“Good Business Objectives enable us to concentrate on what is important – on those few objectives that can give us a comparative advantage, on what is important to us rather than others, and to plan & execute the resulting plan with determination & steadfastness.”
Topics for Goals: Market Share, Brand Recognition, Brand Loyalty, Goodwill, Globalization, R&D, Cash Flow, ROI, Profitability, Process Improvements.
What are Business Goals / Objectives? They are clearly defined targets / goals that are set by founders, owners or management. They give focus/directions and the mode in which the business needs to operate. Management devises plans to meet these objectives and keep track of progress & any deviations to correct or re-evaluate. Business Objectives are a blend of the needs of various stakeholders (customers, team, investors, etc) who are affected by your organization’s activities.
1. Improving your Market Share
Businesses often “compete” to dominate a market by growing their market share. You can obtain increased market share by increasing revenues; your revenue increases as customers buy more of your products. Improved market share also shows that your products or services are probably more desirable than your competitors – “Better, Faster or Cheaper”.
2. Superior Brand Recognition . . .
occurs when a business or its products are readily and positively identified by their Customers & others. Thru significant advertising & promotion + product differentiation from the competition, organizations aim to achieve superior brand recognition.
3. Brand Loyalty . . .
occurs when your Customer uses only your brand and is uncomfortable using goods or services of another business. Marketers use a combination of advertising & the quality of products & services to build Brand Loyalty. They also use schemes such as Loyalty cards, which provide discounts to repeat customers, to create brand loyalty or other idiotic (whoops) periodic promotions.
4. Improving & Maintaining Goalwill (Goodwill)
All businesses should strive to maintain their image and goodwill in their market niche. These business want their customer (& others) to view them favorably. For this purpose, businesses need to comply with all relevant moral, ethical & legal standards, and let these compliances be known to relevant stakeholders (ie, during Annual Meetings).
5. Growing Globally
Businesses want to grow their market share not only within their country’s borders, but also across the globe. You can measure “globalization” by identifying the amount or number of exports you make. You also can determine your “globalization” standing by measuring the market value of your businesses that are operating in other countries – compared to your competition.
6. Research & Development
R&D, or other learning or innovation goals, improve your company’s capabilities for serving the market and its interests. A basic market research (ie, thru Customer Feedback) can result in identification of your product’s minor flaws. This will help you go a long way in helping you attain your financial, market & appreciation objectives.
7. Maintaining good Cash Flow
Good Cash Flow is a financial objective that allows smooth running of the business in the form of timely payments to employees & investors. It also enables business owners to draw earnings in cash from the business for their living expenses. After all, let’s hope it’s more than a Hobby, so that it eventually provides you with the income you desire – to do what you want in life.
8. Increasing Return on Investment
Increased Return on Investment [ROI], shows how quickly your business returns profit on the money or capital that you, partners or investors have invested in it. A higher rate ROI ensures that owners receive a return more quickly for investments in other ventures, or that funds can be further re-invested in the business.
9. Increasing Profitability
Most organizations operate because their owners want to significant return to enjoy the life they envision. Therefore, improving profitability is one of the prime objectives of a business. When a business achieves incrementally better profit margins, it shows that the operations of the business are probably reducing costs proportionally.
10. Creating Process Improvements
Good businesses have significant internal objectives that they try to achieve – to create superior customer values. Your company can eliminate non “value-added” activities from its processes by setting Process Improvement goals. This enables your organization to be more efficient & cost-effective in delivering its products & services.
Comments: What are some of your most important Business Goals/ Objective?
from Your Business.com 12/16 enhanced by Peter/CXO Wiz4biz
For more Info, click on Goals.
Quotes on Business Objectives
“The reason most people never reach their goals is that they don’t define them, or ever seriously consider them as believable or achievable. Winners can tell you where they are going, what they plan to do along the way, and who will be sharing the adventure with them” – Denis Waitley, Motivation Author
“Focusing solely on what you can potentially do better than any other organization, is the only path to greatness.” – Jim Collins, Author, “Good to Great”
“Designing a winning strategy is the art of asking questions, experimenting and then constantly renewing the thinking process by questioning the answers. No matter how good today’s strategy is, you must always keep enhancing it to meet upcome trends.”
“Strategy is simply Resource Allocation. Strategy means making clear cut choices about how to compete. You cannot be everything to everybody, no matter what the size of your business or how deep its pockets.” – Jack Welch, xCEO, GE
“Execution of your Goals is a specific set of behaviors & techniques that you need to master in order to have competitive advantage. It’s a discipline of its own”
“An organization’s ability to learn, then translate that learning into action rapidly, is the ultimate competitive advantage” – Jack Welch, xCEO, GE