Setting Business Development Goals

Instructor: Allison Tanner
Where do you see your business next week? What about next year? This lesson will discuss how you can set business development goals that will help your company to be successful!

Business Goals

As CEO of a pharmaceutical company you come to weekly meetings and discuss over and over how your company needs to make more profits. As you hear the chattering about goals you think to yourself, 'Are we ever going to stop talking and start doing?'.

Although most CEO's and managers understand the need to set business goals, many don't know how to start. Business Development Goals are the plans your company develops to help them flourish. Setting strong and achievable goals will increase the likelihood of success. These goals should help you to meet the mission, or objectives of your organization.

There are several types of goals, and you can be sure your company achieves them if you keep three things in mind. You want to make sure that your goals are SMART, that they have a specific purpose, and that they'll be achieved over a certain period of time.

Setting Development Goals

Your company should start setting their business development goals by asking:

  • What is it we want to achieve?
  • What are we trying to accomplish?
  • Why is it important to our organization?
  • How will it help us to be successful?

In order to answer these questions and start setting goals for your company, you need to understand the best way set goals. SMART goals help you to develop strong and achievable goals by ensuring that they are : Specific, Measurable, Action oriented, Realistic, and Timely.

  • Specific: Instead of going to meetings and suggesting that you need to make more profit, a specific goal might state, 'The company needs to make $5.00 more per sale in order to increase profits'. Boom! There it is. The goal is no longer ambiguous, it is a specific number that you need to meet.
  • Measurable: You can't measure 'make more profits', but you can measure five more dollars per sale. If you pull sales data and see that you're getting two dollars more per sale, you know you're improving, but you haven't quite reached your goal.
  • Action Oriented: Just like making your goals specific, you also need to identify what actions you will take to achieve your goals. You may want to make $5.00 more per sale, but you need to consider how you can do this. Maybe your company needs to find ways to reduce the cost of production. Maybe you'll simply raise the price by $5.00. Either way, you need to make sure there are specific actions attached to your goal.
  • Realistic: If your goal is to make $100.00 more per sale, your goal is probably not going to be achievable. However, the goal of $5.00, more per sale, is probably realistic.
  • Timely: While you can sit in meetings for weeks, even months discussing goals, you need to set a time limit in order to ensure that they are achieved. This means you need to set a timeline for evaluating the progress towards your goal, and a deadline for when the goal should be achieved.

Setting SMART goals helps your company to come up with goals that they'll actually achieve, rather than continuing to sit in meetings discussing various goals that may or may not be attainable.

Types of Goals

The types of goals your company wants to achieve should align with your mission and values. Identifying what types of goals you are setting can help you to set your goals, and identify their purpose.

There are several types of development goals you might want to set for your company. Increasing profitability may be one of them, but you may also want to set goals concerning social responsibility, or expansion efforts.

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