Possible Examples of Business Objectives

Financial Objectives

Financial objectives are commonly referred to as financial goals when written down. Keep in mind when selecting and developing your financial objectives that they should reflect what you are attempting to accomplish financially within the time span of your strategic plan.

Examples of strategic objectives from this perspective include the following:

Increase shareholder value: Increasing the value of your organisation for your shareholders, stakeholders, or owners may be the most important goal of your organisation’s leadership. Value can be defined in a variety of ways, so it would be necessary to define it explicitly.

Increase earnings per share: This objective implies that your organisation is attempting to increase its earnings or profits. Increase earnings per share: When it comes to publicly traded companies, one popular way to look at this is through “earnings per share.” This can be assessed on a quarterly and/or annual basis.

Customer Objectives

When you look at examples of a company’s customer objectives, you’ll notice that they’re typically written in the same way that customer goals are. A phrase or a statement that a customer would use to describe your product or service is sometimes used in their writing.

Customer awareness that they are not purchasing the most expensive product or service—or even the highest quality—but that they are receiving the best deal is what this term means to your customers. This could mean that your customers are paying less than the average price while receiving a product that is average or above average.

Product offering a wide range of options: This goal is achievable if your strategy is to be able to offer your customers the best product in its class, regardless of the price. The Four Seasons or the Ritz Carlton, for example, might adopt this strategy as part of their overall marketing strategy.

Internal Goals and Objectives

The internal perspective is typically focused on the processes that your organisation must excel at in order to survive and thrive. According to Michael Treacy and Fred Wiersema, who have written extensively on the subject, these examples of business strategy processes can be divided into three categories: innovation, customer intimacy, and operational excellence. 

Innovation

The following are the most innovative products/services: This goal is for organisations that take pride in their ability to innovate on a continuous and cutting-edge basis. You would need to define what you mean by “innovation” and how you are innovating in each specific area before you can move forward.

Differentiate the product: If your organisation is in a situation where the customer cannot tell the difference between your product and the product of another organisation, this objective may be appropriate. You are requesting that your organisation either develop new services centred around the product or develop new differentiating features for the product or service that you are requesting.

Invest a specific amount of money in innovation: Organisations may use an objective such as this to motivate investment in research and development or other innovative activities in their organisations. This objective can be used in a strategy when you want to signal a shift in the amount of money you are investing in the innovation category.

Customer Service 

The definition of great customer service in your organisation is a good way to set the bar and communicate internally about what that means. Concentrate on whether you want to provide one-touch resolution or proactive support, or whether you want to concentrate on phone support or on-site support, among other considerations.

Improve customer service: If your organisation is experiencing difficulties with providing good customer service, you may want to set an objective to focus on improving this area. Because the problem your company is experiencing is most likely located in a specific area, this objective should be focused on that specific call centre or the reactive support that you provide.

Improve customer management: This objective is typically used when your strategy is to place greater emphasis on your customer management processes than you have previously done.

Operational Excellence 

Reduce costs by a specific amount on an annual basis: This goal is focused on lowering costs—typically costs associated with a product or service that is being offered (to make that particular product or service more effective). It could also be geared toward lowering overhead costs throughout your organisation.

Reduce waste by a specific percentage: If your organisation uses a lot of raw materials, one of the most common goals is to reduce waste generated during the manufacturing process. In most cases, this results in significant savings in costs.

Consider Total Quality Management (TQM) as a long-term investment: Total Quality Management (TQM) is a process of continuous quality improvement, which can mean doing things more efficiently or effectively. This objective is used in organisations that have implemented (or are in the process of implementing) Total Quality Management.

The difference between a mission statement and a vision statement

When it comes to mission and vision statement writing, they are closely related and easy to confuse. Here are some of the most significant differences between them:

The purpose of a mission and vision statement is similar, but they serve slightly different functions in different situations. An organisation’s mission statement (which may or may not include its vision statement) describes the “what,” “how,” and “how well” the organisation is doing its work, whereas its vision statement emphasises the “why” or meaning behind the organisation’s actions. In a nutshell, a mission statement can serve as a road map for strategic planning in order to move the company closer to achieving its vision.

Timeframe: The most significant distinction between mission and vision statements is the timeframe in which they are expressed. An organisation’s mission statement outlines all of the activities that it is currently engaged in to achieve its goal, while a company’s vision statement describes what it is striving to achieve in the distant future.

Those who will read mission and vision statements can be from a wide range of backgrounds. In general, mission statements are outward-facing statements that are primarily targeted at consumers. However, they can also serve as a driving force for company policies and foster a sense of cohesiveness among employees in the course of daily decision-making. In most cases, vision statements are more focused on employees of the company (as well as other existing stakeholders or interested investors) in order to assist them in steering their work in the most beneficial direction for the future.

Conclusion

Financial objectives are commonly referred to as financial goals when written down. Keep in mind when selecting and developing your financial objectives that they should reflect what you are attempting to accomplish financially within the time span of your strategic plan. Customer awareness that they are not purchasing the most expensive product or service—or even the highest quality—but that they are receiving the best deal is what this term means to your customers. This could mean that your customers are paying less than the average price while receiving a product that is average or above average. Total Quality Management (TQM) is a process of continuous quality improvement, which can mean doing things more efficiently or effectively. This objective is used in organisations that have implemented (or are in the process of implementing) Total Quality Management. In general, mission statements are outward-facing statements that are primarily targeted at consumers. However, vision statements are more focused on employees of the company (as well as other existing stakeholders or interested investors).