How important is it for a business to set aims and objectives? Some managers would say that it is perhaps the most crucial stage, both for fledgling companies, and well-established firms.
After all, an 'aim' will determine where a company wants to go in the future, and will establish goals to work towards.
A clear objective provides staff with a target, achievable measurement techniques and even increased trust and loyalty in a company.
A mission statement will outline the vision and values that the business holds, and enables not only staff, but also customers, suppliers and partner companies to understand the fundamental core values of a company.
Business objectives are set to identify these 'aims' and establish the steps required to complete the process.
Objectives should give a business a clear, defined target, allowing staff to implement any work required.
It is often said that the most effective and productive business objectives comprise of the following criteria (known as SMART): S - Specific - objectives should be created directly in relation to your company, and the products/services it provides.
Try not to be too general - or you may not achieve the results you require.
M - Measurable - effective objectives need to be easy to measure.
Use values where possible e.
g.
'$100,000 increase in sales for the third quarter of trading'.
A - Agreed - all objectives need to be discussed with and agreed by all staff involved in trying to achieve the objective.
Keep communications open.
R - Realistic - objectives should be challenging, but also realistically achieved using available resources.
T- Time specific - set timescales for objectives to be achieved, e.
g.
by the end of the week/month/year.
This allows staff to plan for success.
So, now that you know how to develop aims for your company, what kind of objectives can you create? The objectives you set will entirely depend on the type of company, and the products and/or services that you sell.
You could start by setting a survival objective; for a small business starting out, or when an established firm enters a brand new market.
Also, you could focus on maximizing profits and sales growth, both of which can be easily measured.
Take some time to think about the goals you really want to achieve, be creative, and monitor your success closely.
Over time, your aims and objectives will naturally evolve and will incorporate new techniques.