4 Tips for Creating Business Goals that Matter to Your Newly Launched Startup

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 #1: Identify Internal Stakeholders.

The first step to creating business business goals is to identify internal stakeholders. Figure out all the different internal departments & team members and their core function to your business.

Most companies are made up of the following departments:

  1. Marketing
  2. Finance
  3. Operations
  4. Sales
  5. Product

When you understand the nuts and bolts of your business and how they work together, you’ll be on your way to creating business goals that matter. Knowing your team and how they work together is what matters.

T’s Tip: Remember, your team is your number one resource. Understand how your startup operates. Write down a list of the departments that make up your company, then figure out who’s responsible for what, and lastly, how teams work together.

#2: List The Things You’d Like To See

This one sounds tricky, but it isn’t. This part of creating Business Goals That Matter involves a little bit of day-dreaming.

Write down three things you’d like to see from your company within in the next 3 years.

Then, write down the three things you’d like to see in the next 3 months. Then, the next 3 weeks, then the next 3 days.

This is an old product management tip that has its roots in the LEAN start-up school of business development: taking things that might seem EPIC and breaking them down into increasingly smaller, manageable bites that you’re company is able to chew as a team.

Check out my 1 year goals for Food Tribe:

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Profit — To be a profitable company by end of year.

Growth — To serve multiple clients, multiple users, serve more people, and to hire great team members.

Social Impact — To do our part to end hunger.

Provide a Service — To launch great products and services to our users and restaurant partners.

#3: Prioritize.

Next, you and your team need to work on prioritizing which goals are most important to your business, then divvying up the work by department.

#4: Track.

Track your progress towards your goals. If you’re hitting your targets, pivot and see if you can hit your stretch goal. If not, scale down and make sure to hit your realisticgoal.

My recommendation is to allow managers and team members to use product management tools to assign tasks and track achievement.

Use these tools is to track individual team member contribution, contribution by department, inter-department goals, etc.

Wrap Up

Business goals should be a combination of broad and specific. I recommend figuring out what the core areas of your business are, and then creating a “best case” scenario of the different things you want to see.

Feel free to be a little ambitious: your goals should explain your start-ups very reason for existing: your value proposition.

Your customers and your team team need to know why no one will ever be able to accomplish the things that your company will.

-TL