Problem-Solving: Problem-solving goals address a specific challenge.A process goal might involve establishing or improving workflows or routines, delegating responsibilities, or improving team skills. 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 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. Growth: A growth goal is a goal relating to the size and scope of the company.Here are some common types of business goals: There are many types of business goals, including process goals, development goals, innovation goals, and profitability goals. SMART (specific, measurable, achievable, relevant, time-bound)Ī business goal is any goal that helps move an organization toward a desired result. Which Goal-Setting Framework Is Right for Your Organization? Framework 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. 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.Įxample KRA: Increase high-quality sales leads per sales representative. KRA: KRAs, or key result areas, refer to a short list of goals that an individual, department, or organization can work toward.These are best for long-term, visionary business goals.Įxample BHAG: We want to be the leading digital music service provider globally by 2030. 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. BHAG: A BHAG, or a big hairy audacious goal, is an ambitious, possibly unattainable goal.This framework is excellent for ensuring that everyone is aligned on their goals.Įxample MBO: This quarter, we aim to decrease patient waiting times by 30 percent. When using MBO, managers work with employees to create specific, agreed-upon objectives and develop a plan to achieve them. MBO: MBO, or management by objectives, is a collaborative goal-setting framework and management technique.Then they select key results, or standardized measurements of success or progress.Įxample Objective: We aim to increase the sales revenue of our online store.Įxample Key Result: Make $200,000 in sales revenue from the online store in June. In order to use OKRs, a team or individual selects an objective they would like to work toward. OKR: Another popular approach is to set OKRs, or objectives and key results.
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.Įxample 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. This is probably the most popular method for setting goals.
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