The Difference Between Company Goals and Initiatives

Crafting company goals is vital to driving your business toward growth. Once you have your goals, you will need to ensure your team knows the steps to make them happen. Read 8 Figure Firm’s blog to learn more.

What are Company Goals?

Company goals, often referred to as business goals, are achievements that signify the status or amount of change you want to see in your business. Usually broad, they detail what you want your company to achieve in a set amount of time. These can range from objective goals, like reaching a certain amount of profit or hiring a specific amount of new employees, to subjective goals, such as increasing employee satisfaction and efficiency.

These goals can encompass the company’s growth, reaching new clients, impacting the community, or anything else that stems from the business. They drive your company in a specific direction and give everyone something to work towards. By outlining your company goals, you can also ensure that your current and future employees align with what you are working towards, leading to longer employment and better efficiency.

What are Initiatives?

Initiatives are distinct from business goals because they are specific and actionable items. Your initiatives are the steps that you and your employees take to reach your goals. Whether it’s targeting a new audience on social media, new benefits to motivate employees, applying for awards to boost reputation, or something else, the initiatives you set should help improve your business by achieving your goals.

How to Plan for the New Year

Planning is crucial to attaining your goals and developing your business. Here are four steps to ensure you are on the right track.

Meet with Your Leadership Team

Communication is key – especially with your leadership team. It can be constructive to meet with your leaders and discuss setting new goals and initiatives with them. Being transparent about the goals you are trying to achieve also assists them in guiding their departments in a general direction to help realize that goal.

It’s also helpful to get different perspectives and feedback from team members you trust. They can offer new ways to think about situations. Including them in the planning process allows them to feel cemented in the company, improving morale and the work they are willing to do for the business.

Draft Your Initiatives

The creation of your initiatives should be a collaborative effort between you and your leadership team. Come up with actionable steps for the company and specific departments to push the business forward. By drafting up these initiatives, you develop measurable steps that help keep the team on track and accountable.

Create Specific Goals

While many goals are broad, if you develop focused goals, you can isolate the path to attaining those goals and streamline the process for your team. Set SMART goals, which are specific, measurable, attainable, relevant, and time-bound, to encourage immediately creating initiatives out of your goal. By narrowing your goals down, you can limit distractions or unrelated issues and ensure everything the team is working on is towards one of these goals.

Share with the Team

Being open and honest with your team is one of the keys to operating your business effectively. Transparency encourages employees to interact more and helps them feel more involved in the direction of the business. By laying everything out for them, they clearly understand what you want the business to achieve, why you want to achieve it, and how they can help, leading to increased employee buy-in.

Speak to the Experts at 8 Figure Firm

There are a few differences that clearly distinguish company goals from company initiatives, but they are both crucial in planning for the future of your business. By outlining what you hope to achieve and defining how you and your team plan to achieve it, you take care of key steps that guide your firm toward growth. Much work goes into this planning process, but it is worth it to give your company direction.

It can be a complex ordeal, with much time and effort to develop your company goals and initiatives. Here at 8 Figure Firm, we can help you through the process with ONE.Coach, our proven program to help you grow your firm.

If you’re ready to take your law firm to the next level, register for ONE.Coach today. We’ll help you turn your law firm into a law business.