What are objectives?
The Objective in a Business is a specific, measurable and well-researched statement that you will then break into action plans in order to turn into reality.
This same procedures can be applied to achieving your life goals.
Start With Opportunities
When you first think about how many opportunities you have, or what they look like, it may seem like none exist. When you simply start thinking of as many as you can without thinking about any reason why you cant attain them, you will find that your list grows much faster than you would ever have expected! There is absolutely no need to censor anything at this stage. Have Fun! Make up as many opportunities as you can. If you are in business and are serious about reaching your goals you can still think tank without censorship. It is easy to delete an opportunity. Give yourself plenty to choose from. This is exciting. There is more happening here than meets the eye.
Test Your Opportunities
If you have been truly generous with yourself you will have many opportunities to test now. Before you start this stage, take a break, come back and add more and more to your list. Do this a few more times before you start culling these opportunities. Ready? Lets proceed.
How to test opportunities.
In the end we absolutely want to arrive at a list of Opportunities, and a list of Objections, or Threats. You've eliminated lots of Opportunities. But what is a threat and where do these fit in to this process? An Objective is something you want to achieve. An Objection is a challenge to your achieving your Objective. Listing your Objections, (or Threats), helps you to achieve your business goals (or Objectives). Its all good news! So I have a goal to invent a new petrol guzzling car. But there is an objection petrol guzzling cars are environmentally unfriendly. This Objection can be used to test my Objective in a number of ways. It can steer me towards inventing a car with many of the features that I desire, but maybe Ill make it electric driven! Or maybe I will keep to my original plan but make only a couple of these cars, special enough to be used for a minimum market for whatever petrol guzzling may not present the same level of objection, ie maybe the benefits outweigh the disadvantages to such a degree that my goal has merit. And so on. So the first rule of thumb is that OBJECTIONS ARE GOOD THINGS. They can be used to mold your goals into Achievable Goals! Or they can be used to strengthen your resolve by showing you the way to bypass any potential setbacks before they occur. Part of the process of identifying opportunities and threats during the initial stage of setting business goals is through the SPET Analysis. SPET stands for Social, Political, Environmental and Technical. And these can be used as pneumonics to assist you to test your life goals too. For example. You may have a goal to lose weight. Basically, you may see this as an excellent goal, certainly it may be a healthy goal if you are carrying unhealthy weight. But it may be socially threatening to you. Many younger women fail at weight loss because of the attention that is difficult to handle when they look their best. Also, contrary to what may be expected, sometimes the dynamics of friendships and partnerships provide threats to the goal of achieving weight loss as jealousies or insecurities arise in those around the person on their way to the newly found confidence that results from a healthy body.
How to write objectives
To quantify an objective in business aspects you work with numbers as follows:
Objective: Increase revenue by $ 1M over the next 12 months.
How many people do I have to sell to to gain this extra business? How many people do I have to speak to in order to reach my prospect (potential customer) to business (actual customer who buys) conversion? Will one in every three people decide to buy? Then I have to contact 3 times as many people in order to reach this business objective. What products do I need to sell more of in order to do this? Should I take on other businesses? Or invest? What are all the options there for me to quantify this objective? Once you have a good idea about where you will find the extra revenue, then, you write it down maths first. Then, you can write a sentence that says exactly how much and how you are going to achieve. This becomes your specific Objective. This is the one you use for your goal setting. This is the one you write in your Goal Plan for your business.
Once you have worked out the way (s) you will achieve your goal you check the competition. Is there room in the market for you to expand in this manner? Yes? What are the features and benefits of your efforts against theers? Microsoft was inferior technologically to IBM when it first took over the marketplace and historically blocked IBM from re-entry, a situation that persists even today. Microsoft identified a SOCIAL (SPET) opportunity that far outweighed the Technological Threat to their success. Competition can be viewed on several levels. Do not think that you are beaten before you start. Like any objection, objections based on competition can either help you to modify your objective, or to substantiate it further by dealing with the objection by winning with a better advantage, rendering the objection negligible, or turning the objection itself on its head and obliterating it . Competition, like objections, is a good thing.
Who are the people who will buy your product? Are these the same people who make the decision to buy your product? This may sound like a silly question but in business those who purchase are often influenced, or instructed to buy by others. For example, a procurement department may place orders but these orders were taught by Engineers at the time of writing a tender document. All the Purchasing officers are doing is ordering that which has been pre-selected by someone else. In childrens' markets Mothers buy but children ask for what they want. Often popular television personalities have influenced the children. And so on. Think about your goal or objective. Who do you need to convince to assist you to get your goal?
Product, Price, Place, Package
The four Ps of a marketing analysis consist of packaging, substance, pricing and distribution. You can apply these rules to achieving your goals too. If my goal is to get a great job I can easily think of myself as a product. What do I consist of? What are my best points? What makes me successful marketable, attractive to a prospective employer? How am I packaged? Am I packaged in clothing that says what I'm looking for. How do I promote myself? This is also package. Where am I distributing myself in order to win the prize job? This is Place. What remuneration am I asking for? Sometimes pricing yourself too low will obstruct your chances of achievement. Everyone will tell you that selling on lower price is only effective during certain calculated strategies. Your pricing indicates your value. Sometimes it is better to go higher.
What happens next? The Action Plan
In goal setting you break it down in parts. You schedule your activities that make up the pathway to successfully accomplishing your specific objectives! There may be a Sales Plan. A Public Relations Plan. An Advertising Plan. An Accounting Plan to support these efforts may also form part of this equation. Maybe for you too!
Starting to get the hang of this? How do you portray that you are the person who owns your goal? Be the person and the goal is yours.
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