied to your company’s fundamental beliefs and ideals. BHAGs are long-term in nature, with a time frame of 10 to 25 years optimal. They should be based on the goal and guiding principles of your company.

Tips for Developing Your BHAG

Here are some helpful hints for developing a BHAG for your company:

• Employees are inspired to strive for the final objective since it is so large and inspirational;
• The BHAG may be broken down into sub-goals, which is a huge motivator;
• Your objective is specific;
• Don’t forget to set a time limit.

BHAG Examples

• Make your eatery the go-to choice for royalty and international leaders when they need catering.
• Establish a nonprofit organization to find a treatment for a serious illness like Parkinson’s or arthritis.
• Make your business more than just a producer of mobility aids by creating the first all-terrain wheelchair that improves the lives of millions of people.
• Surpass Starbucks and McDonald’s in brand recognition. It can also work in other industries by modifying it to become as recognizable a name as McDonald’s in your chosen field.
• Make your art gallery the most well-known in the world. One in which all the greatest artists compete to have their work showcased.
• Become a billion-dollar corporation in two decades. Some of the world’s top corporations began on kitchen tables with a BHAG.

More Business Goals Examples

Without rhyme or reason, implementing a new framework or not – you can always begin with some statement areas for improvement. We’ve created a list of example goals you can work with immediately in your organization. These are great to get started in your free Weekdone trial .

1. Increase Market Share

This goal is customer driven. The idea is to sell more of your product to your target consumers, thus, increasing overall market share for your product for investors. For example, if you operate a B2B company, your goal should be to reach out to more company heads or HR departments. If you operate a small business that focuses on building computers, you’ll want more of the local population to come to you for your services.

2. Increase Community Outreach

Becoming part of the community is a fantastic way to connect from the B2C side. Whether you are a large company contributing to community efforts through sponsorship or a small company that volunteers to help for Little League Baseball, community outreach is an excellent goal for new and established organizations alike. Increasing community outreach is especially important if your company or organization doesn’t have a good reputation with a particular group (I.E.: environmentalists).

Likewise, community outreach is essential if you are providing human necessities. For example, if you run a small scale grocery store, community outreach is what’s gonna keep you above water when competing with larger corporations. 

3. Maintain Profits

Financial goals are one of the most useful top-level objectives you can have. By nature, they are both aspirational and measurable, which equally makes financial-driven objectives essential for getting the goal setting process started for young businesses.

Maintaining profits (as opposed to increasing revenue) calls for a balance between profitability and investments. Investments are necessary to test out changes in the market and expand the business, so by establishing a balanced goal, you can reason how much money can go into growth and new projects/tools/campaigns while still reaching a paired profit goal. 

4. Reduce Energy or Decrease Unnecessary Use of Resources

This is a double-sided issue. If you are providing a service or product that requires being PHYSICALLY, cutting back on using that energy to save money means you can put that money to things that are more useful and productive (such as expanding or improving the product). This can be as minimal as cutting down on electricity. 

If your product isn’t physical, this goal equally applies to cutting out company tools by trying to find software or systems that maximize your company’s alignment and productivity. Aiming for 1-2 communication tools, for example, cuts out company miscommunication by having conversations spread out over several apps, messaging programs, and document sharing platforms. 

5. Grow Shareholder Value

Increasing shareholder value is an extension of increasing profit for consumers. Increasing the overall value of your organization can refer to reputation, profit, or any other classification of “value.” The most important aspect of this goal is to specify what that value is and structure your Key Results, projects, KPIs, etc. around this. 

6. Increase Percentage of Sales Made with New Product Features

When developing new products or features, promoting them so sales can close more deals/sell more of the new product should be one of your main priorities for increasing profit. This justifies the expenses from investing in the new product or feature in the first place and aims to ensure that the investment was worth it and will turn a profit. 

7. Invest in Quality Management

Total Quality Management (TQM) is all about continuing to reduce manufacturing error and streamlining a supply chain with physical products. It equally applies to both when dealing with improving customer experience and training staff. Improving quality across a wide variety of areas is a great company level goal that’s easy to align since each team or department can be held accountable for their own work. 

8. Focus on Leadership Skills for Team Members

Training employees is one thing, making them comfortable so they can speak for themselves and encouraging creative, out-of-the box behavior is another. If your company wants more input from lower levels, then this is important.

Implementing employee goals will increase their independence and confidence in the workplace. We have a post to explain how this works.

9. Maintain or Decrease Debt

Easily measurable, this category falls under finances as well. Maintaining a certain amount of financial debt is important… especially for businesses that are just getting started and may not have the profits to cover debt costs.

10. Balance Budget for X Period

Balancing a budget is a great top level goal for non-profits. Likewise, this goal is a great for teams who may get a set amount to invest in campaigns or projects quarterly or annually. 

11. Calculate and Create the Best Value of Product for Cost

This is on marketing and sales, so is a better team goal example than a company goal. The idea is to focus on selling customers that they are getting the best deal. Whether you’re selling something top of the line for high cost or a cheap, low-cost alternative that doesn’t have the polish of a different brand, you need to highlight to your customers why your product balances value and cost.

12. Make Product More Reliable/Create a Reliable Product

Making your product more reliable is a great way to gain customers while maintaining pre existing ones. This short term goal can be worked on quarter after quarter – split up the tasks by first reviewing existing value points, competitors and current positioning – then continue forward as you learn and explore more to prepare for development.

13. Cross-Sell to Long Term Customers

So, you have people buying a product of yours. A good goal for sales is to sell them on more products. This builds brand loyalty.

14. Best Customer Service

Dealing with the external face of your company, offering the best customer service means that consumers are happier with the overall experience of buying or using your product.

15. Team Building/Diversity Training Goals

A classic in HR teams, team building and diversity training focuses on employee satisfaction to prevent turnover and allow environments where everyone is comfortable enough to share their ideas.

It’s now time to sign up for your free Weekdone trial and get going.

The first step is to set up a goal for your firm or team. Each goal you establish has an impact on the next. As a result, ensure that your business goals and objectives are adaptable. Whether you are a small firm or an expert in your profession, consistently analyzing your work, raising your work standards, and expanding your goal list is the way to progress.

Efficient goal alignment promotes a greater sense of participation and direction among employees in a firm. The OKR process is at the forefront of assisting companies in aligning their aims through important results and activities.

Weekdone is your leading OKR software for status reporting, aligning team OKRs with business goals, and visualizing weekly and quarterly achievements. The fundamental concepts of appropriate alignment, structure, and connectivity are important to us. From the ground up, we can make your organization feel more connected by achieving business goals together. Sign up now .

14 day free trial – invite your team and start setting better business goals!

Small Business Trends

How to create a business plan: examples & free template.

This is the ultimate guide to creating a comprehensive and effective plan to start a business . In today’s dynamic business landscape, having a well-crafted business plan is an important first step to securing funding, attracting partners, and navigating the challenges of entrepreneurship.

This guide has been designed to help you create a winning plan that stands out in the ever-evolving marketplace. U sing real-world examples and a free downloadable template, it will walk you through each step of the process.

Whether you’re a seasoned entrepreneur or launching your very first startup, the guide will give you the insights, tools, and confidence you need to create a solid foundation for your business.

Table of Contents

How to Write a Business Plan

Embarking on the journey of creating a successful business requires a solid foundation, and a well-crafted business plan is the cornerstone. Here is the process of writing a comprehensive business plan and the main parts of a winning business plan . From setting objectives to conducting market research, this guide will have everything you need.

Executive Summary

The Executive Summary serves as the gateway to your business plan, offering a snapshot of your venture’s core aspects. This section should captivate and inform, succinctly summarizing the essence of your plan.

It’s crucial to include a clear mission statement, a brief description of your primary products or services, an overview of your target market, and key financial projections or achievements.

Think of it as an elevator pitch in written form: it should be compelling enough to engage potential investors or stakeholders and provide them with a clear understanding of what your business is about, its goals, and why it’s a promising investment.

Example: EcoTech is a technology company specializing in eco-friendly and sustainable products designed to reduce energy consumption and minimize waste. Our mission is to create innovative solutions that contribute to a cleaner, greener environment.

Our target market includes environmentally conscious consumers and businesses seeking to reduce their carbon footprint. We project a 200% increase in revenue within the first three years of operation.

Overview and Business Objectives

In the Overview and Business Objectives section, outline your business’s core goals and the strategic approaches you plan to use to achieve them. This section should set forth clear, specific objectives that are attainable and time-bound, providing a roadmap for your business’s growth and success.

It’s important to detail how these objectives align with your company’s overall mission and vision. Discuss the milestones you aim to achieve and the timeframe you’ve set for these accomplishments.

This part of the plan demonstrates to investors and stakeholders your vision for growth and the practical steps you’ll take to get there.

Example: EcoTech’s primary objective is to become a market leader in sustainable technology products within the next five years. Our key objectives include:

• Introducing three new products within the first two years of operation.
• Achieving annual revenue growth of 30%.
• Expanding our customer base to over 10,000 clients by the end of the third year.

Company Description

The Company Description section is your opportunity to delve into the details of your business. Provide a comprehensive overview that includes your company’s history, its mission statement, and its vision for the future.

Highlight your unique selling proposition (USP) – what makes your business stand out in the market. Explain the problems your company solves and how it benefits your customers.

Include information about the company’s founders, their expertise, and why they are suited to lead the business to success. This section should paint a vivid picture of your business, its values, and its place in the industry.

Example: EcoTech is committed to developing cutting-edge sustainable technology products that benefit both the environment and our customers. Our unique combination of innovative solutions and eco-friendly design sets us apart from the competition. We envision a future where technology and sustainability go hand in hand, leading to a greener planet.

Define Your Target Market

Defining Your Target Market is critical for tailoring your business strategy effectively. This section should describe your ideal customer base in detail, including demographic information (such as age, gender, income level, and location) and psychographic data (like interests, values, and lifestyle).

Elucidate on the specific needs or pain points of your target audience and how your product or service addresses these. This information will help you know your target market and develop targeted marketing strategies.

Example: Our target market comprises environmentally conscious consumers and businesses looking for innovative solutions to reduce their carbon footprint. Our ideal customers are those who prioritize sustainability and are willing to invest in eco-friendly products.

Market Analysis

The Market Analysis section requires thorough research and a keen understanding of the industry. It involves examining the current trends within your industry, understanding the needs and preferences of your customers, and analyzing the strengths and weaknesses of your competitors.

This analysis will enable you to spot market opportunities and anticipate potential challenges. Include data and statistics to back up your claims, and use graphs or charts to illustrate market trends.

This section should demonstrate that you have a deep understanding of the market in which you operate and that your business is well-positioned to capitalize on its opportunities.

Example: The market for eco-friendly technology products has experienced significant growth in recent years, with an estimated annual growth rate of 10%. As consumers become increasingly aware of environmental issues, the demand for sustainable solutions continues to rise.

Our research indicates a gap in the market for high-quality, innovative eco-friendly technology products that cater to both individual and business clients.

SWOT Analysis

A SWOT analysis in your business plan offers a comprehensive examination of your company’s internal and external factors. By assessing Strengths, you showcase what your business does best and where your capabilities lie.

Weaknesses involve an honest introspection of areas where your business may be lacking or could improve. Opportunities can be external factors that your business could capitalize on, such as market gaps or emerging trends.

Threats include external challenges your business may face, like competition or market changes. This analysis is crucial for strategic planning, as it helps in recognizing and leveraging your strengths, addressing weaknesses, seizing opportunities, and preparing for potential threats.

Including a SWOT analysis demonstrates to stakeholders that you have a balanced and realistic understanding of your business in its operational context.

• Innovative and eco-friendly product offerings.
• Strong commitment to sustainability and environmental responsibility.
• Skilled and experienced team with expertise in technology and sustainability.

Weaknesses:

• Limited brand recognition compared to established competitors.
• Reliance on third-party manufacturers for product development.

Opportunities:

• Growing consumer interest in sustainable products.
• Partnerships with environmentally-focused organizations and influencers.
• Expansion into international markets.
• Intense competition from established technology companies.
• Regulatory changes could impact the sustainable technology market.

Competitive Analysis

In this section, you’ll analyze your competitors in-depth, examining their products, services, market positioning, and pricing strategies. Understanding your competition allows you to identify gaps in the market and tailor your offerings to outperform them.

By conducting a thorough competitive analysis, you can gain insights into your competitors’ strengths and weaknesses, enabling you to develop strategies to differentiate your business and gain a competitive advantage in the marketplace.

Example: Key competitors include:

GreenTech: A well-known brand offering eco-friendly technology products, but with a narrower focus on energy-saving devices.

EarthSolutions: A direct competitor specializing in sustainable technology, but with a limited product range and higher prices.

By offering a diverse product portfolio, competitive pricing, and continuous innovation, we believe we can capture a significant share of the growing sustainable technology market.

Organization and Management Team

Provide an overview of your company’s organizational structure, including key roles and responsibilities. Introduce your management team, highlighting their expertise and experience to demonstrate that your team is capable of executing the business plan successfully.

Showcasing your team’s background, skills, and accomplishments instills confidence in investors and other stakeholders, proving that your business has the leadership and talent necessary to achieve its objectives and manage growth effectively.

Example: EcoTech’s organizational structure comprises the following key roles: CEO, CTO, CFO, Sales Director, Marketing Director, and R&D Manager. Our management team has extensive experience in technology, sustainability, and business development, ensuring that we are well-equipped to execute our business plan successfully.

Products and Services Offered

Describe the products or services your business offers, focusing on their unique features and benefits. Explain how your offerings solve customer pain points and why they will choose your products or services over the competition.

This section should emphasize the value you provide to customers, demonstrating that your business has a deep understanding of customer needs and is well-positioned to deliver innovative solutions that address those needs and set your company apart from competitors.

Example: EcoTech offers a range of eco-friendly technology products, including energy-efficient lighting solutions, solar chargers, and smart home devices that optimize energy usage. Our products are designed to help customers reduce energy consumption, minimize waste, and contribute to a cleaner environment.

Marketing and Sales Strategy

In this section, articulate your comprehensive strategy for reaching your target market and driving sales. Detail the specific marketing channels you plan to use, such as social media, email marketing, SEO, or traditional advertising.

Describe the nature of your advertising campaigns and promotional activities, explaining how they will capture the attention of your target audience and convey the value of your products or services. Outline your sales strategy, including your sales process, team structure, and sales targets.

Discuss how these marketing and sales efforts will work together to attract and retain customers, generate leads, and ultimately contribute to achieving your business’s revenue goals.

This section is critical to convey to investors and stakeholders that you have a well-thought-out approach to market your business effectively and drive sales growth.

Example: Our marketing strategy includes digital advertising, content marketing, social media promotion, and influencer partnerships. We will also attend trade shows and conferences to showcase our products and connect with potential clients. Our sales strategy involves both direct sales and partnerships with retail stores, as well as online sales through our website and e-commerce platforms.

Logistics and Operations Plan

The Logistics and Operations Plan is a critical component that outlines the inner workings of your business. It encompasses the management of your supply chain, detailing how you acquire raw materials and manage vendor relationships.

Inventory control is another crucial aspect, where you explain strategies for inventory management to ensure efficiency and reduce wastage. The section should also describe your production processes, emphasizing scalability and adaptability to meet changing market demands.

Quality control measures are essential to maintain product standards and customer satisfaction. This plan assures investors and stakeholders of your operational competency and readiness to meet business demands.

Highlighting your commitment to operational efficiency and customer satisfaction underlines your business’s capability to maintain smooth, effective operations even as it scales.

Example: EcoTech partners with reliable third-party manufacturers to produce our eco-friendly technology products. Our operations involve maintaining strong relationships with suppliers, ensuring quality control, and managing inventory.

We also prioritize efficient distribution through various channels, including online platforms and retail partners, to deliver products to our customers in a timely manner.

Financial Projections Plan

In the Financial Projections Plan, lay out a clear and realistic financial future for your business. This should include detailed projections for revenue, costs, and profitability over the next three to five years.

Ground these projections in solid assumptions based on your market analysis, industry benchmarks, and realistic growth scenarios. Break down revenue streams and include an analysis of the cost of goods sold, operating expenses, and potential investments.

This section should also discuss your break-even analysis, cash flow projections, and any assumptions about external funding requirements.

By presenting a thorough and data-backed financial forecast, you instill confidence in potential investors and lenders, showcasing your business’s potential for profitability and financial stability.

This forward-looking financial plan is crucial for demonstrating that you have a firm grasp of the financial nuances of your business and are prepared to manage its financial health effectively.

Example: Over the next three years, we expect to see significant growth in revenue, driven by new product launches and market expansion. Our financial projections include:

• Year 1: $1.5 million in revenue, with a net profit of $200,000.
• Year 2: $3 million in revenue, with a net profit of $500,000.
• Year 3: $4.5 million in revenue, with a net profit of $1 million.

These projections are based on realistic market analysis, growth rates, and product pricing.

Income Statement

The income statement , also known as the profit and loss statement, provides a summary of your company’s revenues and expenses over a specified period. It helps you track your business’s financial performance and identify trends, ensuring you stay on track to achieve your financial goals.

Regularly reviewing and analyzing your income statement allows you to monitor the health of your business, evaluate the effectiveness of your strategies, and make data-driven decisions to optimize profitability and growth.

Example: The income statement for EcoTech’s first year of operation is as follows:

• Revenue: $1,500,000
• Cost of Goods Sold: $800,000
• Gross Profit: $700,000
• Operating Expenses: $450,000
• Net Income: $250,000

This statement highlights our company’s profitability and overall financial health during the first year of operation.

Cash Flow Statement

A cash flow statement is a crucial part of a financial business plan that shows the inflows and outflows of cash within your business. It helps you monitor your company’s liquidity, ensuring you have enough cash on hand to cover operating expenses, pay debts, and invest in growth opportunities.

By including a cash flow statement in your business plan, you demonstrate your ability to manage your company’s finances effectively.

Example:  The cash flow statement for EcoTech’s first year of operation is as follows:

Operating Activities:

• Depreciation: $10,000
• Changes in Working Capital: -$50,000
• Net Cash from Operating Activities: $210,000

Investing Activities:

•  Capital Expenditures: -$100,000
• Net Cash from Investing Activities: -$100,000

Financing Activities:

• Proceeds from Loans: $150,000
• Loan Repayments: -$50,000
• Net Cash from Financing Activities: $100,000
• Net Increase in Cash: $210,000

This statement demonstrates EcoTech’s ability to generate positive cash flow from operations, maintain sufficient liquidity, and invest in growth opportunities.

Tips on Writing a Business Plan

1. Be clear and concise: Keep your language simple and straightforward. Avoid jargon and overly technical terms. A clear and concise business plan is easier for investors and stakeholders to understand and demonstrates your ability to communicate effectively.

2. Conduct thorough research: Before writing your business plan, gather as much information as possible about your industry, competitors, and target market. Use reliable sources and industry reports to inform your analysis and make data-driven decisions.

3. Set realistic goals: Your business plan should outline achievable objectives that are specific, measurable, attainable, relevant, and time-bound (SMART). Setting realistic goals demonstrates your understanding of the market and increases the likelihood of success.

4. Focus on your unique selling proposition (USP): Clearly articulate what sets your business apart from the competition. Emphasize your USP throughout your business plan to showcase your company’s value and potential for success.

5. Be flexible and adaptable: A business plan is a living document that should evolve as your business grows and changes. Be prepared to update and revise your plan as you gather new information and learn from your experiences.

6. Use visuals to enhance understanding: Include charts, graphs, and other visuals to help convey complex data and ideas. Visuals can make your business plan more engaging and easier to digest, especially for those who prefer visual learning.

7. Seek feedback from trusted sources: Share your business plan with mentors, industry experts, or colleagues and ask for their feedback. Their insights can help you identify areas for improvement and strengthen your plan before presenting it to potential investors or partners.

FREE Business Plan Template

To help you get started on your business plan, we have created a template that includes all the essential components discussed in the “How to Write a Business Plan” section. This easy-to-use template will guide you through each step of the process, ensuring you don’t miss any critical details.

The template is divided into the following sections:

• Mission statement
• Business Overview
• Key products or services
• Target market
• Financial highlights
• Company goals
• Strategies to achieve goals
• Measurable, time-bound objectives
• Company History
• Mission and vision
• Unique selling proposition
• Demographics
• Psychographics
• Pain points
• Industry trends
• Customer needs
• Competitor strengths and weaknesses
• Opportunities
• Competitor products and services
• Market positioning
• Pricing strategies
• Organizational structure
• Key roles and responsibilities
• Management team backgrounds
• Product or service features
• Competitive advantages
• Marketing channels
• Advertising campaigns
• Promotional activities
• Sales strategies
• Supply chain management
• Inventory control
• Production processes
• Quality control measures
• Projected revenue
• Assumptions
• Cash inflows
• Cash outflows
• Net cash flow

What is a Business Plan?

A business plan is a strategic document that outlines an organization’s goals, objectives, and the steps required to achieve them. It serves as a roadmap as you start a business , guiding the company’s direction and growth while identifying potential obstacles and opportunities.

Typically, a business plan covers areas such as market analysis, financial projections, marketing strategies, and organizational structure. It not only helps in securing funding from investors and lenders but also provides clarity and focus to the management team.

A well-crafted business plan is a very important part of your business startup checklist because it fosters informed decision-making and long-term success.

Why You Should Write a Business Plan

Understanding the importance of a business plan in today’s competitive environment is crucial for entrepreneurs and business owners. Here are five compelling reasons to write a business plan:

• Attract Investors and Secure Funding : A well-written business plan demonstrates your venture’s potential and profitability, making it easier to attract investors and secure the necessary funding for growth and development. It provides a detailed overview of your business model, target market, financial projections, and growth strategies, instilling confidence in potential investors and lenders that your company is a worthy investment.
• Clarify Business Objectives and Strategies : Crafting a business plan forces you to think critically about your goals and the strategies you’ll employ to achieve them, providing a clear roadmap for success. This process helps you refine your vision and prioritize the most critical objectives, ensuring that your efforts are focused on achieving the desired results.
• Identify Potential Risks and Opportunities : Analyzing the market, competition, and industry trends within your business plan helps identify potential risks and uncover untapped opportunities for growth and expansion. This insight enables you to develop proactive strategies to mitigate risks and capitalize on opportunities, positioning your business for long-term success.
• Improve Decision-Making : A business plan serves as a reference point so you can make informed decisions that align with your company’s overall objectives and long-term vision. By consistently referring to your plan and adjusting it as needed, you can ensure that your business remains on track and adapts to changes in the market, industry, or internal operations.
• Foster Team Alignment and Communication : A shared business plan helps ensure that all team members are on the same page, promoting clear communication, collaboration, and a unified approach to achieving the company’s goals. By involving your team in the planning process and regularly reviewing the plan together, you can foster a sense of ownership, commitment, and accountability that drives success.

What are the Different Types of Business Plans?

In today’s fast-paced business world, having a well-structured roadmap is more important than ever. A traditional business plan provides a comprehensive overview of your company’s goals and strategies, helping you make informed decisions and achieve long-term success. There are various types of business plans, each designed to suit different needs and purposes. Let’s explore the main types:

• Startup Business Plan: Tailored for new ventures, a startup business plan outlines the company’s mission, objectives, target market, competition, marketing strategies, and financial projections. It helps entrepreneurs clarify their vision, secure funding from investors, and create a roadmap for their business’s future. Additionally, this plan identifies potential challenges and opportunities, which are crucial for making informed decisions and adapting to changing market conditions.
• Internal Business Plan: This type of plan is intended for internal use, focusing on strategies, milestones, deadlines, and resource allocation. It serves as a management tool for guiding the company’s growth, evaluating its progress, and ensuring that all departments are aligned with the overall vision. The internal business plan also helps identify areas of improvement, fosters collaboration among team members, and provides a reference point for measuring performance.
• Strategic Business Plan: A strategic business plan outlines long-term goals and the steps to achieve them, providing a clear roadmap for the company’s direction. It typically includes a SWOT analysis, market research, and competitive analysis. This plan allows businesses to align their resources with their objectives, anticipate changes in the market, and develop contingency plans. By focusing on the big picture, a strategic business plan fosters long-term success and stability.
• Feasibility Business Plan: This plan is designed to assess the viability of a business idea, examining factors such as market demand, competition, and financial projections. It is often used to decide whether or not to pursue a particular venture. By conducting a thorough feasibility analysis, entrepreneurs can avoid investing time and resources into an unviable business concept. This plan also helps refine the business idea, identify potential obstacles, and determine the necessary resources for success.
• Growth Business Plan: Also known as an expansion plan, a growth business plan focuses on strategies for scaling up an existing business. It includes market analysis, new product or service offerings, and financial projections to support expansion plans. This type of plan is essential for businesses looking to enter new markets, increase their customer base, or launch new products or services. By outlining clear growth strategies, the plan helps ensure that expansion efforts are well-coordinated and sustainable.
• Operational Business Plan: This type of plan outlines the company’s day-to-day operations, detailing the processes, procedures, and organizational structure. It is an essential tool for managing resources, streamlining workflows, and ensuring smooth operations. The operational business plan also helps identify inefficiencies, implement best practices, and establish a strong foundation for future growth. By providing a clear understanding of daily operations, this plan enables businesses to optimize their resources and enhance productivity.
• Lean Business Plan: A lean business plan is a simplified, agile version of a traditional plan, focusing on key elements such as value proposition, customer segments, revenue streams, and cost structure. It is perfect for startups looking for a flexible, adaptable planning approach. The lean business plan allows for rapid iteration and continuous improvement, enabling businesses to pivot and adapt to changing market conditions. This streamlined approach is particularly beneficial for businesses in fast-paced or uncertain industries.
• One-Page Business Plan: As the name suggests, a one-page business plan is a concise summary of your company’s key objectives, strategies, and milestones. It serves as a quick reference guide and is ideal for pitching to potential investors or partners. This plan helps keep teams focused on essential goals and priorities, fosters clear communication, and provides a snapshot of the company’s progress. While not as comprehensive as other plans, a one-page business plan is an effective tool for maintaining clarity and direction.
• Nonprofit Business Plan: Specifically designed for nonprofit organizations, this plan outlines the mission, goals, target audience, fundraising strategies, and budget allocation. It helps secure grants and donations while ensuring the organization stays on track with its objectives. The nonprofit business plan also helps attract volunteers, board members, and community support. By demonstrating the organization’s impact and plans for the future, this plan is essential for maintaining transparency, accountability, and long-term sustainability within the nonprofit sector.
• Franchise Business Plan: For entrepreneurs seeking to open a franchise, this type of plan focuses on the franchisor’s requirements, as well as the franchisee’s goals, strategies, and financial projections. It is crucial for securing a franchise agreement and ensuring the business’s success within the franchise system. This plan outlines the franchisee’s commitment to brand standards, marketing efforts, and operational procedures, while also addressing local market conditions and opportunities. By creating a solid franchise business plan, entrepreneurs can demonstrate their ability to effectively manage and grow their franchise, increasing the likelihood of a successful partnership with the franchisor.

Using Business Plan Software

Creating a comprehensive business plan can be intimidating, but business plan software can streamline the process and help you produce a professional document. These tools offer a number of benefits, including guided step-by-step instructions, financial projections, and industry-specific templates. Here are the top 5 business plan software options available to help you craft a great business plan.

1. LivePlan

LivePlan is a popular choice for its user-friendly interface and comprehensive features. It offers over 500 sample plans, financial forecasting tools, and the ability to track your progress against key performance indicators. With LivePlan, you can create visually appealing, professional business plans that will impress investors and stakeholders.

2. Upmetrics

Upmetrics provides a simple and intuitive platform for creating a well-structured business plan. It features customizable templates, financial forecasting tools, and collaboration capabilities, allowing you to work with team members and advisors. Upmetrics also offers a library of resources to guide you through the business planning process.

Bizplan is designed to simplify the business planning process with a drag-and-drop builder and modular sections. It offers financial forecasting tools, progress tracking, and a visually appealing interface. With Bizplan, you can create a business plan that is both easy to understand and visually engaging.

Enloop is a robust business plan software that automatically generates a tailored plan based on your inputs. It provides industry-specific templates, financial forecasting, and a unique performance score that updates as you make changes to your plan. Enloop also offers a free version, making it accessible for businesses on a budget.

5. Tarkenton GoSmallBiz

Developed by NFL Hall of Famer Fran Tarkenton, GoSmallBiz is tailored for small businesses and startups. It features a guided business plan builder, customizable templates, and financial projection tools. GoSmallBiz also offers additional resources, such as CRM tools and legal document templates, to support your business beyond the planning stage.

Business Plan FAQs

What is a good business plan.

A good business plan is a well-researched, clear, and concise document that outlines a company’s goals, strategies, target market, competitive advantages, and financial projections. It should be adaptable to change and provide a roadmap for achieving success.

What are the 3 main purposes of a business plan?

The three main purposes of a business plan are to guide the company’s strategy, attract investment, and evaluate performance against objectives. Here’s a closer look at each of these:

• It outlines the company’s purpose and core values to ensure that all activities align with its mission and vision.
• It provides an in-depth analysis of the market, including trends, customer needs, and competition, helping the company tailor its products and services to meet market demands.
• It defines the company’s marketing and sales strategies, guiding how the company will attract and retain customers.
• It describes the company’s organizational structure and management team, outlining roles and responsibilities to ensure effective operation and leadership.
• It sets measurable, time-bound objectives, allowing the company to plan its activities effectively and make strategic decisions to achieve these goals.
• It provides a comprehensive overview of the company and its business model, demonstrating its uniqueness and potential for success.
• It presents the company’s financial projections, showing its potential for profitability and return on investment.
• It demonstrates the company’s understanding of the market, including its target customers and competition, convincing investors that the company is capable of gaining a significant market share.
• It showcases the management team’s expertise and experience, instilling confidence in investors that the team is capable of executing the business plan successfully.
• It establishes clear, measurable objectives that serve as performance benchmarks.
• It provides a basis for regular performance reviews, allowing the company to monitor its progress and identify areas for improvement.
• It enables the company to assess the effectiveness of its strategies and make adjustments as needed to achieve its objectives.
• It helps the company identify potential risks and challenges, enabling it to develop contingency plans and manage risks effectively.
• It provides a mechanism for evaluating the company’s financial performance, including revenue, expenses, profitability, and cash flow.

Can I write a business plan by myself?

Yes, you can write a business plan by yourself, but it can be helpful to consult with mentors, colleagues, or industry experts to gather feedback and insights. There are also many creative business plan templates and business plan examples available online, including those above.

We also have examples for specific industries, including a using food truck business plan , salon business plan , farm business plan , daycare business plan , and restaurant business plan .

Is it possible to create a one-page business plan?

Yes, a one-page business plan is a condensed version that highlights the most essential elements, including the company’s mission, target market, unique selling proposition, and financial goals.

How long should a business plan be?

A typical business plan ranges from 20 to 50 pages, but the length may vary depending on the complexity and needs of the business.

What is a business plan outline?

A business plan outline is a structured framework that organizes the content of a business plan into sections, such as the executive summary, company description, market analysis, and financial projections.

What are the 5 most common business plan mistakes?

The five most common business plan mistakes include inadequate research, unrealistic financial projections, lack of focus on the unique selling proposition, poor organization and structure, and failure to update the plan as circumstances change.

What questions should be asked in a business plan?

A business plan should address questions such as: What problem does the business solve? Who is the specific target market ? What is the unique selling proposition? What are the company’s objectives? How will it achieve those objectives?

What’s the difference between a business plan and a strategic plan?

A business plan focuses on the overall vision, goals, and tactics of a company, while a strategic plan outlines the specific strategies, action steps, and performance measures necessary to achieve the company’s objectives.

How is business planning for a nonprofit different?

Nonprofit business planning focuses on the organization’s mission, social impact, and resource management, rather than profit generation. The financial section typically includes funding sources, expenses, and projected budgets for programs and operations.

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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.

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. 

Related resources

Unmanaged business goals don’t work. Here’s what does.

How Asana uses work management to effectively manage goals

Beat thrash for good: 4 organizational planning challenges and solutions

Use critical success factors to support your strategic plan

8 Business Plan Templates You Can Get for Free

8 min. read

Updated April 10, 2024

A business plan template can be an excellent tool to simplify the creation of your business plan. 

The pre-set structure helps you organize ideas, covers all critical business information, and saves you time and effort on formatting.

The only issue? There are SO many free business plan templates out there. 

So, which ones are actually worth using? 

To help remove the guesswork, I’ve rounded up some of the best business plan templates you can access right now. 

These are listed in no particular order, and each has its benefits and drawbacks.

What to look for in a business plan template

Not all business plan templates are created equal. As you weigh your options and decide which template(s) you’ll use, be sure to review them with the following criteria in mind:

• Easy to edit: A template should save you time. That won’t be the case if you have to fuss around figuring out how to edit the document, or even worse, it doesn’t allow you to edit at all.
• Contains the right sections: A good template should cover all essential sections of a business plan , including the executive summary, product/service description, market/competitive analysis, marketing and sales plan, operations, milestones, and financial projections. 
• Provides guidance: You should be able to trust that the information in a template is accurate. That means the organization or person who created the template is highly credible, known for producing useful resources, and ideally has some entrepreneurial experience.
• Software compatibility: Lastly, you want any template to be compatible with the software platforms you use. More than likely, this means it’s available in Microsoft Word, Google Docs, or PDF format at a minimum. 

1. Bplans — A plan with expert guidance

Since you’re already on Bplans, I have to first mention the templates that we have available. 

Our traditional and one-page templates were created by entrepreneurs and business owners with over 80 years of collective planning experience. We revisit and update them annually to ensure they are approachable, thorough, and aligned with our team’s evolving best practices.  

The templates, available in Word, PDF, or Google Doc formats, include in-depth guidance on what to include in each section, expert tips, and links to additional resources. 

Plus, we have over 550 real-world sample business plans you can use for guidance when filling out your template.

Download: Traditional lender-ready business plan template or a simple one-page plan template .

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2. SBA — Introduction to business plans

The U.S. Small Business Administration (SBA) offers two different business plan templates along with a short planning guide. 

While not incredibly in-depth, it’s enough to help you understand how traditional and lean plans are structured and what information needs to be covered. The templates themselves are more like examples, providing you with a finished product to reference as you write your plan.

The key benefit of using these templates is that they were created by the SBA. While they may provide less guidance, you can be assured that the information and structure meet their expectations.

Explore: The SBA’s planning guide and free templates

3. SCORE — Planning workbook

SCORE’s template is more like a workbook. It includes exercises after each section to help you get your ideas down and turn them into a structured plan.

The market research worksheets are especially useful. They provide a clear framework for identifying your target market and analyzing competitors from multiple angles. Plus, they give you an easy way to document all the information you’re collecting.

You will likely have to remove the exercises in this template to make it investor-ready. But it can be worth it if you’re struggling to get past a blank page and want a more interactive planning method.

Download: SCORE’s business plan template

4. PandaDoc — A template with fillable forms

PandaDoc’s library offers a variety of industry-specific business plan templates that feature a modern design flair and concise instructions. 

These templates are designed for sharing. They include fillable fields and sections for non-disclosure agreements, which may be necessary when sending a plan to investors.  

But the real benefit is their compatibility with PandaDoc’s platform. Yes, they are free, but if you’re a PandaDoc subscriber, you’ll have far more customization options. 

Out of all their templates, the standard business plan template is the most in-depth. The rest, while still useful, go a bit lighter on guidance in favor of tailoring the plan to a specific industry.

Explore: PandaDoc’s business plan template library  

5. Canva — Pitch with your plan

Canva is a great option for building a visually stunning business plan that can be used as a pitch tool. It offers a diverse array of templates built by their in-house team and the larger creative community, meaning the number of options constantly grows.

You will need to verify that the information in the template you choose matches the standard structure of a traditional business plan. 

You should do this with any template, but it’s especially important with any tool that accepts community submissions. While they are likely reviewed and approved, there may still be errors.

Remember, you can only edit these templates within Canva. Luckily, you only need a free subscription, and you may just miss out on some of the visual assets being used. 

To get the most value, it may be best to create a more traditional planning document and transfer that information into Canva. 

Explore: Canva’s business plan gallery

6. ClickUp — The collaborative template

Out of all the project management tools that offer free business plan templates, ClickUp’s is the most approachable.

Rather than throwing you into all the features and expecting you to figure it out—ClickUp provides a thorough startup guide with resource links, images, and videos explaining how to write a plan using the tool. 

There’s also a completed sample plan (structured like an expanded one-page plan) for you to reference and see how the more traditional document can connect to the product management features. You can set goals, target dates, leave comments, and even assign tasks to someone else on your team. 

These features are limited to the ClickUp platform and will not be useful for everyone. They will likely get in the way of writing a plan you can easily share with lenders or investors. 

But this is a great option if you’re looking for a template that makes internal collaboration more fluid and keeps all your information in one place.

Sign Up: Get a free trial of ClickUp and explore their template library

7. Smartsheet — A wide variety of templates

I’m including Smartsheet’s library of templates on this list because of the sheer number of options they provide. 

They have a simple business plan template, a one-page plan, a fill-in-the-blank template, a plan outline, a plan grading rubric, and even an Excel-built project plan. All are perfectly usable and vary in visual style, depth of instructions, and the available format.

Honestly, the only drawback (which is also the core benefit) is that the amount of templates can be overwhelming. If you’re already uncertain which plan option is right for you, the lengthy list they provide may not provide much clarity.

At the same time, it can be a great resource if you want a one-stop shop to view multiple plan types.

Explore: Smartsheet’s business plan template library  

8. ReferralRock affiliate marketing business plan

I’m adding ReferralRock’s template to this list due to its specificity. 

It’s not your standard business plan template. The plan is tailored with specific sections and guidance around launching an affiliate marketing business. 

Most of the template is dedicated to defining how to choose affiliates, set commissions, create legal agreements, and track performance.

So, if you plan on starting an affiliate marketing business or program, this template will provide more specific guidance. Just know that you will likely need to reference additional resources when writing the non-industry sections of your plan.

Download: ReferralRock affiliate marketing business plan template

Does it matter what business plan template you use?

The short answer is no. As long as the structure is correct, it saves you time, and it helps you write your business plan , then any template will work. 

What it ultimately comes down to, is what sort of value you hope to get from the template. 

• Do you need more guidance? 
• A simple way to structure your plan? 
• An option that works with a specific tool?
• A way to make your plan more visually interesting?

Hopefully, this list has helped you hone in on an option that meets one (or several) of these needs. Still, it may be worth downloading a few of these templates to determine the right fit. 

And really, what matters most is that you spend time writing a business plan . It will help you avoid early mistakes, determine if you have a viable business, and fully consider what it will take to get up and running. 

If you need additional guidance, check out our library of planning resources . We cover everything from plan formats , to how to write a business plan, and even how to use it as a management tool . 

If you don’t want to waste time researching other templates, you can download our one-page or traditional business plan template and jump right into the planning process.

See why 1.2 million entrepreneurs have written their business plans with LivePlan

Kody Wirth is a content writer and SEO specialist for Palo Alto Software—the creator's of Bplans and LivePlan. He has 3+ years experience covering small business topics and runs a part-time content writing service in his spare time.

Table of Contents

• Qualities of a good template
• ReferralRock
• Does the template matter?

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How to Write a Business Plan in 9 Steps

Starting a business without a business plan is quite possible. But why would you risk that, especially when you are investing thousands of dollars to set up your startup?  

Whether you aim to secure funding, need a roadmap to achieve business objectives, or want to attract the attention of stakeholders—having a well-crafted business plan is like an indispensable asset for your business. 

But writing a business plan is not that easy. One needs strategic direction, a bit of writing flair, and a thorough understanding of what each section should include. 

A lot for someone who has never written a business plan earlier in their life. 

Well, having a useful guide like this blogpost can nudge you in the right direction and teach you how to write for different business plan components. 

Ready to get started? Let’s dive right in. 

9 Steps to Write Your Business Plan  

From creating your executive summary to conducting market research and preparing your financial plan—here is a step-by-step guide to writing your business plan. 

• Draft your executive summary

An executive summary is the first and most important section of your business plan. 

It is after this section that an investor will decide whether or not to proceed with your business proposal. 

Begin this section by introducing your business idea and then summarize the key essentials of a plan in a compelling narrative. Highlight information relating to the market, product, team, competitors, financials, and business goals to help investors get a macro but thorough perspective. 

Also, write your executive summary only after you are done writing for the other aspects of a business plan. This will help you distill essential information and present it appropriately. 

• Write a brief company overview

A company overview is a detailed summary describing your business and its future objectives. It offers you a chance to tell your business story to the readers, so make sure it is engaging. 

Begin this section by detailing your company’s information like its name, location, ownership, and business structure.

Clarify if the business would be registered as a sole proprietorship, partnership, LLC, or corporation. Also, introduce the partners if any, and discuss their profit-sharing ratio. 

In this section, you will also highlight the company’s vision statement, its business objectives, and future goals after evaluating your business fundamentals and core values. 

Lastly, don’t forget to talk about the milestones you have already achieved and the history of the company, if it has been operating for a long time. 

• Define your market research

Market research and analysis is a crucial part of your business plan. It shows that you have a thorough understanding of the market and the industry you are about to enter. 

In this section, you should talk about the market size and state of market in the current economy. Elaborate further by defining your Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM) to help lenders get distilled clarity. 

Additionally, give an overview of your target market and create a buyer’s persona to show what your ideal customer looks like. Talk about the psychographic and demographic details of your ideal customer, i.e. age, gender, income, interests, pain points, behavioral pattern, etc. 

This is essential so that you can create strategies effective for your target market. 

Lastly, include details about the emerging trends in your industry and show how your product fits perfectly within that market. 

• Conduct competitor’s analysis

Competitor analysis is an aspect of market research that deeply studies the competitive landscape of your business. 

In this section of your business plan, you will identify your direct and indirect competition and analyze them on grounds of price, features, and target market. 

Such analysis will help you draw your competitive edge in the market. Not only that, it will show the lenders that competition will not come in the way of your business achieving its goals.   

• Describe your products and services

This section of your business plan explores your product and service offerings in great detail. 

Here, you will list down all the products and services that will bring money to your business. This includes all sorts of primary and secondary products/ services that are available for sale. 

For instance, if you are planning to start an online pet store, talk about all sorts of products, brands, and pet needs you will be catering to. Also, include the list of services like pet grooming, vet consultation, puppy training, and others you would be offering on your platform. 

When you list down the products also add a brief overview of those products and the prices to give lenders a thorough understanding. 

Instead of making this section purely textual, add infographics and HD images to it engaging and informative. 

• Explain your operational plan

This section of your business plan shows how you are going to run the business and turn the idea into a reality. 

It includes a detailed breakdown of each business procedure, right from the client acquisition, to training protocols, quality control practices, and everything else. 

It’s important that you take time and work on your operations plan as it most often works as a guidebook for running a business. 

Now if you are wondering what to include in your operations plan, here are a few things it must definitely have: 

• Standard operating procedures for running different business activities. 
• Logistics and distribution of products through different life cycles. 
• Production workflow, if applicable. 
• Details of supply chain like vendors and agreements. 
• Details about the physical location of your business, its dimensions, agreements, etc. 
• Equipment and technologies to perform everyday business activities and their details. 
• Staff and hiring plan and an understanding of who will perform what tasks. 

Also, include your long-term plans and show how you plan to reach there with streamlined operations. 

Again, try to add infographics, charts, and diagrams wherever possible to make this section easily absorbable for the readers.  

• Outline your marketing and sales strategies

The marketing and sales section of your business plan offers an in-depth overview of your sales and marketing strategies. 

In this section, you will talk about your sales goals, forecasts, and methods to achieve those sales goals. Explain your plans to attract new customers and retain existing clients and discuss your sales strategy in detail.

Further, describe your marketing plan, budget, and methods to track the progress of different marketing activities. 

Dive into detail and explain how you will implement different marketing strategies like print media, pay-per-click, email marketing, social media marketing, events/ launch, and others. 

Overall, offer an overview of your strategies to achieve the most important objective of your business, sales. 

• Introduce your management team

Lenders and investors want to know if you have the right people on the team to pull off your business idea. Well, this is your chance to tell them about solid people on your team. 

Introduce the CEO and members of managerial positions in this section. Talk about their experience, expertise, skill sets, achievements, and how they make the right fit for your business. 

Don’t you worry about bragging. This is absolutely the right time to brag about your star team. 

Further, introduce people at the middle and lower levels and explain the organizational hierarchy in your business through a diagram. Also, add the approximate salaries of the people to give the readers a more nuanced understanding.  

• Offer detailed financial forecasts

This is the most critical part of your business plan, especially if you are planning to seek funding from investors. 

Now, there are many things you can include in your financial plan. However, if there are 3 quintessential it must include, those are: 

• Income Statement
• Balance Sheet 
• Cash Flow Statement

While making the financial plan, include predictions and forecasts for up to 3-5 years so that investors can gauge the viability and feasibility of your business idea. 

Apart from these key statements, you can also include figures for start-up costs, the cost of goods sold (COGS), revenue forecasts, and break-even analysis in this section. 

Lastly, ensure that you add visual graphs, charts, and diagrams to make your finances easy to grasp and understand.

Let us now see if there is a way to write your business plan effectively without much effort.  

How does AI help in writing your Business Plan?

Writing a business plan from scratch without any assistance, template, or structure can be time-consuming. 

However, with AI making the rounds, it is easier than ever to perform creative and repetitive tasks, efficiently. Especially for someone who finds it difficult to transform their ideas into words, AI can make the task of writing a business plan much easier. 

Now, generative AI tools like Chat GPT and Bard can help you write the contents of your plan. However, they lack the understanding of specific nuances that a business plan must include. 

Using an AI business plan builder instead can be more effective as it structures and plans the contents specifically suited for a business plan. 

All you need to do is answer the questions relating to your business and let AI create a unique business ps easy to get a headstart and then make essential changes thereafter using AI assistance. 

AI will not only make the process less time-consuming, but it will also help in increasing the effectiveness of your business plan by working strategically on the content and structure. 

Business plans are quintessential for any business. Whether you are starting a new venture, expanding the current one, or seeking investment for your startup—having a solid business plan will give you a headstart in the right direction. 

Follow this step-by-step guide or get yourself an AI plan builder to write your business plan in no time. Get started now. 

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