From time to time, it is important to look back on your objectives to see if you have made progress, or if you need to redirect some of your current efforts. Today, look back at the SMART objectives from your plan, and also consider this additional insight on objectives from Peter Drucker.
Drucker provides 8 areas in which you should create measurable and meaningful objectives. We’ll talk about the first four today, and the remaining four on Monday.
Market Standing This is all about where you stand in comparison to direct and indirect competitors. For me, this means how much of the market I capture compared to other cupcake companies, as well as compared to other snack/indulgence companies (i.e. cookies, ice cream, frozen yogurt, etc.) I’m looking for numbers described in dollars and percentages, as well as new potential future markets and products that will keep me competitive in a changing market.
Innovation If you are in a technology based industry, your innovation objective may be extremely simple; keep up with the times and create the important innovations of the future. Drucker challenges those of us in non-technology-based and slower-moving industries to be innovators. For example, anyone can sell a cupcake, but how can I do it differently; so consumers will want to come to me? I won’t be creating an entirely new product to answer this question, but I plan to use current resources in a highly innovative way.
Productivity This is all about getting the pieces and parts working optimally. This is one of the manager’s most important jobs because it is one of the best ways to get ahead of competitors. All cupcake companies have the same available resources. The most successful companies will be the ones that figure out how to use those resources most productively.
Physical and Financial Resources You must insure that your company has the adequate physical and financial resources to maintain operations and grow into the future. This is about managing supply and demand to reach your business growth objectives.