Before any entrepreneur can build a comprehensive plan and strategy, he or she must first establish goals and objectives, which give him or her targets to aim for and provide a basis for evaluating performance. Without them, you will not know where your enterprise is going or how well it is performing.
Goals
Goals are the broad, long-range attributes that your enterprise seeks to accomplish. For example, do you want to boost market share, improve cash flow, enter a new market, or increase revenues?
Objectives
Objectives are specific targets of performance. Objectives may concern profitability, productivity, growth, efficiency, markets, financial resources, physical facilities, organizational structure, and social responsibility.