Defining Business Objectives: 3 Things to Consider

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What are your main business objectives? Do you think your objectives align with the purpose of your business?

Every organization has different goals. For example, a retail store may focus on customer satisfaction whereas a medical organization— on patient safety. While these goals aren’t mutually exclusive, these organizations have different priorities because they have different purposes.

When defining business objectives for your organization, ask yourself the following three questions.

Setting Business Objectives

Organizations need to define business objectives so they know where they’re heading and whether they’re on or off course. The first thing to consider when defining business objectives is to, first and foremost, consider the purpose of your business. If you can’t name the main purpose of your business, ask yourself these three questions:

Question #1: What Do Your Customers Need? 

This is the first question you need to ask because, without customers or clients, your company has no value. Use focus groups or customer surveys to ask your clientele what they want and expect from their experience with you. Use this information to inform your organization’s goals by zeroing in on the items that your customers feel passionate about.

For example, if you manage a grocery store, you may believe that promoting new products is the best way to bring in customers. However, if your customers just want to be able to consistently buy the products that they love, they won’t necessarily care how many new products you’re bringing in. In this situation, you need to adjust your goal away from bringing in different products and shift it towards maintaining stock of popular products.

Question #2: What Does Your Company Need? 

While a company’s core mission typically remains the same over time, the strategies you use to execute that mission change. Adapt your goals as you change your strategies. This adjusts the focus of your desired outcomes toward your new approach to fulfilling your company’s mission.

Defining Business Objectives: 3 Things to Consider

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Darya Sinusoid

Darya’s love for reading started with fantasy novels (The LOTR trilogy is still her all-time-favorite). Growing up, however, she found herself transitioning to non-fiction, psychological, and self-help books. She has a degree in Psychology and a deep passion for the subject. She likes reading research-informed books that distill the workings of the human brain/mind/consciousness and thinking of ways to apply the insights to her own life. Some of her favorites include Thinking, Fast and Slow, How We Decide, and The Wisdom of the Enneagram.

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