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Define Goal Statement

Goal statements set a person, business or organization on the track to attaining specific outcomes. The goal statement is usually written down for easy reference, though it can be memorized or spoken. Goals help people remember what they hope to achieve, and they keep them on track when they otherwise might deviate from their mission.
  1. Finance

    • A financial goal statement is a sentence or paragraph that speaks to a specific financial target. You can set this goal to any point in the future. Many people set multiple financial goals. For example, they might state that they intend to save 10 percent of their overall income for the year, or to earn a certain amount by the end of the month. Such financial statements are often guided by a personal goal statement.

    Personal

    • Personal goal statements are usually written to address an issue or possession that the person feels is lacking in their life. For example, someone might want to own a house by age 30. This personal goal statement could lead to a financial goal statement that says he needs to save 10 percent of his overall income each year for the next five years, to have a down payment for the house by age 30. Another example of a personal goal statement could be a desire to be married by age 35.

    Business

    • Businesses take previous earnings and company results, such as more assets, to guide their future goal statements. For example, a company that earns $1 million in a year might think it could realistically increase that amount by 20 percent. This goal might be based on trends -- such as a gradual increase in sales -- that the company observed throughout the year, enabling it to more accurately set the goal.

    Academic

    • Students might use a standard set out by an employer or a postsecondary institution to set their personal academic goals. For example, if a student needs a grade-point average of 3.8 to get into the college she wants, she can set a goal statement of achieving a certain amount of A's and an allowable number of B's and C's. Some employers require a specific grade-point average before hiring.


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