- We have already established that all businesses have aims and objectives.
- Sometimes these objectives are deliberately arrived at and carefully enumerated and disseminated to all members of staff
- However, for small businesses such as sole traders, this may not be possible but even in such cases the owners and managers of the business always have some aims and objectives in mind.
- Objectives are very important as they come with several benefits
Benefits of business objectives.
- Sense of Direction: Business objectives provide a clear sense of direction and purpose for the business, which helps to align the efforts of employees and departments towards achieving the overall goal. This is especially important in Zimbabwe, where businesses may face economic and political challenges that make it difficult to maintain focus and stay on track.
- Improved Focus: Objectives help improve the focus of individual employees and departments by providing clarity on what needs to be achieved and how it contributes to the overall success of the business. In Zimbabwe, this can be especially important for small and medium-sized enterprises (SMEs) that may have limited resources and need to maximize their productivity and efficiency.
- Framework for Decision Making: Objectives provide a framework for decision-making, which can help businesses to make better decisions and avoid costly mistakes. In Zimbabwe, where economic conditions can be unpredictable, having clear objectives can help businesses to adapt to changing circumstances and make informed decisions.
- Motivational Tool: Objectives can be used as a motivational tool to inspire employees and improve morale. In Zimbabwe, where high levels of unemployment and economic hardship can make it difficult to attract and retain talent, having clear objectives can help businesses to create a more positive and engaging work environment.
- Performance Assessment: Objectives help to assess performance and progress, which can be especially important for businesses in Zimbabwe that may face intense competition and need to constantly improve their operations. By regularly assessing performance against objectives, businesses can identify areas for improvement and take corrective action to stay competitive.
- Identify Training Needs: Objectives can also help businesses to identify training needs and invest in the development of their employees. This is especially important in Zimbabwe, where skills shortages can be a major challenge for businesses looking to grow and expand.
- Future Planning: Objectives help businesses to plan for the future in terms of the resources required to achieve their goals. This can be especially important in Zimbabwe, where access to finance and other resources may be limited, and businesses need to carefully manage their resources to succeed.
Examples of Business Objectives in Zimbabwe
- Increase market share by 15% within the next year.
- Expand into new markets in Southern Africa within the next two years.
- Improve customer satisfaction rating by 20% in the next six months.
- Reduce operating costs by 10% within the next year.
- Launch a new product line within the next six months.
- Increase sales revenue by 25% in the next year.
- Develop and implement a comprehensive employee training program within the next six months.
- Increase brand awareness and visibility through targeted marketing campaigns within the next year.
Drawbacks of business having objectives
Drawbacks of Business Objectives
- Rigidness: Setting specific objectives can make a business inflexible and rigid, which can be a disadvantage in a fast-changing environment like Zimbabwe’s. If the objectives are too narrow or not adaptable to changing circumstances, the business may miss out on opportunities or fail to respond to challenges.
- Lack of Creativity: Focusing too much on achieving objectives can sometimes stifle creativity and innovation within a business. This can be a disadvantage in Zimbabwe, where creativity and innovation are important for businesses to stay competitive in the face of economic and political challenges.
- Unrealistic Expectations: Setting unrealistic objectives can demotivate employees and cause them to lose faith in the business. In Zimbabwe, where high levels of unemployment and economic hardship can make it difficult to attract and retain talent, demotivated employees can be a major challenge for businesses.
- Costly Mistakes: Setting objectives that are too ambitious or unrealistic can also lead to costly mistakes, such as overspending or overestimating demand for a product or service. This can be a major disadvantage for businesses in Zimbabwe, where access to finance and other resources may be limited.
- Lack of Flexibility: Objectives can sometimes lead to a lack of flexibility within a business, as employees and departments focus solely on achieving the objectives rather than responding to changing circumstances. This can be a disadvantage in Zimbabwe, where businesses may need to be agile and flexible to succeed in a challenging environment.
- Unintended Consequences: Setting objectives can sometimes have unintended consequences, such as encouraging unethical behaviour or creating a toxic work environment. In Zimbabwe, where corruption and unethical business practices can be a major challenge, setting clear and ethical objectives is important to avoid unintended consequences.
- Resource Constraints: Setting ambitious objectives without the necessary resources can lead to frustration and disappointment among employees. This can be a major disadvantage in Zimbabwe, where access to finance and other resources may be limited.
Examples of Drawbacks of Business Objectives in Zimbabwe
- Focusing too much on achieving objectives can sometimes stifle creativity and innovation, leading to a lack of new product development and reduced competitiveness.
- Setting unrealistic objectives can lead to demotivated employees, high turnover rates, and difficulty attracting and retaining talent.
- Setting objectives that are too narrow or inflexible can lead to missed opportunities and an inability to respond to changing circumstances.
- Setting objectives without the necessary resources can lead to frustration and disappointment among employees, and can hinder the ability of the business to achieve its goals.
- Setting objectives without considering the ethical implications can encourage unethical behaviour and create a toxic work environment.
- Objectives that are too ambitious or unrealistic can lead to costly mistakes, such as overspending or overestimating demand for a product or service.
- Focusing solely on achieving objectives can lead to a lack of flexibility within a business, which can be a major disadvantage in a fast-changing environment like Zimbabwe’s.
