Setting Your Business Objectives

Launching a start up

It’s important at this stage to think about what your business objectives are.  Your objectives are the goals you want to achieve over the next three to six months. Objectives give you direction and focus and allows you to grow your business in a strategic way. Without them how will you know what you’re doing, where you’re going and how you’re going to get there?

An example of a possible business objective might be:

Grow the email database to 100,000 subscribers.

Typically objectives will also include your sales growth plans. Sales will usually be reflected in a percentage growth i.e. 10% growth every quarter, or if you are just starting out, you may want to put an initial figure on it for example, sell 5,000 products and make £100,000. Your objectives could look at how you raise your profile amongst your target audience and how you will convert them into paying customers.

Task

Write down your objectives for the next six months. Don’t set yourself too many objectives if it’s just you working on your business. You want to make them achievable to see positive growth.

It’s also worth jotting down a few long term objectives for your business. You don’t have to refer to them religiously and these don’t have to be set in stone. Plus, you may not know right now how to reach any of these long term goals, but it’s worthwhile keeping them in mind so that you can mindfully move in the right direction.

But you can’t have business objectives without a business strategy; now that you know what you want you need to figure out how you are going to get it.

A business strategy is essentially a strategic well thought out plan which you mean to adhere to in order to achieve your objectives.

What steps and action will you take to achieve your objectives?

Task

Using the SMART model (Specific, Measurable, Achievable, Realistic and Timed), create a business strategy that will enable you to effectively fulfil each of your objectives.

So below each of the objectives you previously wrote down, create a three step plan to actioning it. For example, earlier we looked at the following objective:

Grow the email database to 100,000 subscribers.

Your SMART strategy for achieving this objective could be:

Grow the email database using Facebook marketing.

Run monthly targeted Facebook ads as well as monthly competitions and promotions.

Post regular (by-weekly) content via Facebook, posting questions and engaging with potential customers.

Deadline: by 31st March 2015 (6 months).

 Be as detailed as possible and specify which dates in the month you plan on running the Facebook ads and the competitions. Committing to specific dates and putting them in your diary is a good way to ensure you stick to the plan and know what goals you are working towards.

If your objective was to sell 5,000 products and make £100,000 you will need to detail how you will achieve this by doing X, Y and Z. Remember to add as much detail and information as possible which will help you to implement your objectives, reach your goals and measure your success.

Regularly check that you are on schedule with your objectives to ensure you remain on the right track, and are not getting bogged down with the day to day running of your business. Remember you want to work on your business not for your business! The aim of your objectives are to help you drive your business forward.  If you find that your three step plan isn’t working for certain objectives, then change what you are doing and try something new. You need to keep evolving and trying out what works best for you. This plan doesn’t have to be carved in stone! Be fluid and change what isn’t working for you.

 

 

Setting Your Business Objectives was last modified: September 3rd, 2017 by TRS

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