A goal is a short statement of a desired outcome to be accomplished over a long time frame, usually three to five years. It is a broad statement that focuses on the desired results and does not describe the methods used to get the intended outcome.
Some common examples of business goals include the following:
▪️Maximizing profits
▪️Growing revenues
▪️Increasing efficiency
Objectives are specific, actionable targets that need to be achieved within a smaller time frame, such as a year or less, to reach a certain goal. Objectives describe the actions or activities involved in achieving a goal. For example, to achieve the goal of increasing revenues, a company can have an objective like “Add three new products by the end of October this year.”
Following are some examples of objectives:
▪️Earn a minimum of 15% return on investment in a fiscal year
▪️Increase the company’s market share to 7% by the end of next fiscal year
Mr. Sheshdhar Jha
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