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Business Objectives

All businesses need to set objectives for themselves or for the products or services they are launching. What does your company, product or service hope to achieve?

Setting objectives are important., it focuses the company on specific aims over a period of time and can motivate staff to meet the objectives set.

A simple acronym used to set objectives is called SMART objectives. SMART stands for:

1. Specific – Objectives should specify what they want to achieve.
2. Measurable – You should be able to measure whether you are meeting the objectives or not.
3. Achievable - Are the objectives you set, achievable and attainable?
4. Realistic – Can you realistically achieve the objectives with the resources you have?
5. Time – When do you want to achieve the set objectives?

 

Some Business Objectives:

There are a number of business objectives, which an organisation can set:

Market share objectives: Objectives can be set to achieve a certain level of market share within a specified time. E.g. obtain 3% market share of the mobile phone industry by 2004.

To increase profit: An objective maybe to increase sales 10% from 2003 – 2004.

To survive: The hard times the business is currently in.

To grow: The business may set an objective to grow by 15% year on year for the next five years.

To increase brand awareness over a specified period of time.

 

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