September 25, 2020

 

Photo by Adeolu Eletu on Unsplash

In our highly competitive world of business, setting the right objectives and developing the appropriate strategies to achieve them is crucial for success.

 

Below, I share 5 things I’ve learnt about them:

 

Photo by Austin Chan on Unsplash

 

  1. When developing your corporate objectives, don’t focus only on financial objectives (sales, profit, etc.). You should have objectives for employees, brand equity, etc. as well.

 

  1. Your vision and mission are not just words on paper. They are key building blocks of strategy and it’s through them you develop your corporate objectives.

 

  1. Just as there’s a hierarchy of strategy (corporate strategy – marketing strategy – communication strategy – channel strategy), your objectives must also tie into each other (corporate objectives – marketing objectives – communication objectives – channel objectives). With all of that leading to achieving your vision, mission, and corporate objectives at the top.

 

  1. This is particularly for B2B – do not become dependent on a single supplier for the core input(s) for your products/services. If anything happens to that supplier’s business, you’re in trouble. They can also squeeze you on price. You can start out with only one, but part of your strategic activities should be geared towards getting more. If you have the operational or financial resources, you can also choose to backward integrate (seizing control of your supply lines) as a strategic option.

 

  1. The same thing applies to customers. Never allow a single or handful of customers be the source of majority of your income. If anything happens to their business or they stop buying, you’re in trouble. They can also squeeze you on price.

 

 

Stan Oyovota is an entrepreneur, marketer, and management consultant. He’s a lover of marketing and strategy, and passionate about building / growing brands

Stan Oyovota
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