3 Types of Objectives You Need in Business

3 Types of Objectives You Need in Business

By in Uncategorised.
Published 18th January, 2015.
Updated: 19th December, 2018.

Okay, now that you have goals in place, you need objectives to help you obtain your goals successfully.

What?! You don’t have your goals in place? Not to worry – click here for more information oh how to set goals.

What is an objective?

Like a goal – objectives have an intended purpose. The objectives need to be SMART (it is explained here). Objectives support the attainment of the associated goal. But they are usually in shorter term blocks.

For example: “My goal is to make $20,000 revenue in one year”.

I’ve come up with this goal because I work full time and am selling homemade honey at markets.

Okay, we have a goal. However, how are we going to make this happen?

Types of objectives

This is where objectives come into play. Much research is usually done to ensure you aren’t writing outlandish objectives that are not achievable (which is getting back to the SMART principle). There are a variety of objectives to choose from, below are a suggested few:

SALES AND PROFIT

Financial goals are key to any business. We already know the goal is to make $20,000 revenue. Therefore, our objective every month may be to obtain a revenue of $1666 per month. This would then lead to our $20,000 for the year. You may change the revenue to be smaller during the winter months and larger revenue in the summer months.

MARKETING

Each business has their own marketing needs. Marketing, in this situation, could include Advertising and Public Relations. Therefore, I would be suggesting the following objectives:

  • Attend 4 markets a month in June, July, August and attend 6-8 markets a month for all other months (this would then co-incide with your sales and profit)
  • Engage with the Facebook community twice a day
  • Spend $200 a month during Spring and Summer to advertise on Facebook
  • Keep website up-to-date with Market Dates
  • Blog twice a month
  • Just to name a few…

But as you can see – the objectives give you a place to start and they are all in the realm of being achievable.

BRANDING

Another objective could be in increase your business’s identity. To ensure your name, logo, quality and customer service is memorable and remembered positively. This would naturally translate to first impression and ideally, continued sales. Some objectives may include:

  • Invest the creation and printing of brochures to hand out at the markets
  • Invest in an customer friendly, easy-to-navigate website
  • Invest in professional business cards, including all your social media details

This will depend on your budget. However, the investment in your business should reflect the Return-On-Investment (ROI) capabilities for your business.

Having objectives allow you to watch your progression and make adjustments accordingly, in order for you to achieve your goals.

If you need assistance in creating objectives for you goals or require a business mentor to help you achieve your objectives, call us on 0418 309 753 or email now.