We recently talked about setting New Year’s resolutions, or goals for the coming year. You now know the importance of making sure your goals are specific, measurable, attainable, relevant, and time-bound. Hopefully, you were able to use our tips to make some good goals for yourself for 2022.
Today, we thought we’d look at expressing business goals.
Read on to learn some words you might find helpful when developing goals for your business!
Business goal vocabulary
1. Brand awareness
→ (noun) Refers to how easily people recognize your brand
No one has heard of our company! We need to increase our marketing efforts in 2022 to improve brand awareness.
→ (verb) To make something grow or become more advanced
My goal this year is to develop my communication skills to be a better manager.
→ (verb) To start using or doing something
We need to focus on employee satisfaction by implementing an employee rewards program.
→ (noun) The money that you get from work or business activities
In order to be successful, our department needs to increase income by 15% this year.
→ (verb) To cause something to become larger
The sales department’s target is to increase sales by at least 25% in the next two years.
→ (verb) To spend money to grow or improve something
The CEO said he would like to invest in better hiring and training programs.
→ (verb) To begin selling or offering something
In 2022, we hope to finally launch our new line of athletic clothing for women!
8. Long-term goal
→ (noun) Something you want to accomplish in the future (in five to ten years, for example); larger goals that require time and planning
Our long-term goal is to open six more stores across the country.
9. Market share
→ (noun) The percentage of sales that a company earns in a particular industry or market
One day, we plan to have a market share as big as a company like Nike has—they control about 50% of the athletic shoe market.
→ (noun) Something you want to do; a goal
Our company’s primary objective is to offer high-quality, affordable, environmentally friendly cleaning products.
→ (noun) The rate or speed at which work is completed
Our manager is going to hire a consultant to tell us how we can increase our daily productivity.
12. Ramp up
→ (verb) To increase the activity or amount of something
If we want our company to grow, we need to ramp up our hiring efforts.
→ (verb) To make smaller; to decrease
To save money, we need to reduce spending on staff dinners and parties by 45%.
→ (noun) Money that a business earns
Our restaurant needs another source of revenue. I would like to start selling some of our cakes online.
15. Short-term goal
→ (noun) A goal that can be achieved in a short period of time (for example, in a quarter or up to a year)
Everyone in our department must have one short-term goal this year. My goal is to complete a web design course.