Objectives of business can include anything from "Be the top-ranked provider of management consulting services in the city" to "Serve the best hamburgers in town, based on results from customer surveys."
Whatever your business objective is, it needs to be specific and measurable; otherwise it will do little to help you set and achieve goals, and it will mean little to potential investors reviewing your business plan to determine the viability of your company. Objectives for businesses should:
- Include the overall goal for the organization.
- Describe what service the business provides.
- Be concrete and measurable, so you can track your progress.
- Also include business social objectives, such as being environmentally responsible, depending on the mission of your company.
Learn the basics of writing business plan objectivesIf you've never written objectives for business before, you may want to start with a quick Internet search, which can yield several choices in online tutorials and courses in writing the objectives of a business plan.
Use sample business objectives as a modelReading how to write a business objective is valuable, but sometimes you need to see one to really understand how it works. Studying business objective examples can help you better comprehend what you've learned, and you can use them as a guide for formulating your own. By researching what kinds of business objectives have worked well for other organizations, you can feel more confident about the one you write.
Decide how you'll measure your business objectiveFor a business objective to be useful, you need to decide what criteria you'll use for evaluating its success or failure. Instead of saying you want to "serve the best pizza in town," say you want to serve more customers per month than your competitors, or that you'll hand out customer surveys, with a goal of achieving a rating of between eight and 10, for example. Your measurement method is so critical that it should be included within the business objective, and you'll need to decide before you ever write it what method you'll use.
- When deciding the objectives of your business, choose one that's narrow enough to easily be measured, but that also encompasses your overall goals for the organization. Maybe minimizing your environmental impact is just as important to you as having great sales, so write a statement that emphasizes both.