Growing a business can be a challenge and takes hard work. It can be difficult to know where to start, or even where to turn, when things aren't going as planned. That's why it's so important to have clear objectives for your business growth strategy. Without objectives, you won't be able to measure your progress or track your success.
What is a business objective?
Business objectives are the core values that guide a business's actions and practices. They should provide the framework that drives decisions from short-term ideas to long-term strategies. A company’s objectives need to be stated clearly across a range of areas including marketing, operational and financial metrics. Without clear objectives, businesses are never able to gain a competitive advantage in the marketplace or measure success against goals; they would simply drift without any focus or direction. Creating and continuously improving business objectives is therefore the starting point for successful companies looking to unlock sustained growth in their sector.
Business growth objectives should be specific, measurable, achievable, relevant, and time-bound. In other words, they should be SMART goals.
Examples of SMART business growth objectives
Let's take a look at a few examples of SMART business growth objectives.
Generate X New Leads Per Month
A common business growth objective is to generate new leads. lead generation can be achieved through a number of activities, such as advertising, public relations, content marketing, and search engine optimisation. In order to make this objective SMART, you'll need to specify how many new leads you want to generate per month. For example, your goal could be to generate 50 new leads per month through content marketing efforts.
Double Website Traffic in 6 Months
If you want to increase the amount of traffic your website receives, you'll need to set a goal for how much traffic you want to generate in a certain period of time. A good way to measure this is by looking at unique visitors or page views. So, if your website currently receives 1,000 unique visitors per month, your goal could be to increase that number to 2,000 unique visitors in the next 6 months.
Reach X New Customers Per Month
Acquiring new customers is essential for business growth. If you're not constantly bringing in new customers, your business will stagnate and eventually die off. In order to make this objective SMART, you'll need to specify how many new customers you want to reach per month. For example, if you sell products online, your goal could be to acquire 50 new customers per month through your website or other online channels.
Increase Sales By X Percent in the Next Quarter
If increasing sales is one of your business growth objectives—and it should be—then you'll need to set a goal for how much you want sales to grow by in a specific period of time. For example, let's say that your company generated £100,000 in sales last quarter and you want sales to grow by 10% this quarter. That would mean that your goal is to generate £110,000 in sales over the next three months.
Create X Pieces of Content Per Month
Creating high-quality content is one of the best ways to attract new leads and customers and grow your business. But blindly creating content without any defined goals is a recipe for disaster—you'll end up wasting valuable time and resources on topics that no one cares about and that don't help you achieve your business growth objectives.. To make this objective SMARTer, define how much content you want to create each month as well as what kind of content it will be (eBooks? Blog posts? Videos?). For example, your goal could be create 10 blog posts per month on topics that are relevant to your target audience..
As you can see from these examples, SMART business growth objectives are specific, measurable, achievable,...timely manner is essential for the success of any business.