Defining Key Business Objectives and Strategies
Defining your key business objectives and associated strategies could also be called defining your business goals. This section will outline what you want to achieve in your business in the first two years, a seperate table for each. The example below is straight out of a business plan that I developed many years ago for a business I was involved with. The format for the second year is identical - obviously the content differs.
The table format as shown below is recommended as it is easy to follow for anyone who picks up and needs to read the business plan - banks, accountants, business partner or staff, if you wish to share your business plan with them.
The Business Objectives column is the 'what' - what will you achieve in your business and by when?
The Business Strategies column is the 'how' - how will you achieve the objectives you have set?
It is also recommended that you set at least two strategies for each objective, this allows a couple of options should the first one not work out for you. Things to include as objectives should relate to the establishment of business facilities, development of product range and planned business growth ($$ turnover) within a specified time frame. Obviously, the objectives and strategies should be monitored and modified as the business environment requires.
Key Business Objectives –
1. To establish a workplace that functions at optimum capacity
1. Rent workshop or factory space with a lock up storage area
2. Ensure all raw materials are on regular auto-order
3. Test workshop equipment to ensure maximum functionality
2. Have $30,000 turnover in first year of operation
1. Supply stock to forty retail outlets throughout Melbourne and surrounding tourist areas
2. Start a stall at Caribbean market every Saturday and Sunday
3. Offer free product to a variety of home ware and home decorator stores as a form of promotion
4. Develop a referral reward program for those retail outlets that refer me to other potential suppliers
3. Build a reputation for quality, error-free products and service
1. Ensure that raw materials are purchased from suppliers of the highest quality
2. Organise workshop space to ensure optimum production efficiency and quality
3. Encourage constructive feedback from customers and suppliers
4. Build a solid customer base on which to expand product range
1. Undertake networking activities to build up name and reputation
2. Always provide exceptional, on-time, error-free service to customers
3. Keep up to date with trends in theindustry and constantly provide new and exciting products for customers to choose from.
5. Have product range expand to include a variety of handmade homeware by the end of the first twelve months
1. Spend time each week sourcing new product
2. Take short courses to learn how to produce items that interest me
3. Encourage continued feedback from retailers on shelf life of various products and consumer buying patterns
4. Subscribe to home decorator magazines and publications to keep up with new and changing trends.
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