Where do you see your small business in five years?
Maybe you should have expanded into multiple states or taken your product line from one product to three. Or your goal is to increase revenues threefold.
Regardless of your where you want your business to be in the future, to get there you must set objectives. Without objectives, it's hardly possible to achieve your business goals
However, setting business objectives isn't that simple. An ideal objective must be measurable.
So, how do you create measurable objectives and enhance your chances of reaching them? Keep reading to find out.
Understand the Different Between Goals and Objectives
To set measurable objectives, you ought to have a strong grasp of how an objective differs from a goal.
Goals represent the overall picture, the ultimate endgame. For instance, your goal as an entrepreneur might be to grow your small business into a national or global brand.
On the other hand, objectives are specific outcomes that make up a goal. For instance, when you want to build a small company into a national brand, one of your objectives should be to increase the number of customers by a certain percentage.
In most cases, several objectives will combine to make your goals come true.
With this knowledge, it's easier to get down to the process of formulating measurable objectives.
How Will You Measure Your Objectives?
Let's say you're a runner and you want to increase the distance you run every morning (objective) so that you can compete in a marathon later in the year (goal).
How will you measure your objective? Simple. Monitor the number of miles you run.
Similarly, in business you must know how you will measure your objectives.
Some objectives are easy to measure. For instance, if your objective is to invest in a marketing campaign so you can increase product sales, you'll just need to monitor the number of product sales.
Or, you want to run a PPC campaign so that you can increase website traffic. To measure whether you're achieving the objective, look at your site traffic numbers. On that note, this pay per click agency can help your business run a successful PPC campaign.
However, not all objectives have clear units of measurement.
For example, consider a business owner with an objective to increase the brand's presence in the local market. Because you cannot quantitate branding, it's almost impossible to measure whether your branding campaign is working.
In such cases, it's important to devise your own way of measuring the specific objective. What signs will you need to see so that you can consider your campaign effective?
Make Room for Objective Re-Evaluation
A good measurable objective isn't cast in stone. You should be able to audit your performance and determine whether you're on course to meeting an objective.
It's never too late to adjust any measurable objective, especially if you're shooting for something that's not achievable with a certain timeframe.
Set Measurable Objectives That Suit Your Business
To get ahead in business, you need to set measurable objectives. However, it's not enough to just ensure every objective you set is measurable. It also has to be suitable for your business.
Keep reading our blog for more business tips and hacks.