Business Objectives Should Be at the Top of Your List!

Submitted by Mitch Seigel on Wed, 06/13/2011

When developing the approach your company goes to market, the core business objectives should be the first step you take as a business owner. If you have been in business for years and have not had objectives from year to year, there is no time like the present to get started.

Your objectives will come from answering several critical questions about the industry you are in, the competitive climate of that industry, and the successes and challenges you have faced to date. Ultimately these defined objectives will be the base of your marketing plan.

Questions to ask yourself may include;

1. What is the overall gross dollars available in your market for your industry?
2. What share does your company currently obtain each year, or if you are new, what share do you plan to obtain?
3. Are your products or services priced correctly to allow you to obtain these goals?
4. Do you need to add products or services to your mix to give you a higher likelihood of success?
5. Do you have the correct personnel to carry out your plan?
6. What is your opportunity for growth in the years ahead; three, five and twenty years down the line?
7. What is your succession plan?

These questions and more should be asked of yourself on a routine basis, at least once per year, always projecting out three, five and twenty years. Often, economic conditions, changes in buying habits, product usage and other unknown factors, play a big part in making slight, medium or sometimes aggressive changes in your objectives.

Most important is that you have objectives to strive to achieve.

What are your challenges when it comes to defining your business objectives? I look forward to hearing your comments.

Until next time …