Examples of Corporate Goals
Corporate goals and objectives succinctly describe a company’s mission and values. A business sets expectations for employees, investors and customers by defining clear goals. Common examples typically include customer loyalty, profit, growth, leadership and commitment to employees, customers and the community. Without goals, a business usually lacks direction and purpose.
Goals reflect general statements about what the business wants to achieve. Improving profitability is a common corporate goal. The goal statement usually includes details about the business and aligns its actions with the company mission and values. For example, actions might include developing new markets, products or services. Other examples include reducing unnecessary costs, changing suppliers or raising prices. Stated simply, the goal must be clearly understood by all employees. It must also be flexible enough. If market conditions change, the goal can be adjusted.
Corporate goals typically reflect a commitment to improve existing operations. This includes striving for excellence. It also involves producing results through effective teamwork and using technology to innovate. Successful corporate leaders realize that they have to be vigilant about reducing product errors, waste and customer dissatisfaction. Corporate goals may also specify planned methods or strategies. For example, to reduce product errors, a business might set a goal of implementing a Six Sigma initiative, a quality management technique.
Increasing market share is common corporate goal. This often involves targeting new audiences, such as younger customers. Reaching out to a new demographic may also involve using new marketing techniques. For example, a small business can promote its products and services using social media technology. A company can expand its market presence by designing, developing and delivering new products.
Corporate leaders recognize that employee satisfaction contributes to productivity. Corporate goals related to employees typically demonstrate a commitment to the workforce. Programs may include training courses, events and resources. These allow employees to develop professional skills and enhance collaboration. For example, a common goal strives to create a culture based trust and respect for all. This improves employee retention rates, reduces absenteeism and increases employee morale.
Corporate goals usually demonstrate a commitment to the community. A business has a responsibility to be an asset, not a liability. For example, a company may aspire to improve the environmental performance of the tools and technology used in its facilities, by its customers and by its suppliers. Short-term goals address today’s problems and long-term goals prepare for the future.
- Iowa State University: Creating a Mission Statement, Setting Goals and Developing Strategies
- The Goal: A Process of Ongoing Improvement; Eliyahu M. Goldratt and Jeff Cox
- Strategic Corporate Social Responsibility: Stakeholders in a Global Environment; William B. Werther and David B. Chandler
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