Small Business and Entrepreneurship
Business Plans

When writing a business plan what is the difference between goals and objectives?

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2007-12-26 22:49:35
2007-12-26 22:49:35

People often use the words goals and objectives interchangeably. When it comes to drafting a business plan, it is important to understand that the two have very different meanings. Goals are what you would like to happen - they are general intentions with broad outcomes. Objectives on the other hand are precise statements relating to specific outcomes. Objectives can be validated - most of the time goals cannot. For instance, you might set the goal of becoming the leading retailer of green widgets in the United States. This is a broad statement, which you may or may not be able to corroborate. An example of an objective would be: to sell 10,000 green widgets Year One, 25,000 Year Two and 40,000 Year Three. This is a narrow statement that can be substantiated by reviewing your company's sales reports. In business planning, larger goals often help to define specific objectives, so make sure you set these first.

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