5 Important Types of Goals You Need to Set in Your Service-Based Business

The types of goals you set as a business owner predict the magnitude of your success. That’s why goal-setting shouldn’t just be a thing you do while you brush your teeth (and forget about or dismiss later on). Goals are empowering! Use them to fuel your business growth.

Why Is It Important to Set Different Types of Goals? 

Setting a variety of goals helps make your business more dynamic. After all, there are multiple qualities that make up a successful business (never just one), so a few types of goals need to be addressed in order for you to reach your fullest potential.

Check out three reasons you need a handful of goals to steer your business.

You Can Measure Your Progress On Multiple Levels With Different Types of Goals

Considering several types of goals allows for multiple kinds of achievement. For example, let’s say your work-life balance wasn’t up-to-par last quarter, but you did reach all of your big revenue goals!

Acknowledging several areas for success is crucial to maintain a positive mindset about your business. You may take a while to reach certain milestones, but you’ll soar past others in the blink of an eye! Different types of goals help you maintain a positive outlook (and steady your gaze on the big picture).

Varying Types of Goals Provide the Data You Need to Make Better Business Decisions 

Metrics play an important role in measuring success and failure. The more types of goals you’re tracking, the more data you’ll accumulate to inform your decisions.

In this regard, the types of goals you focus on for your business can make or break the long-term health of your brand. 

Each Goal Helps Your Team Stay Focused and Productive 

No matter what goals you choose, they’ll keep you (and your team) accountable. 

Your teammates will all be on the same page when they understand what types of goals they’re working towards.

Even better, having multiple overarching business goals allows your team to custom-tailor their goals alongside the big picture. They can set smaller, more personal goals for what they want to achieve. And they’ll be able to gauge their roles in the overall success of your business without confusion.

5 Types of Goals All Service Providers Need to Set Now 

Are you ready to know the secret to your business success? There are five definitive types of goals that can steer your business toward long-term stability. Check it out!

Financial Goals 

Money’s like fuel for your business.  You must keep an eye on your finances or risk losing everything you’ve worked so hard for!

For example, set goals around how much money you can spend versus how much money you’re bringing in. Financial goals like this inform things like smart business purchases, how many team members you can afford to pay, and how many clients you can take care of.

When it comes to financial types of goals, consider dollar amounts and percentages! Maybe you aim to double your income next year, or bring in $1,000 more in services in the month of May.

Time-Based Goals 

Time-based goals serve a valuable purpose for any business. For instance, your services might be more valuable if you can get them done in a more timely fashion. Cutting down hours per project may keep clients coming back for more.

A virtual assistant who can knock out an entire inbox worth of emails in an hour or two is so much more valuable than one who’ll spend all day on the same task.

Goals for timing can be broken down by project or used to set up your day-to-day routine. Maybe you allot yourself 45 minutes to check emails each morning, then an additional 45 to make phone calls.

Related: How To Make Better Business Decisions Using Data and Analytics

Client-Focused Goals 

Let’s face it, your relationships with your clients are everything! But it can be difficult to set up goals for something so circumstantial.

You can create different types of goals to boost client satisfaction:

  • Implement surveys to ensure client needs are being met
  • Utilize scripts or talking points to guarantee that every client gets equal treatment
  • Hire a client-support team to help when clients arrive

Of course, client goals can (and should) be personalized from one client to the next. If client X was dissatisfied last month, it should be on your team’s radar to improve services for them this month.

Project- and Performance-Based Goals 

Imagine you’re a social media manager and you’ve just landed a dream client. They want you to double their social media following over the next year. 

Of course, your client’s objective becomes your overarching goal—but you should also break down your strategy into smaller, individual milestones. For example, how many times a week will you post on each platform? What hashtag strategy will you try, and when will you adjust? How will you track progress and measure success? 

Any short-term targets that segue into your larger goals are extremely important! They help you maintain engagement so your success keeps building.

Growth Goals 

Think of all the ways your business could grow. It helps to evaluate your key performance indicators and envision where those numbers can go!

Growth goals are slightly different from one-off project goals because they reflect metrics from all of your business happenings. For example, if you’re working on projects for a dozen clients this month, your growth goal may be to pull in 30% more revenue over last year at the same time.

You can also leverage growth goals with regard to your team’s head count (hire three more team members by the end of the year) or service offerings (develop a new product or service by a certain date).

No matter your service niche, your business should utilize many types of goals in order to reach its full potential. By setting goals from every corner of your business, you ensure that no detail is left unaddressed!

Be sure to follow along on Instagram for tips, resources, and insights into all things metrics and business data. 

Ready to start setting goals and growing your business? Check out these posts for more tips: 

How To Create An Epic Content Plan For Next Year To Achieve Your Big Goals

5 Essential Steps To Build a Strong Business Mindset

How Bad Data Can Quickly Lead to Bad Business Decisions

How To Plan For Next Year In Your Online Business and Be More Successful