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To set strong business objectives, it is first necessary to understand their importance. Objectives should be realistic and also specific. Anyone developing business objectives should also realize that they are not meant to be permanent because this is an indication that they are improperly developed.
It is important to understand the function of business objectives, which is to define purpose. If this is not recognized and the value of objectives is underestimated, there is a chance that proper consideration will not be given to the task of setting them. There may be attempts to develop plans either before the objectives are defined or simultaneously, and that will not work. Before any effort is made to determine how to do something, it must be clear what needs to be done.
When setting business objectives, a company must be realistic. Challenges are positive because they can motivate a workforce and allow them to enjoy a sense of accomplishment when they are successful. The lack of realism, however, is counterproductive. It may result in a workforce that does not exert proper effort and lacks confidence in the company that employs them.
Business objectives need to be specific. If there are parts that are vague, it is very likely that at least one individual will misunderstand them. Differing ideas may exist even among those who are developing the objectives. Consider, for instance, that an editorial staff agrees that their publication's objective is to be a top news authority. It needs to be defined whether being on top means having the highest sales, having the best content, or generating the most ad revenue.
Part of being specific is developing objectives in such a way that it can be determined when they are being met. A publication, for example, cannot determine whether it is on top if it has not set a measure of comparison. The editorial staff should consider, for example, whether they are attempting to overtake a local, national, or international market.
It is also important to realize that business objectives should not be permanent. If there is no need to change or modify objectives, this means that they were not properly set in the first place. At some point, a business should achieve its goals and need to set new ones. There may be times when, despite the best attempts, certain efforts cannot be achieved, and different goals need to be set. Furthermore, businesses commonly identify new opportunities, and to take advantage of them, the objectives must be augmented.