Business doesn't exist in a vacuum, every business exist with the goal or purpose of making profit.

Profit means different things to different people, and for this reason whether as an individual or business organization, you must have a proper business objective also known has a business plan, which serves as a guideline in understanding and achieving your set goals.

What is a business objectives

Business objectives are those goals which you as an individual or business organization expect to achieve through strategic planning.

( Another way to explain this is, Imagine this has that future dreams you are aiming to reach. Might be to represent your country in the upcoming Olympics or get more sells to your business, all this doesn't happen magically. The are thing you must train and plan for.)

An example of business objective are

1. increase in sells
2. Increase in employees performance
3. Growth and development

(Now let's look at types of business objectives.)

Types of business objectives

There are many types of business objectives but we are going to be looking at just one

(Which is profit objective

1. Profit objective

profit objective: this is considered the major objective of every business.

What are profits?

Profit is the major revenue generated after the deduction of all expenditure

Profit can also be seen as the additional money derived after removing all the expenses or cost incurred in production of the company finish good and service, it also the cost of running the business.

when the Is no profit the is no business, but you should know this the are businesses that are non profit oriented, an example of this are charity organizations. And yes the are still consider as a business.

(Now let's look at)

The characteristics of a good business objective

It believe that a good business objective must have the following values.

1. a good business objective must be written down: in other to be able to make reference to it, as to not forget.

(This can also be consider as a mission statement)

2. it must be achievable: this means a good business objective must be realistic about it abilities especially at the start so as to not burn out due to unrealistic goals.

(This might sound stupid or like am saying you should not aim high but as a founder or company which is just starting out it better to research on what people want at the moment and not what you think the will need in the future)

3. it must be specific, clearly stated and measurable: this mean that it must consistent and mutually re enforceable, this implies that it must not be self contradictive, and must be quantify in order to track and measure it performance.

(Look at it as the guideline which helps you know when you have reach your goals)

4. A good business objective must be time specific: this simply means a time frame should be set on when to achieve that objective.

(This will simply help keep you motivated)

5. A good business objective must be challenging, but yet achievable: this means that something should set you apart from your competition, but as earlier stated be realistic.

6. it must be up to date and modern: this means that your business should be interested in solving the problems of the present and future

(Finally)

7. a good business objective must be encompassing: objectives are holistic in nature, this imply that it should cover all aspects of there business organization and not just a part.

So before you start that business off yours, take a pen a paper and write Down your business goal how you plan to achieve it, and how long it will take to achieve it this may safe you a lot of stress than you can imagine.