Your business objectives
are the results you hope to achieve and maintain as you run and grow
your business. As an entrepreneur, you are concerned with every aspect
of your business and need to have clear goals in mind for your company.
Having a comprehensive list of business objectives creates the
guidelines that become the foundation for your business planning.
Profitability
Maintaining
profitability means making sure that revenue stays ahead of the costs
of doing business, according to James Stephenson, writing for the
"Entrepreneur" website. Focus on controlling costs in both production
and operations while maintaining the profit margin on products sold.
Productivity
Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.Customer Service
Good
customer service helps you retain clients and generate repeat revenue.
Keeping your customers happy should be a primary objective of your
organization.
Employee Retention
Employee
turnover costs you money in lost productivity and the costs associated
with recruiting, which include employment advertising and paying
placement agencies. Maintaining a productive and positive employee
environment improves retention, according to the Dun and Bradstreet
website.
Core Values
Your
company mission statement is a description of the core values of your
company, according to the Dun and Bradstreet website. It is a summary of
the beliefs your company holds in regard to customer interaction,
responsibility to the community and employee satisfaction. The company's
core values become the objectives necessary to create a positive
corporate culture.
Growth
Growth
is planned based on historical data and future projections. Growth
requires the careful use of company resources such as finances and
personnel, according to Tim Berry, writing on the "Entrepreneur"
website.
Maintain Financing
Even
a company with good cash flow needs financing contacts in the event
that capital is needed to expand the organization, according to Tim
Berry, writing on the "Entrepreneur" website. Maintaining your ability
to finance operations means that you can prepare for long-term projects
and address short-term needs such as payroll and accounts payable.
Change Management
Change
management is the process of preparing your organization for growth and
creating processes that effectively deal with a developing marketplace.
The objective of change management is to create a dynamic organization
that is prepared to meet the challenges of your industry.
Marketing
Marketing
is more than creating advertising and getting customer input on product
changes. It is understanding consumer buying trends, being able to
anticipate product distribution needs and developing business
partnerships that help your organization to improve market share.
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