The perfect recipe that can guarantee the growth of any startup or SMEs in Nigeria includes having a strong customer database, an efficient & motivated team, and most importantly clear and achievable business objectives. Typically, business objectives are strategies that help describe the commitment to developing one’s company in a particular way. Business objectives are like checkpoints on a map that help guide businesses on areas to build on.
What are Business Objectives?
Business objectives are measurable outcomes a company is aiming to achieve. These objectives are created using the S.M.A.R.T goal technique i.e. Specific, Measurable, Achievable, Relevant, and Time-focused. As the business grows, creating new business objectives to complement the current state of the business and track staff performance is important. Business objectives are key to helping SMEs and employees to identify areas of strength and weaknesses. Upon identifying those, SMEs can introduce new strategies to help improve performance and enhance the company’s overall efficiency.
For years, many SMEs in Nigeria were considered to be budding organizations with unqualified labor (i.e.. employing friends or family with limited qualification for the job) and using primitive fundamentals of management. Due to the current state of the country’s economic and post-pandemic outcomes, businesses with poor proactiveness and business objectives have been severely affected. This has reduced their ability to survive in the global market. With these recent developments, most SMEs have realized that investing in the right areas such as human resources will not only improve the business’s annual turnover but the growth of the business. Training employees and encouraging formalization of important business processes are ways to advance business objectives…