Creating Your Business Strategic Objective 📜 | Success In Business 💰 | Ep 04
Welcome to the fourth post in my Success in Business series! Today I am going to be discussing creating your own Business Strategic Objective!
Watch the video below:
I want to congratulate you for starting your own business. It’s one of the hardest things you can do.
In the last two posts, I’ve focused on business systems.
Your Business Strategic Objective is the most important document that you can create in your business.
A couple weeks ago, I discussed the different opportunities available in 2017 where you can start your own internet based business. We also then talked about the different business documentation that you’re going to need to be successful, from your Business Strategic Objective to your Operating Principles to your Working Procedures and your Key Performance Indicators.
I then showed you day-to-day in my online arbitrage business, which now brings me to the first document I want to talk you through.
Business Strategic Objective
This is the one document that allows you to decide what your business is. It is a second entity – something different from you. Although you might feel emotionally attached to it, you have to see your business as a second entity. It’s a second person that needs an identity, and that’s what we call the Strategic Objective.
We as human beings are emotional beings, we are emotionally attached both when our business succeeds and fails, and it’s in those moments of adversity that you will need your Strategic Objective to keep you focused and on the narrow path.
If you’re in business, it is not always calm and sunny. Sometimes, it’s stormy and windy. You’re going to go through adversity in your business when things don’t quite work. In those moments where it is testing you emotionally, physically and mentally, when we question our own beliefs and motivation regarding our business, your Strategic Objective will remind you of what your business is. It will remind you what you are doing.
I’ll be giving you some insight into what I have developed, and when I go through times of adversity and when there are moments where there is a lack of clarity and motivation I always turn to the Strategic Objective.
The Strategic Objective is the basis for all corporate and individual decision making. What you decide to put in your business, as you start to grow your team, your team are going to have to be managed, and it all starts from your objective.
Everything that your business does, everything that either your physical or virtual employees do should comply to your Business Objective.
It is also the basis for all Operating Principles and Working Procedures. (I will be going through these documents too in the future!)
This objective will precisely describe:
- What we are
- What we do
- Where we are going
It will remind you of what is most important, and give you an overview of your company strategy.
Operating Principles and Working Procedures must be followed at all times. Following these guidelines will ensure the growth and success of your company for a better future.
This statement should be reviewed and updated on a continuous basis, and it is your personal and moral obligation to provide everyone with the tools and resources required to do their role.
Expecting your employees to read your mind is crazy. This is why we must structure our operations in three components: the Strategic Objective, your Operating Principles and your Working procedures.
This document will grow over time. I’m actually on revision three now of mine, and it will keep growing, but it gives you a foundation of everything that your business does and everything your business will become.
We (Business Name), are the best and most efficient online store trading on the Amazon UK and European platforms. We understand that every product sold is the result of multiple operations working relentless to perfection.
We must conform to Amazon’s Seller Performance and ensure 100% customer feedback is achieved at all times. Our guiding documents are this Strategic Objective, Operating Principles and Working Procedures.
We will use all these tools and resources with all aspects of our roles. Operating Principles and Working Procedures must be followed at all times. These are monitored and challenged continuously as we ensure improvements are made at all times.
Through immense commitment of loyal, smart, hardworking staff, we will ensure the success of our company. The result of this commitment will ensure the smooth transition from one operation to another. All operations must be completed to a set schedule that will be determined in the relevant Working Procedure.
When this is not possible, correct channels of communication is made to the required supervisor. All operations are individually simple. This allows us to perfect each system as it will make it efficient and effective as mechanically possible.
Success depends on all operations working in harmony and it will allow in each of us willing to help and encourage each other to be successful. This will ensure all our work is in one common direction.
We are the best because we have the best resources available for all scenarios. We have written PDF documents that with assisting video introductions that ensure mistakes do not happen.
Failures are however valuable for us to develop and learn. We will learn from each failure, we will update the necessary documentation, we will prevent any occurrence in the future. We must grow and keep moving forward after each failure.
Our success is in our hands, we are the best team in the world.
That is an example of a Strategic Objective, and this is what I’ve created for my business. This allows me to remind myself and my entire team of what we are doing!
I want you to ask yourself a couple of questions:
- What business are you in? What is your business all about? What do you do?
- Where are you going?
- What are the operating guidelines to your business?
You are setting the foundations, the first layer of your business with the Strategic Objective. It comes from you as the business owner. It is up to you what your business is doing.
Any successful business style, when you think of Facebook, Apple, Microsoft – all of these businesses have been able to be super successful because they all started with a visionary business owner, an entrepreneur, somebody who knew what the business was.
Take some time to really decide and go through the practice of deciding what your Strategic Objective is. Make it personal to you, create a company logo, put an official header on it, sign it.
Go through the processes to make it real for you. Add the date and revision number, sign it, frame it if you want! Do what you have to do to make it real.
You’re going to give yourself the best chance of succeeding in your business with this, because 96% of companies do not exist over the long term. Give yourself the opportunity to succeed.
Have you laid out your business strategic objective? Let me know in the comments if you have any questions! 🙂
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