How to Develop Corporate Goals
Corporate goals provide businesses with insight and direction as to where the business should be heading. Business goals also provide employees with guidance in decision making and help them to understand what is expected from them. These goals should be updated annually so that they can be adjusted for the changing competitive landscape, technological innovations, demographic changes and societal trends.
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Instructions
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Prepare the business mission and vision statements. If the business already has these statements, then ensure that they are updated and are clear about what the business hopes to achieve. For instance, Nike's mission statement is "To be the world's leading sports and fitness company."
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List methods for achieving the mission and vision statements. This step is best accomplished with a team for brainstorming ideas. Do not worry at this stage about being specific or if these methods are realistic, just write down as many ideas as possible.
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Review each method to find the strongest ones. Review the list just brainstormed to narrow down the items for those that will not only help achieve the corporation's mission and vision statements, but that are realistic and financially beneficial for the company to undertake.
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Define each method so that they become clear, quantifiable goals. It is beneficial to further break down these goals so that you have milestones with set deadlines to aid in measuring your progress in achieving the goals. Tweak each goal so that it is SMART --- specific, measurable, achievable, realistic and timely.
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Assign responsibility to each goal. In order for the goals to be realized, someone should be assigned to each one to carry out the action plan. Provide the person with the overall big picture of the business mission and vision as well as their specific responsibilities and deadlines.
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