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How aims and objectives can improve business value
Aims and objectives are the milestones along the way to achieving your vision.
Many people think they are just for bank managers, but the truth is that having objectives will get you to your dream faster and companies with clear objectives are more likely to succeed and increase their value.
Objectives break a larger task into bite-sized chunks so that it is easier to manage and allow you to measure progress (or lack of it) against plans.
They help employees understand what it required of them and owners to figure our if this has been achieved and they allow you to co-ordinate activities across the organisation.
What makes a good objective?
- Objectives should be SMART
Specific – They must be very exact, not just 'get more customers' but 'double customer base'.
Measurable – you must be able to clearly see whether it has been achieved.
Achievable – targets should be possible, but hard. Too easy and they won't be motivational, too hard and they will actually be demotivating.
Relevant – they should tie in with the overall mission of the company.
Time-bounded – a specific deadline for completion.
Make sure your objectives do not conflict or overlap and there should not be too many.
If you want to know what you business value is now, and how to increase your business value through the use of smart objectives and other simple methods, visit http://www.value-business.co.uk and http://www.nickbettes.co.uk
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