A business is an organization that produces goods or provides a service for the purpose of making a profit.
In order for this to function properly and be successful in its market, it must have strategic planning processes that allow it to achieve the proposed goals in the short, medium or long term.
To help you understand this better, today I want to talk to you about the main objectives that a company should have, the importance of each of them and the processes that can be implemented within an organization.
What are the strategic objectives of a company?
Every organizational structure bases oman telegram data its foundations on the basic principles of vision, mission and values .
Based on these three premises, companies clearly and concisely establish the objectives they wish to achieve in a given time and decide what actions they must take to meet these goals.
These are what are generally known as a company’s strategic objectives and they form part of the organization’s work plan. In fact, the organizational culture itself works individually on its own objectives.
In short, a company’s objectives can be defined as the achievements, results and conditions that the organization hopes to achieve in a future period. The better defined and concrete they are, the greater the chances of their achievement.
What is the difference between a goal and a target?
First, the goal is the point you want to another point about advertising your product reach, the final purpose you intend to achieve, even if you do not have a defined time for it.
For example: the sales numbers that are intended to be achieved over a specific period of time.
Objectives, on the other hand, are a series of guidelines or steps to follow in order to achieve the goal we set for ourselves.
Returning to the previous example, the objectives to achieve the sales number goals could be several:
- design a marketing strategy to attract new customers;
- ensure the presence of the product at all points of sale so that it is always available to the customer;
- conduct surveys on service and quality to increase product quality and therefore its consumption.
What are the main types of company objectives?
Taking into account what we have lack data explained above, it would be worth reviewing the types of objectives that a company should have and why it is important to have them.
Objectives can be classified in different ways:
1. According to the time they can last
There are objectives that can be planned based on achieving certain goals in specific periods.
A short-term goal can be planned for one year of completion; medium-term goals can range from one to three years, while long-term goals could be spread over periods of three to five years.
2. According to its nature
These could be general objectives, which have no direct connection with measurement data regarding a company’s production, but are directed at everything that makes it possible to fulfill the mission and vision.
For example:
- maintain leadership,
- offer excellent service,
- be profitable
- and contribute to the development of the country.
Likewise, they could be specific objectives that are expressed in terms of quantity and time.
For example:
- increase income,
- Maintain business profitability
- and expand the distribution network by 35% during the last month of the year.
3. According to growth measurements: quantitative or qualitative
Quantitative objectives are aimed at achieving short-term goals and are of an economic nature. For example: goals regarding income in currency.
In the case of qualitative objectives, these are aimed at business positioning through marketing and positioning within the market.
What examples of business objectives exist?
Throughout this reading we have reviewed with some the different types of business objectives that exist and how they are established during the strategic planning of an institution.
However, we would like to review other examples that can serve as a guide and help you clear up any doubts you may still have regarding the topic.
1. Strategic objectives
These are the direct responsibility of the board of directors or general management of a company and are the general basis of the organization. Here, objectives are set that pursue business growth and its sustainability over time.
For this reason, they are considered long-term objectives and are part of the business premise, reflected in its mission and vision.
Some applicable examples in the business sector could be:
- maintain its leadership as the most important company in the sector;
- be a paradigm for other companies in all regions of the country;
- diversify the business model and grow as a brand.
2. Tactical objectives
From the objectives set by the organization’s management, tactical objectives then arise, which correspond to the level of the departments that make up the organizational structure.
Each one, according to the functions that correspond to them, must design their strategic plans and their fulfillment is planned in the medium term.
These could be the most common examples:
- increase sales in different sectors of the country;
- market our products through social networks;
- enhance the brand image with new, quality, consumable products.
3. Operational objectives
In this case, operational objectives are set directly by the heads of each department and are of a specific nature. These are objectives that the employee must meet in the short term.
The following examples could be considered as short-term objectives:
- improve brand presence at different points of sale;
- build customer loyalty through product sampling and special promotions;
- capitalize on new sales outlets for business expansion into other areas.
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