Developing Corporate Objectives
- Aims and objectives serve as a guide for the businesses' overall strategy and direction, helping to focus efforts and resources toward a common purpose
- There is a hierarchy of objectives which cascade downwards
The Hierarchy of Objectives
- A businesses mission flows from its overall aim and is usually expressed in inspirational terms
- From this mission corporate objectives and functional objectives which detail the achievable goals a business wants to achieve over a specified period are developed
Components of the Hierarchy Explained
Component |
Explanation |
Example |
Aim |
|
Macmillan Cancer Support 'To do whatever it takes to support people living with cancer |
Mission Statement |
|
Age UK 'Making a positive difference by putting older people, and the people around them, at the heart of all we do; working with partner organisations, to improve the quality of later life and provide effective, timely support for those who need it the most |
Corporate Objective |
|
Mind UK 'Provide 3 million employees in low-paid sectors with workplace wellbeing support' |
Functional Objective |
|
Scope UK 'Working with the Government and disabled people we will create a Passenger Charter, an information resource to help disabled people find the information they need when using public transport |
SMART Objectives
- Corporate and functional objectives should be
- Specific
- Measurable
- Agreed
- Realistic
- Time-bound
An example of a SMART sales objective