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- Business objectives are goals a business sets itself to help achieve its aims
- They give the business a clear target
- This allows people to make plans in order to meet that target
- Objectives should be SMART
- There are two categories of objectives
- It’s an acronym! It tells you how to set good targets:
- S – Specific – Plenty of detail on what you want to achieve
- M – Measurable – How will you know when you’ve met your objectives?
- A – Achievable – Actually possible to complete
- R – Realistic – Pretty much the same as Achievable (makes it a nice acronym)
- T – Timed – When does the target need to be achieved by?
- Objectives that are to do with money or success, for example:
- Surviving in the market!
- Breaking even (no debt, covering costs)
- Improving the image of the business
- Motivating employees
- Maximizing profits
- Increasing market share
- Objectives that aren’t to do with making money, such as:
- Personal satisfaction
- Finding a use for your skills
- Being your own boss (like a boss!)
- Having something to be proud of
- Challenging yourself
- Being independent
- Having control over your own business
- Helping others
- Getting out of the house?
Food Stand Game!
Here’s an idea for a PS3 game (okay, it would probably work better as a Flash game but I want to use trophies): you run a business selling food to people! (Real original, I know).
But anyway, this game has trophies to collect! Each of them is a SMART financial or non-financial objective:
- Increase personal satisfaction by 3% in the first year (Bronze)
- Feel in control by firing at least one person in the first week (Bronze)
- Help others by selling 10 chocolate bars in one day during the first week (Silver)
- Break even after one year (Bronze)
- Maximise profits: make £100 in two weeks during year 1 (Silver)
- Have high motivation amongst employees: Get everyone to work every day for a whole week in year 1 (Gold)
- Collect all other trophies (Platinum)
- Growth VS Profit – To increase sales in the short-term you could reduce prices… but this will reduce your short-term profit!
- Short VS Long (Term) – Do you make a profit now or do you put all your profit into buying new machines (etc.) to make a profit later?
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