Your business objectives are meant to help you run your business profitably. They should be clear, measurable, specific and achievable.
Each objective should be accompanied by an action plan outlining how you intend to achieve the objective.
Table 4 provides some guidelines you can use when writing your business objectives and your action plan.
Table 4: Guidelines for Business Objectives
|Guidelines for Business Objectives|
Table 5 shows the objectives and accompanying action plan which could be included in Fay’s Variety business plan.
Table 5: Objectives and Action Plan for Fay’s Variety
|1. Meet or exceed revenue forecast of $120,000 (gross sales).||Evaluate sales of all other services and make improvements/changes as necessary. Look for a profit of 25% to 50% in each line.
Focus on week-end specials to improve sales by 5%.
|2. Meet or exceed income forecast of $34,000 (net revenue).||Track and control costs monthly.
Manage inventory carefully to reduce stockpiling on C.O.D. items.
|3. Implement customer service program.||Offer carry-out service for more than two bags.
Implement program at check-out to ask if customer found everything they need.
Install night return for DVD’s.
|4. Introduce more competitive sources of supply and negotiate better terms wherever possible.||Ask for 30 day credit from all C.O.D. suppliers.
Ask for 2% discount on C.O.D. orders.
Seek new supplies for cleaning products.
|5. Hire intelligent, skilled and motivated staff.||Develop a profile of skills and personality requirements to use as screening tool.
Implement employee of month award program with $ bonus.
|6. Develop community involvement (strategic alliances).||Join Chamber of Commerce.
Investigate and join most appropriate service club.
Network with campgrounds before July 1, 2013.
Click on Worksheet 8.2 to list your objectives.