5 Key Areas of Business

I have in previous articles discussed the importance of setting goals in order to improve business results, but which areas should be considered when thinking about the goals to be set? If a business is going through tough financial times, it may be tempting to think that all or the majority of goals should have a financial bias, but I have frequently found that issues manifesting themselves in one particular area may in fact be symptoms of underlying causes across multiple aspects of the business and so a balanced approach is usually required.

For this reason, when setting business goals, it is useful to test whether at least one of the goals you have defined exists in each of the ‘5 Key Areas for Business’.

These are generally accepted to be as follows
• Financial Performance
• Customer Service
• Staff and Culture
• Systems and Processes
• Leadership

As has been stated before, the goals should be SMART (Specific, Measurable, Achievable, Relevant, Time-specific) and ideally you want to limit the total number to less than twelve otherwise it can become hard to manage a large number of competing priorities. If this is the case, then clearly you are typically looking at only around 1 or 2 goals for each of the 5 Key Areas and the good news is that if defined properly, you will find that benefits from addressing one area will often provide knock-on benefits in one or more other areas at the same time.

If you would like more information on goal setting, please do not hesitate to get in touch.

Ian Ash, AInstIB
Managing Director, OrgMent Business Solutions