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Setting out your business objectives, whether you run a growing business or you are an entrepreneur in the early stages of your business will underpin how you shape your business not just financially but also how you are perceived as a brand so it is worth taking the time to list out your business objectives.
But what is a Business Objective? This are the ultimate outcome that a business aims to achieve. A business plan will set out the detailed steps that need to be taken to achieve the overall objectives. Here are some typical examples of Business Objectives:
For any business, its success and longevity depends on profitability. Any financial objective should be realistic and include a plan to reach certain levels of profitability for example: to repay loans, meet returns on investment or to allow for reinvestment and long term growth.
Branding and Brand Value
All businesses want to recognised by their brand and be known for offering a great product or service which gives them their competitive edge. Marketing and branding objectives will probably identify how the brand will be built, identify how market share will grow and ultimately allow the business to be recognised as its own Brand.
Customer Service and Goodwill
Many business are born out of an entrepreneur seeing an opening in the market where customer are not receiving a product they need or wanting to make improve service delivery. Therefore the business objective is customer retention, re orders and a low level of customer complaints.
Staff help your business to thrive and fewer changes in staff mean a better customer experience in particular in service based industries such as accountants, consultants and lawyers. A key business objective may be to keep employee turnover to a minimum and treat your staff fairly. Happy staff mean happy customers after all!
Anita is a Chartered Accountant with over a decade of experience taking self employed business owners from financially confused to business savvy.
She is the creator of the ‘Go Self Employed’ website, which her corner on the internet where she makes self employment less terrifying.