Objectives For Business Plan

Objectives For Business Plan-34
The following table serves to illustrate the difference between goals and objectives.

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A measure of change in order to bring about the achievement of the goal.

The attainment of each goal may require a number of objectives to be reached (see figure below).

An important principle in formulating objectives is that they should be specific, measurable, achievable and have time lines associated. Are you still confused about the difference between goals, objectives and strategies?

Do you need a template for a Strategic Plan that will save you hours of work?

Goals are powerful—they can focus attention on achieving desirable outcomes.

In business, one desirable outcome would be profitability.In reality, the number of objectives needed for each goal can be anything but the usual range is 1 to 6.The table below also shows how a number of objectives (in this case four) is needed for a goal to attain 1000 members.The human brain has amazing problem solving abilities, and goals channel brain power toward finding solutions. A better way to state that goal is: “XYZ Company will attain a 10 percent net profit margin by the end of 2014, based on sales of 100,000 units.” Now it’s possible to plan action steps to reach that goal and adjust the progress toward attaining the goal if necessary.Whether business goals are to set company direction or provide motivation, they should be specific, measurable, achievable, and timely. Once in a while, management will want to change the course of an organization by motivating employees to reach higher.A goal is a specific target, an end result or something to be desired.It is a major step in achieving the vision of the organisation.One of the biggest challenges in any business is that everything needs to be done at the same time.You need to find new clients, keep your existing clients happy, manage your finances, streamline your processes, and motivate your employees—all at the same time.In the strategic planning context a goal is a place where the organisation wants to be, in other words a destination.For example, a goal for a sporting organisation might be to have 50 qualified and active coaches.


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