But in order for them to properly fulfill their function, business objectives must be well defined. If they are vague or unrealistic, they will only serve to generate confusion and frustration. That is why we tell you everything you need to define your business objectives .
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How to define business objectives step by step
What are business objectives for?
Business objectives serve multiple functions within a company, such as:
They inform decision- making . Business objectives serve to define the company's entire marketing strategy . If we define short- and long-term objectives on a regular basis and monitor the results, we will have a wealth of quality information on which to base decisions.
They focus the team's efforts on a series of concrete achievements, ensuring that everyone is rowing in the same direction. In this way, they keep the teams aligned with each other.
They connect the company's mission and vision with the team's daily work. By defining short- and long-term goals, we can specify them in a task list, so that all team members know what they have to do and when they should finish it. This makes workers less uncertain about their work and makes them feel part of the company's success.
They help define a “ chain of responsibility ” from managers to individual workers. Each person is assigned a series of individual tasks and objectives, so that managers can measure performance more easily and detect possible areas for improvement quickly.
They allow performance to be measured in different areas and, if this is not sufficient, corrective measures can be taken or strategies redefined.
Types of business objectives
To begin to clarify concepts, we are going to look at two possible classifications of business objectives: according to the time frame for their achievement and according to their hierarchy.
Business objectives according to deadline
Short-term goals refer to a specific period, which can range from a few days or even less to a full year. These goals are usually related to long-term or general goals, and brazil phone number resource serve as preliminary steps that multiply the chances of achieving long-term goals.
Some examples of such objectives would be “hire a data analyst for the marketing department during this semester”, “increase sales of this range of products in the Iberian Peninsula by 10% during this year” or “conduct 100 employee satisfaction surveys during this week”.
On the other hand, long-term goals refer to the company's overall mission and vision. The time periods they refer to are less concrete and longer, for example, "within 10 years.
Long-term goals serve as a roadmap to guide the business in the right direction, rather than as a guide to taking specific, immediate actions. Still, it is important that they are well-defined and that we ensure that short-term goals are aligned with this more global vision.
Some examples of long-term goals could be “to be an innovative company in manufacturing technologies”, “to offer sustainable transport solutions to the inhabitants of large cities” or “to become a reference in women's sport”.
