It is absolutely essential, when either building a business from scratch or extending one that already exists, that a specific set of objectives be established.
Supporting and aligning to a business vision and mission statement concrete goals and objectives strongly influence the direction in which the business is to move and provides a very definite measure against which success can be assessed. With established goals and objectives the ability to assess the contribution that any specific business opportunity can make towards achieving success is greatly enhanced. Focussing on realising individual goals and objectives provides a means by which the merits of any opportunity can be assessed.
With an awareness of where the business should be headed, having the ability to determine the capability to achieve defined objectives is important. To make such a determination it requires that the current capability of the business to deliver be measured.
Understanding what the business is able to do now and what the business needs to be able to do in future will shape the activities that have to be undertaken and the investment that needs to be made to realise the ultimate business vision.
Understanding the differing levels of maturity of business capabilities and their importance in achieving specific outcomes allows a business to develop and implement a strategy that will optimise its ability improve essential business capabilities, to prioritise what is most important, to build business benefit and to ultimately, by achieving its goals and objectives potentially realise its business vision.
To succeed it is essential that the business:
- Has a vision
- Knows what it wishes to achieve
- Established specific goals and objectives.
- Understands its ability to deliver
- Recognises that its maturity is at different levels.
- Develops a strategy that prioritises and builds needed capability and increases business maturity.
- Implements its strategy
- Measures success against established goals and objectives