Defining Business Objectives
DEFINING GOOD BUSINESS OBJECTIVES
PROFIT COMES FROM DOING GOOD BUSINESS
I have a question for you. Name your top 3 business objectives without stating any financial goals such as profit or increased sales.
Not easy is it. The purpose of being in business is to make money, and to make more of it as often as we can. So that should not be the ongoing objective, but the purpose. Slightly semantical I understand. So what are some great business objectives you should adopt? Glad you asked. Here are a few.
- How do I…
- Better target my marketing?
- Reduce customer complaints?
- Streamline processes, reduce waste, eliminate defects?
- Communicate better with my customers online and off-line?
- Introduce new products or services in my business?
As you can see, meeting any of these objectives can in fact either make your company more money, or save your company money. However, these objectives do not originate from the point of making or saving money, but by doing business better. This ensures long term results, not short term gimmicks.
BETTER TARGET MY MARKETING?
If you target your customers better, you will spend less and have more ROI. But how?
- One of the best ways is to learn how your customers finds you and to speak in their vernacular. Most often over time, we speak in our industrial terms, which our customers might not.
- Ask your customers how they found you. Word of mouth, social media, web search, someone mentioned you in a blog, or were they driving by?
- Why did they or didn’t they buy your product or service? What were some of the driving factors? What was their main key point that converted them?
- What could you have done to more quickly convert them to a customer?
- How might you retain them as a customer?
With a brief survey, you can target your customers much better. You will know their needs, how they find solutions to their needs, what motivates them to convert. You can then shift your marketing effort to speak more directly to them and their pain points.
HOW DO I REDUCE CUSTOMER COMPLAINTS?
If you work towards reducing customer complaints, the effect is that your products or service improves. You retain customer loyalty and retention, while improving your word-of-mouth metric.
STREAMLINE PROCESSES, REDUCE WASTE, ELIMINATE DEFECTS?
When you streamline your processes, reduce waste, eliminate defects, and remove problems that make you perform the same steps over and over, your cost of producing that product or service goes down. You are also increasing your team’s morale as their work gets more satisfying. Your customers will appreciate the quicker turnaround and reduced cost due to savings on your end.
COMMUNICATE BETTER WITH CUSTOMERS ONLINE AND OFF-LINE?
When communicating better with your customers you learn their needs, and they are more open to give suggestions for new or updated products or services, or improvements you can make. They will tend to talk about a problem they had instead of complaining.
INTRODUCE NEW PRODUCTS OR SERVICES IN MY BUSINESS?
Sometimes growth is defined by increasing customers, but when you are saturated, you may need a new product or service. Even if you don’t, this is a great exercise in that it forces you to think about your customer and their needs, which is far more important than your needs.
HOW GETZ PRO CAN HELP
Every business wants to make money, and more of it, I understand. But I really believe the focus should be on doing better business, and here is where I can help, and here are some areas I specialize in.
- Applying Lean tools to tame those business processes to their fullest efficiency.
- Use Six Sigma methodology of reducing waste and defects by getting the variation out of a process.
- Helping your team focus on customer centric business goals, rather than financial.
- Showing you how to communicate better with your customers online and in person.
- Freshen up your marketing approach.
- Conceptualize new products and services you can easily adopt.
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