UBS

Goals

What is a Goal?

Goals are a collection of objectives that a company sets and strives to achieve over a specified period of time. Business goals are an important part of establishing priorities and positioning your organization for long-term success. Setting company goals and creating different targets to help you reach each goal can vastly boost your ability to achieve them.

Setting company goals is important for several reasons, such as the following:

  • Give a mechanism for calculating success.
  • Ascertain that all personnel are aware of the organization’s goals.
  • Provide employees with a clear understanding of how decision-making adds to the company’s goals.
  • Check to see if the company is on the right course.

There are mainly three types of organizational goals:

  • Strategic Goals.
  • Tactical Goals.
  • Operational Goals.

Strategic goals are goals set by and for top management of the organization. These goals are planned by keeping in mind the broad general issues of the organization. They are usually long-term goals and you can create a set for different time-frames and areas from this single one.

Tactical goals are set for middle managers who have to focus on how to operationalize actions necessary to achieve the strategic goals which are planned at first. Middle managers of various departments are usually responsible for their completion.

Operational goals are defined as the goals set by and for lower-level managers. These goals are usually made to tackle shorter-term issues associated with the tactical goals.

Goals are typically used to represent a company’s larger purpose and to provide an end – goal for employees to strive for. It is not necessary for business objectives to be specific or have well-defined actions. Business objectives, on the other hand, are the general outcomes that a company aspires to attain.

Also, See: Goal Cascading

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