1. BUSINESS OBJECTIVES

2. Write 3 objectives for yourself:
ACTIVITY
Write 3 objectives for yourself:
Life, career and relationships

3. What is an objective? Something we seek to achieve
BUSINESS OBJECTIVES perform the role of a compass or guideline in keeping the business on track

4. The nature, role and importance of business objectives
Objectives serve as a guide for:
Evaluating performance: measure success in achieving goals over time
Decision making: Sense of purpose and direction
Efficiency: employees work in the interest of organisation and use resources properly. Functions of business co-ordinated
Consistency: employees work towards common purpose

5. HIERARCHY OF OBJECTIVES
Mission statement
Strategic objectives
Tactical objectives
Operational objectives

6. A hierarchy exists: one leads to the fulfillment of the other.
Strategic objectives are at the core.
Tactical objectives must be achieved if the strategic objectives are to be reached
Operational objectives must be met in order for tactical objectives to be obtained

7. Mission Statement Captures attitudes and expectations of employees
Focus of activities for people to identify with
Overtime, provides framework for strategies in the business

8. APPLE’s MISSION STATEMENT

9. Short and long term objectives
Target groups
Time period
Examples
Strategic
Top management
Long term
(3-5 years), even 10 years
To create 2 new products in the next 5 years
Tactical
Middle management
Medium term (1-3 years)
To increase production by 10% in 2 years
Operational
Lower level management
Short term
(1 day to 1 year)
To meet weekly production quotas of 5000 items

10. SMART OBJECTIVES

11. Write 3 SMART objectives
ACTIVITY
Write 3 SMART objectives

12. TYPES OF BUSINESS OBJECTIVES
Profit
Growth
Survival
Sales
Market share (Market leadership)
Non profit objectives