50+ Business Goals
posted by Anna Mar, April 27, 2013
Why do business?
Goals are why your business gets out of bed in the morning. Goals drive your mission, strategy, planning and action.
If your business is small you may be focused on fundamental goals such as cash flow, opportunity and visibility. As your business grows your goals become more complex.
The following goals represent the most common business objectives.
FinancialMost businesses are primarily driven by these fundamental financial goals.
The bottom line.
Profits are primarily driven by revenue.
The difference between revenue and cost. A high margin business is more profitable and valuable.
- Revenue Quality
High quality revenue is sustainable. For example, if your revenue is all from one customer that's considered low quality revenue.
- Return on Capital
Ten dollars is a good profit if you've only invested one dollar. Your profit is judged relative to the capital you've invested.
Corporate GovernanceCorporate governance defines the relationship between a business and its owners, stakeholders and regulators.
- Compliance with Law
Compliance with the law can be a complex undertaking depending on your industry. For example, multinational banks may spend large sums of money to comply. In many cases, compliance with the law is a large burden for small businesses.
- Interests of Shareholders
Businesses have a responsibility to protect investor's interests such as preservation of capital.
- Interests of Stakeholders
Businesses have a responsibility to stakeholders such as employees, creditors, partners, local communities and customers.
- Ethical Behavior
Most businesses establish ethics that extend beyond minimal legal requirements.
- Disclosure and Transparency
Ensuring that the state of your business is visible to owners and stakeholders.
Your business relies on its reputation in dealings with regulators, employees, customers, creditors and partners.
SustainabilityEvery business depends on the communities in which it operates. Every business depends on the planet. Sustainability is a triple bottom line that prioritizes people, profits and planet.
Corporate social responsibility is a primary business goal for many organizations.
Responsible environmental practices.
StrategyStrategies are the plans a business makes to meet its primary goals such as profits, people, planet.
- Sustainable Competitive Advantage
Competitive advantage is something that your business does better than any other business. Competitive advantages are difficult to maintain for long. A sustainable competitive advantage is a long lasting advantage.
Innovation is the development of something new that has value such as products, intellectual property and processes.
Talent is the source of all innovation, decisions, productivity, reputation and relationships.
- Corporate Culture
Corporate culture is a collection of habits, norms, principles and environments that you establish to improve productivity and innovation.
- Employee Engagement
Employee engagement is how motivated your employees are to achieve your goals.
Businesses seek to control risk (it's often not a good idea to minimize it).
Quality is the value of your products and processes.
Knowledge is an important asset.
- Change Management
People tend to resist change. Change management is a strategy designed to improve business agility (quickness to change).
- Financing Operations & Investment
Financing your business and investing your capital.
MarketingMarketing is establishing the value of your products in the eyes of your customers.
- New Product Development
Many businesses must continually develop innovative new products to stay competitive.
- Product Improvement
Improve your products to stay competitive.
- Product Positioning
Product positioning is how your products stand out in the eyes of customers.
Activities such as advertising that raise the visibility of your products (e.g. brand awareness).
- Brand Value
The value of your brands.
- Customer Experience
Your end-to-end customer experience.
- Market Forecasting
Your ability to forecast market trends and conditions.
SalesSales is the process of selling your products.
- Closing Deals
The primary objective of any salesperson is to close deals.
- Sales Pipeline
Your pipeline of prospects, qualified leads, opportunities, orders and customers.
- Customer Relationship Management
Sales is a process of building relationships with customers.
- Sales Forecasting
Your ability to forecast sales results.
Human ResourcesManaging your talent.
Your ability to attract and hire talent.
- Employee Performance Management
Managing employee performance to objectives.
Incentives help to motive your employees to achieve your goals.
- Employee Retention
Your ability to retain employees (especially high performers).
- Conflict Management
Managing toxic behavior and conflicts between your employees and/or partners.
- HR Compliance & Liability
Complying with employment related law and minimizing legal liability to employees.
- Skills & Training
Ensuring that your employees have the skills and abilities required to meet your primary business goals.
Finance & AccountingFinancial management and control.
- Financial Diligence
Accounting and audit processes such as keeping updated financial records and statements.
- Financial Oversight
Financial oversight of your departmental, team, program and project budgets. Includes oversight of employee expenses and third party contract terms and payments.
- Financial Reporting
Providing financial transparency to management, shareholders and regulators.
- Cost Control
Identifying opportunities to reduce costs.
- Minimizing Taxes
Minimizing tax obligations while complying with the law.
- Return on Investment
Maximizing return on investment for internal (e.g. projects) and external (e.g. stocks) investments.
OperationsOperations can describe virtually anything a business does. In many organizations operations is synonymous with technology operations. In other organizations it's focused on logistics and manufacturing.
- Supply Chain
Moving products or components from supplier to customer.
Producing your product (e.g. manufacturing).
TechnologyInformation technology goals.
Technology automation can improve speed, productivity, cost control and quality.
- Decision Support
Information technology supports decisions.
- Innovation Support
Technology supports innovation (e.g. design tools).
- Service Management
Providing high quality (e.g. secure, available, fast) information technology services.
A business with competitive advantage is like a star professional athlete: they're in a league of their own. They're not necessarily good at everything but they do a few things very well.|
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