What is Business Objectives?

The original article comes from http://business.lovetoknow.com/wiki/Example_of_Business_Objective

Once you’ve set goals for your company, you need to determine how you will reach them. The steps you take to reach a goal are your business objectives. Like goals, objectives should be SMART – they need to be specific, measurable, attainable, realistic, and timely. Tie business objectives directly to a goal to help you move toward it.

Objectives for Sales Goals

Most companies hope to improve sales from year to year. It’s the only way to continue to grow and find success. To increase sales your organization will have to create and execute specific strategies designed to bring in new customers.

Examples of business objectives include:

  • Create a survey to discover how the top 20% of our customers found us, and increase investment in those marketing strategies by October 1
  • Create a loyalty or frequent buyer program to encourage repeat customer sales by December 1
  • Create a client referral program by November 15 to increase our brand’s reach

Depending on your specific sales goals, you may need to focus your objectives regionally or even internationally. You may also want to create objectives for each quarter or each month to make sure you’re staying on track.

Objectives for Customer Service Goals

Customer service can be what sets your company apart from the competition. Sure, many companies sell green widgets, but if you can do it with great service and a smile, people will choose to buy from you. You also don’t want to spend tons of money on customer acquisition just to lose it with poor customer service.

You may choose to focus on customer service objectives such as:

  • Hire and fully train five new customer service staff members by July 15
  • Install online chat as a help option by September 30
  • By November 1, translate our most used support documents into Spanish

When you provide excellent customer service, you will not only keep customers, you can generate excellent business from referrals as well. It’s like having your very own volunteer salesforce!

Objectives for Profit Goals

When you increase sales, sometimes you increase costs as well. As a result, you end up with no more cash in the bank than you started with. To really boost your company, you need to increase sales and cut costs at the same time. With the right objectives, you can meet your profit goals.

Some ways you might boost profit include:

  • Get three new price quotes for green widget suppliers by June 1, and evaluate changing suppliers to save costs
  • Create a program to ask for cost-saving ideas from employees by September 1, and include a prize for winning suggestions
  • Evaluate company travel expenses by July 15, and create a list of ideas for possible savings

You can also create objectives that review raising price