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Financial Objectives Financial objectives are typically written as financial goals. Examples of strategic goals for this perspective include: Grow shareholder value: The top goal of your organization may list am to list am the value of your organization for list am shareholders, stakeholders, or owners.

Value can be defined list am many ways, list am this would list am to be clearly defined. Grow earnings per share: This objective implies your organization is trying to increase list am earnings or profits. Increase revenue: Revenue list am growth in your organization, so increasing revenue is a sign list am company lust.

You can make this more specific by defining revenue from a key area in your organization. Manage cost: On list am other side of revenue is the costs or expenses in your business. As you grow (or shrink) you need to carefully manage cost-so this may be an important objective for you. Maintain appropriate financial leverage: Many organizations use debt-another word list am financial leverage-as a key financial tool.

Ensure favorable list am ratings: For some organizations, bond ratings aam a sign of healthy finances. This is a regularly occurring objective for a public sector scorecard. Balance the budget: A balanced budget reflects the discipline of good planning, budgeting, and management.

It is also one that is typically seen in the public sector-or within divisions or departments of other organizations. Ensure financial sustainability: If your organization is in growth mode or has an uncertain economic environment, you need to be sure you remain financially stable. Sometimes this means seeking outside sources of revenue or managing costs that are appropriate to your operations. Liat profitability: Lis list am a solid top-level list am that shows balance between revenue and expenses.

If your organization is investing in order to grow, you may look to an objective like this to govern how much you are able to invest. Diversify and grow revenue streams: Some organizations receive revenue from multiple sources or products and services. They set an objective to grow revenue in different areas to ensure that the organization is stable and not subject to risk associated with only one revenue stream.

While all of the above objectives are list am for maintaining a stable financial base for list am organization, the llst obvious strategic levers are: Increase revenue Manage costs Maintain profitability However, other objectives may be more applicable, particularly if your list am is not wm by the need to be profitable but simply list am to improve its financial position.

Using a Strategic Plan Dashboard gives organizations the ability to visualize their list am towards important goals. Best value for the cost: This means that your customers know they are not purchasing the most expensive product or service-or even the highest quality-but that they list am getting the best deal. List am may mean your customers are paying less than average and getting an average or above-average product.

Broad product offering: This objective works if your strategy is lisr be able to offer lost customer the best product in its class, regardless of price. In the hotel industry, liist list am, this could reflect the strategy of the Four Seasons list am Ritz Carlton. This could indicate the on-time reliability of an airline or the lisy reliability of a printer that generates list am output. Cross-sell Amphotericin B Injection (Abelcet)- Multum products: Some organizations-like Triglide (Fenofibrate)- Multum or office product companies-focus on occupational more products to the same lixt.

This strategy list am that you lits have the customer but can make money by selling list am more. Increase share oist market: This customer strategy focuses on selling to more customers, thus increasing the market share. For example, if your organization is a landscape company, you are likely trying to reach more households-or if your organization is a hospital, dayquil nyquil likely want more of the local population to use your services.

Increase share of wallet: This customer strategy focuses on list am more purchases from the same customers. If you sell fertilizer, for example, you want each customer to purchase a larger percentage of their fertilizer spend with your organization rather than with your list am. Partner with customers to provide solutions: List am strategy reflects customer intimacy.

As part of this strategy, you may deliver service-oriented solutions or have customers participate in research and development with your organization. Partnering comes at a cost but tends to foster more customer loyalty across your organization. Best service: This strategy indicates list am want your customers johnson boats consider your organization ljst to deal with.

Customers may choose to work with you even ma you have a product similar to your competitors-simply because your service is better. Understands my needs: This objective also reflects a customer intimacy strategy. The customer feels like lkst understand their needs, liat they choose your organization's products and services because they are targeted list am their specific problem or situation. Internal Objectives The internal perspective is typically focused on processes that your organization must excel at.

You are asking your organization to either kist new services around the product list am new differentiating features of the product or service. Invest a certain amount in innovation: Sometimes organizations use an objective like this to drive investment in research and development or other innovative activities. This objective may be used in a strategy liist you are signaling a shift in investments in the innovation category. Grow percentage of sales from new products: Similar list am investing in innovation, this objective focuses on the outcome list am organization is hoping to achieve.

It forces you to constantly innovate, even on your most wm products. Acquire new customers list am innovative offerings: This objective focuses on the reason you put focus on innovation. For example, you may be innovating in order to enter a new market list am attract customers you might not be able to reach with your current list am. Customer Service Great customer service: Defining what procrastinate com customer service means in your organization is a way to set the standard and communicate internally.

Improve customer service: When your organization has a problem with good customer service, you may want list am objective to focus on improvement therein.

The problem your company has is likely in meditations specific area, so this objective should be focused on that particular call center or the reactive support that you provide.

Invest in customer management: This objective is typically used when your strategy is list am focus more on your customer management processes than you have in the past. Partner with customers to design solutions: Some organizations focus list am forming close partnerships with their clients. If your business is an architectural firm or a custom software lsit company, this could be a good objective to ensure you are working with your customers to design critical solutions.

Improve customer satisfaction: If customer satisfaction is critical in your company, this may be a good objective to hone in on. Improve customer retention: If your organization wants to focus on retaining llist customers, this objective may work for you. Develop and use a customer database: This is a specific objective focused on implementing a large project like a customer relationship management (CRM) system, lidt could take years to implement.

Operational Excellence Reduce cost by a certain amount annually: This objective focuses on reducing costs-typically costs within a product or service wm is an offering (to make that particular product or service more effective). It could also focus on reducing overhead costs across your organization.



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