Creating objectives for your business is important to measure growth and profits. Depending on the type of business you operate, your goals should match the mission of your company. Writing clear objectives helps you and your employees focus on the performance needed to earn success.
Sales and Profits
Your business can sell the most popular product or have the best service, but it won't benefit you or your employees if you don't have sufficient sales to support your company. Financial goals are key to every business because they are the foundation to determining your level of sales, which affects your profits. It's necessary to have both sales and profit objectives because high sales do not always translate to a profitable organization. Therefore, you must outline your monthly sales expectations and growth, the price point necessary and the amount of profit you will earn.
If your sales are growing, your production must keep up with demand. Whether you make your products yourself or you use vendors and other wholesalers, you must ensure that you have a system that can supply what you need when you need it. Long delays in processing can cause you to lose valuable customers and give you a poor reputation in the industry. However, if you plan your production objectives to match those of your sales, you will have the system in place to satisfy your orders and provide excellent customer service.
Market share in your industry will help you reach a wide range of potential customers. In the beginning, your target market may be a niche of a larger one. Planning your objectives to capture a larger customer base is vital for continued sales, especially if you provide a product or service that will not be needed for long periods, such as large appliances. Once you are able to beat out your competition and develop a loyal following, you will widen your market objectives to include an even larger clientele. Therefore, your goals in this category must be clearly defined to give you a visual conception of who you will target in marketing campaigns and other advertising.
Increasing the identifiable image of your business is an objective most companies strive for. Having a simple, yet memorable, logo is a start. In addition, it's up to you and your marketing team to spread the word about your company. Your brand should be synonymous with economy, quality and great customer service. Starting locally and moving globally are objectives that will help make your business a brand name in your industry. Join community groups and be involved in events to start putting your company name in front of your target audience.