Simply stated, a goal is a way to direct your efforts toward achieving the desired results. Setting goals and working toward them will significantly improve your chances of succeeding in business. A goal should not be something you set and forget -ideally your goals should motivate you and guide your actions on a daily basis. Take the time to set the kind of goals that will move you closer to success:

Be specific.  Your goals need to be specific enough for you to translate them into action. Let's say, for instance, you set a goal to "make my new business profitable". Compare that to the goal of "make a profit of $5,000 by the end of my first year in business." The second goal gives you a target to aim for.

Make it measurable.  If your goal isn't quantifiable and measurable, how will you know whether or not you've succeeded in reaching your goal? In the example above, it's easy to know whether we have a profit of $5,000 at the end of the first year, because your bank account will tell you.

Be realistic.  Goals should be motivating, not discouraging. Make sure the goals you set are realistic and achievable given your resources (time, money, energy), market conditions, your competition, and the state of the economy. It's good to set a goal that is a bit of a stretch for you, but still reasonably achievable.

You need an action plan.  To achieve your goal you need to have a plan that you can translate into specific actions. For every goal you also need an action plan lays out the specific steps you will take to reach your goal.

Create a timeline.  A "timeline" is more useful than a "deadline". A "deadline" is something that hangs over you like an ultimatum, while a "timeline" represents a timed sequence of smaller steps that ultimately lead to reaching your goal.

Measure your progress.   Don't wait till the end of your timeline to evaluate the results of your efforts. Check on your progress periodically to see if you're on your way to achieving your ultimate goal. Check your results to date against your timeline to see whether you're making good progress toward your goal. If not, beef up your efforts and try something new.

Evaluate the end results.   Here's where making your goal specific and measurable really pays off. Did you accomplish your goal in the expected timeframe? Was the goal unrealistic, not specific enough, or difficult to measure? Did you choose the right action steps? Could you have achieved even more if you'd tried?

Set new goals.  Whenever you reach a goal, set a new one. Decide on the next step, take your goal a little farther, or head out in a new direction altogether. Use what you learned from working toward your last goal in setting a new one. Over time you'll get better and better at setting goals... and reaching them.