Understanding Your Business Objective

In order for any business to suceed, including yours, you need to be clear about where your business is going.  Setting your business objectives will do exactly that.

You are basically designing your own vehicle (your business), and guiding it from the drawing board (the business plan) to the finish line (your exit strategy) of the race (your market) you are entering.

5 Tips to Writing a Successful Business Objective

A clear, concise statement outlining each objective will attract people who want to invest in your business.  These people may be potentional customers or stakeholders (this includes employees and investors).  Your business is serving a need that must be fufilled. 

Without a clear objective, these people will not understand what your business is about.

1.  Focus on what your business is about. 

Identify the market your business is focused on.  If your business is a day care for monkeys, focus on that, not a breeding center for monkeys. 

You want your business to be able to capitalize on various aspects of your business.  The first objective is the most obvious statement that you are going to draw attention to your business with. 

To be the number 1 luxury day care for little monkeys in the tri-jungle area within 24 months.

2.  It is okay to have more than 1 objective.

The additional objectives will allow you to expand the focus of your business to increase the interests of your customers and stakeholders.

To promote a healthy, safe and fun environment for the little monkeys.

3.  It is okay to have an objective measuring your goals. 

By creating a realistic measurement for your business to achieve, your potentional customers and stakeholders will become aware of your ability to meet the supply and demands for your product or services.

To create expansion for 2 luxury day care for little monkeys in high-profile jungles.

4.  It is okay to have a challenging objective that is attainable. 

By creating a challenging objective, you are showing your potentional stakeholders that your business is willing to achieve your goals instead of becoming content. 

By keeping it attainable, you are showing your stakeholders that you are realistic about your business expectations.

To increase operating revenue from 5% to 15% per year from product sales and additional services for little monkeys.

5.  Objectives should be simple and clear to understand. 

You are explaining your business to prospective customers and stakeholders, not yourself.  You need to keep it simple and clear enough that these people can understand you.

Compare the examples listed in the 5 objectives above with these complex and obsecure objectives listed below.

• To be the best monkey day care in the world.

• To be the happiest monkey day care in the world.

• To expand the monkey day care everywhere.

• To generate a lot of profit each year.

• To make you believe this monkey day care is worth your time and money by providing the little monkeys with all kinds of fun stuff to do.

This is your business so take a moment to look at your objectives from the point of view of your customers and stakeholders.