The best business objective examples for success (from a CEO)
A business is defined by its mission, and its why. Business objectives are the goals you set for yourself so that you and your organisation achieve them.
I’ve been with Charlie since the very beginning as one of the original co-founders. I watched it grow from a small team cobbling together a product to an expanding business people are proud to work for.
How did we get there? By setting goals that were well-defined and aligned to what we wanted to achieve – that’s why I wanted to share with you some business objectives examples I’ve used over the year.
Why Setting The Right Business Objectives is Important
When you’re a small business, you have to do the most that you can with what you have. You will always be lacking in something - money, software tools, talent, staff. You have to make the most out of what you’re given. Every choice matters.
Objectives help you make the best strategic decisions you can. They inspire your teams, get them working towards a common purpose, and turn challenges into potential opportunities for success.
Setting the right business objectives will guide you towards making the most out of your limited resources so your business can grow.
How to Formulate Effective Business Objectives
Creating business objectives that work is an art form. Many small business leaders (including myself) set our business objectives within a SMART framework: Specific, Measurable, Actionable, Relevant, and Time-bound.
- Specific: Clearly define what you want to achieve, and why. It gives you a clear direction
- Measurable: Can your progress be tracked, measured, and quantified? Set KPIs that tell you whether or not your strategies are working
- Achievable: It’s important to be ambitious, but your goals and objectives should be easily attainable
- Relevant: Having goals is fine and dandy, but how do they matter for the success of your business? Your objectives should align with your organisation’s values and long-term vision
- Time-bound: Your goals only matter if you make progress towards them. Setting a time frame for your goals
Business Objectives Examples You Can Use
What kinds of business objectives should you set for yourself? How do you write your business objectives? I’d like to offer some examples of business objectives you might use yourself as a small business CEO.
Sales objectives focus on your business growth, whether that be through building your online presence or through diversification.
Example: Increase revenue by 5% month-over-month through new product lines and multi-channel digital marketing strategies.
Your business is nothing without your customers. Customer satisfaction objectives help you improve the customer experience, build loyalty with your audience, and improve your brand reputation.
Example: Achieve a customer satisfaction score of 80% by improving support services and collecting regular customer feedback.
Are you thinking of expanding into a new geographical market? Use market expansion objectives to broaden your customer base and increase your business' market share.
Example: Expand into two new international markets by year's end, and establish a presence in two key cities.
Are your employees motivated? Do they share your vision, and are they committed to your organisation? Setting engagement objectives can help keep it that way.
Example: Increase employee engagement scores by 25% by implementing a comprehensive wellness program and monthly team-building activities
Are there operations that can be optimized or improved? Set business objectives for operational efficiency to make them happen.
Example: Reduce operational costs by 15% through process optimization and adopting new technology solutions by the end of Q3.
Are your customers sticking around, or are they leaving? Can you figure out why? Use these business objectives to reduce your churn and improve your customer retention rates.
Example: Improve customer retention rates by 15% through a loyalty program and personalised customer service initiatives.
Charlie’s Approach to Setting Objectives – Our Own Example
At the beginning of each year, we set one objective that we want to accomplish. In 2023, that goal was We support a total of 3650 small businesses by the end of 2023.
Once we have our objective, each team at Charlie has to come together and decide how we will work towards it together.
Each team sets their own internal SMART goals that contribute to the objective. The marketing team might set out to increase brand awareness by a certain amount. The sales team will set goals for customer acquisition.
Cycles and Quests
Then, we use a Cycles and Quests model to keep each team working towards the primary objective.
Charlie divides the year into two 6-month Quests, where we focus on 3-4 company priorities. Each Quest consists of 4-week long “Cycles.”
We split up into smaller teams to work towards these business objectives for the coming Quest. Each time decide what tactics they will use to achieve those objectives to complete the Quest.
This way, we not only set ambitious goals, but we create a structured approach to achieving them.
How HR Software Helps You Achieve Your Business Objectives
A dedicated HR software tool can help you define your business objectives and come up with a plan for achieving them. The Charlie platform allows you to set and track goals so you can know what your team should focus on at any given time.
That ensures that everyone is contributing to the objectives. Individual team members can also set goals for themselves.
Your Business Objectives Lead the Way to Your Success
Having business objectives balances your short and long-term goals, keeps the organisation heading in the right direction, and helps you make the most out of whatever capital and manpower you have on hand.
It’s the new year. Take some time to reflect on your business processes. Are they based on SMART criteria?
If you need some guidance on setting appropriate business objectives, give Charlie a try to set both your business objectives and your personal goals.