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BUSINESS GOALS
09/24/13 nsserwanga@yahoo.com
Where do we want to be/achieve?
• This question is answered by setting goals and
objectives (desired end results to be achieve
at different organizational levels and times)
• This include your strategic vision/intent,
mission/mission statement to guide
competitive decision making, good hierachical
objectives
09/24/13 nsserwanga@yahoo.com
Arrangement of these business goals/purposes
• Whether in a strategic plan or business plan or
marketing plan, the generally accepted
arrangement is as follows;
1. Vision
-Ambitious firms follow it with the strategic intent
2. Mission
-Sometimes accompanied with the company’s
purpose/mandate, core values/shared values, and
product/service portfolio to be offered
09/24/13 nsserwanga@yahoo.com
Cont-
3. Strategic goals or objectives
-These are long-term(3-5years) objectives set by
top management, are broad/generalized/less
detailed to allow flexibility at the different parts
and levels of the organization that they affect.
-They are usually not SMART enough.
-Are sometimes accompanied by
SBU/Divisional/branch objectives especially for
already existing large organizations or firms
09/24/13 nsserwanga@yahoo.com
Cont-
4. Tactical goals and/or objectives
-Mid-term (2-3years)objectives usually set at
the departmental level
-Not so generalized, they more SMART
compared to strategic goals
-The decisions and actions (strategies) to
achieve them are semi-structured
09/24/13 nsserwanga@yahoo.com
Cont-
5. Operational objectives
-Short –term( up to 1year)objectives set by low
level/line managers such as supervisors and affect
day-to-day activities
-Must strictly be SMART because they are for
implementing the above objectives
-Are achieve through structured decisions and
actions (strategies and tactics)
09/24/13 nsserwanga@yahoo.com
Note
• The first step in defining the firm’s strategic direction is to re-
determine/determine the kind of business it is in.
• This enables the company to set its strategic orientation in
terms its current and future customers, their needs and
expectations you/are to satisfy, and its fundamental unique
way of satisfying them in light of our dynamic environment.
• This enables better definition/re-definition of the company’s
vision and mission (if necessary), the consistent formulation
of goals and objectives, and crafting of the right consistent
strategies at different levels of the organizational hierarchy.
09/24/13 nsserwanga@yahoo.com
Their definitions, characteristics/features, and
why we need them in business
• Generally;
1. All these goals (vision, mission, and
objectives) are desired end results that an
organization wants to achieve
2. They should be clearly understood/shared,
accepted, and seen as beneficial to the
relevant-key stakeholders especially the
employees
09/24/13 nsserwanga@yahoo.com
Cont-
3. These goals are needed to provide the
company/organization with competitive sense of
direction towards which all management/staff
activities and efforts should be focused or
committed
 In order to strategically/competitively achieve
these goals, participatory approaches like MBO are
recommended.
09/24/13 nsserwanga@yahoo.com
1) Vision
• Strategic vision –The long-term business course. It is
a guiding concept/motivating dream of what the
organization is trying to do and to become in the
long-term.
It is a ‘big picture’ perspective (dream) of the ‘star’
that the organization wants to become in the long
run.
It shows where the organization is heading (the big
picture painted about the desired future position
created by top management into the minds of all
your stakeholders of what we aiming to become in 5-
20years )
09/24/13 nsserwanga@yahoo.com
Characteristics of an effective vision
• It should motivate your stakeholders to devote their
efforts towards achieving it. Otherwise enhance it
with your ‘strategic intent’
• Clearly understood/shared by your employees and
other stakeholders
• Precise and concise , easy to be recited by your key
stakeholders
• Not usually achieved, it is brought to reality by the
mission statement
09/24/13 nsserwanga@yahoo.com
Its benefits
• To motivate people’s efforts towards a common
desired/leading place in the firm’s competitive
environment
• To create synergy due to the common desired
strategic direction, that is why an effective vision
should in terms of ‘shared vision’
• It (its related strategic intent) makes people dream
more, create and innovate more, be more
committed, and work more to achieve that ‘star
dream’
• Task-Brain storm others
09/24/13 nsserwanga@yahoo.com
2) Mission
• Definition-is a fundamental unique aim or
purpose for an organization’s/a firm’s
existence that sets it apart from others of its
kind.
• It shows the world the unique reason why you
are in business, in terms of the unique nature
of business you are pursuing.
09/24/13 nsserwanga@yahoo.com
Definition cont-
• Defines the firms major/target industry scope,
market scope, geographical scope
• An invisible or common thread that positively sells
the company to its external customers/markets ,and
holds all internal parts( especially the human assets)
of the company together by way of consistently
guiding their decisions and actions
• Defined in terms of the customers to be served,
needs to satisfied, and the unique way of achieving
this.
09/24/13 nsserwanga@yahoo.com
Characteristics of a good mission
i. It should clearly define the firm’s business in its
environment
ii. It should positively sell the company to its
customers,employees,and publics
iii. It should act as an ‘invisible hand or thread’ that
competitively guides/holds all parts of the
organization together (perspective). Promote
teamwork focusing competitiveness.
09/24/13 nsserwanga@yahoo.com
Cont-
iv. Not too broad or too narrow
v. Should reflect the firm’s fundamental uniqueness
which motivates all those concerned.
vi. Should not be a ‘mere nice statement’ which your
staff will/do not follow. It should be
shared/understood, accepted, and acted upon by
your key stakeholders
09/24/13 nsserwanga@yahoo.com
Why it is needed
• To show how the company uniquely fulfills its
purpose for existence by reflecting the company’s
core perspective/philosophy (core values) to its
internal and external customers.
• To make the firm or organization to be acceptable
among its publics especially its target customers
(corporate image).
• To consistently guide the firm’s strategic direction in
relation to its present and future
customers,markets,and competitiveness.
09/24/13 nsserwanga@yahoo.com
Cont-
• To guide the consistent formulation of your
objectives, the strategies to achieve them,
and how to put these strategies into action.
• It acts as a rallying point hence maintaining a
competitive sense of direction
09/24/13 nsserwanga@yahoo.com
3)Business objectives-
definition/meaning
• Objectives are desired end-results that the
organization is aiming to achieve through its
existence and what it does in terms of
organizing, coordinating,leading,and
controlling activities.
• Objectives are specific aims that the
organization has decided to achieve.
09/24/13 nsserwanga@yahoo.com
Characteristics of generally good
objectives-We set several objectives.
• Should be clearly understood and accepted by key
stakeholders
• Should be set in line with the company’s mission statement,
strategic intent, and core competence
• Should be relevant to the firm’s external and internal
environment
• Especially the operational level objectives should be SMART
• Set through and managed by MBO
• Be hierarchical, measurable, relevant, and consistent
09/24/13 eabaho@mubs.ac.ug, 0782672898
Benefits of having good objectives
• Organizational members become goal
focused/ focused to the right objectives
(specific aims)
• They give a sense of achievement of common
desired ends towards which all management
and staff functions/activities should be
directed.
09/24/13 nsserwanga@yahoo.com
To set the right mission/objectives
• Consider;
1. Past company history-Past mission and
objectives ,and past performance
2. Values/briefs of top management to establish a
vertical fit with them
3. The relevant opportunities and threats
4. The relevant strengths and weaknesses
5. The companies core competence, mission
statement, and strategic vision or intent
09/24/13 nsserwanga@yahoo.com
MBO
• A consistent cycle of clearly accepted procedures of
involving all organizational members in the
achievement of common organizational goals and
objective
• Aimed at ensuring commitment/ a goal contract
(especially the unwritten goal contract) among all
managers (and staff) concerned in the different
functional areas and at the different levels of the
entire enterprise
09/24/13 nsserwanga@yahoo.com
MBO-cont
• Also aimed at tapping the creativity and
innovativeness, facit knowledge, experience, and
other latent competences
• Effective communication, team work,
motivation/encouragement/mentoring from the
managers, recognizing and rewarding excellent
performance KSFs are necessary for MBO to succeed
09/24/13
nsserwanga@yahoo.com
Steps involved in MBO
1. Central goal setting
2. Goal/objectives setting of individual departmental
and operational level- through productive/effective
meetings
3. Agreeing on how these objectives are to be
achieved
4. Giving them autonomy to achieve (to tap their
hidden competences) those agreed upon
objectives
09/24/13 nsserwanga@yahoo.com
Cont-
5. Clearly explaining how their performance is
to contribute to the accomplishment of the
overall company objectives
6. Measure their performance, identify the
deviations, and why the results are that way
7. Reward performers, encourage and train
those trainable non-performers
09/24/13 eabaho@mubs.ac.ug, 0782672898
Tasks/Assignment
• Brainstorm -the Merits and Demerits of MBO
• Using a business/company of your choice,
design a good vision & mission and good
hierarchical objectives clearly reflecting your
desired strategic direction.
09/24/13 nsserwanga@yahoo.com

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3 business goals

  • 2. Where do we want to be/achieve? • This question is answered by setting goals and objectives (desired end results to be achieve at different organizational levels and times) • This include your strategic vision/intent, mission/mission statement to guide competitive decision making, good hierachical objectives 09/24/13 nsserwanga@yahoo.com
  • 3. Arrangement of these business goals/purposes • Whether in a strategic plan or business plan or marketing plan, the generally accepted arrangement is as follows; 1. Vision -Ambitious firms follow it with the strategic intent 2. Mission -Sometimes accompanied with the company’s purpose/mandate, core values/shared values, and product/service portfolio to be offered 09/24/13 nsserwanga@yahoo.com
  • 4. Cont- 3. Strategic goals or objectives -These are long-term(3-5years) objectives set by top management, are broad/generalized/less detailed to allow flexibility at the different parts and levels of the organization that they affect. -They are usually not SMART enough. -Are sometimes accompanied by SBU/Divisional/branch objectives especially for already existing large organizations or firms 09/24/13 nsserwanga@yahoo.com
  • 5. Cont- 4. Tactical goals and/or objectives -Mid-term (2-3years)objectives usually set at the departmental level -Not so generalized, they more SMART compared to strategic goals -The decisions and actions (strategies) to achieve them are semi-structured 09/24/13 nsserwanga@yahoo.com
  • 6. Cont- 5. Operational objectives -Short –term( up to 1year)objectives set by low level/line managers such as supervisors and affect day-to-day activities -Must strictly be SMART because they are for implementing the above objectives -Are achieve through structured decisions and actions (strategies and tactics) 09/24/13 nsserwanga@yahoo.com
  • 7. Note • The first step in defining the firm’s strategic direction is to re- determine/determine the kind of business it is in. • This enables the company to set its strategic orientation in terms its current and future customers, their needs and expectations you/are to satisfy, and its fundamental unique way of satisfying them in light of our dynamic environment. • This enables better definition/re-definition of the company’s vision and mission (if necessary), the consistent formulation of goals and objectives, and crafting of the right consistent strategies at different levels of the organizational hierarchy. 09/24/13 nsserwanga@yahoo.com
  • 8. Their definitions, characteristics/features, and why we need them in business • Generally; 1. All these goals (vision, mission, and objectives) are desired end results that an organization wants to achieve 2. They should be clearly understood/shared, accepted, and seen as beneficial to the relevant-key stakeholders especially the employees 09/24/13 nsserwanga@yahoo.com
  • 9. Cont- 3. These goals are needed to provide the company/organization with competitive sense of direction towards which all management/staff activities and efforts should be focused or committed  In order to strategically/competitively achieve these goals, participatory approaches like MBO are recommended. 09/24/13 nsserwanga@yahoo.com
  • 10. 1) Vision • Strategic vision –The long-term business course. It is a guiding concept/motivating dream of what the organization is trying to do and to become in the long-term. It is a ‘big picture’ perspective (dream) of the ‘star’ that the organization wants to become in the long run. It shows where the organization is heading (the big picture painted about the desired future position created by top management into the minds of all your stakeholders of what we aiming to become in 5- 20years ) 09/24/13 nsserwanga@yahoo.com
  • 11. Characteristics of an effective vision • It should motivate your stakeholders to devote their efforts towards achieving it. Otherwise enhance it with your ‘strategic intent’ • Clearly understood/shared by your employees and other stakeholders • Precise and concise , easy to be recited by your key stakeholders • Not usually achieved, it is brought to reality by the mission statement 09/24/13 nsserwanga@yahoo.com
  • 12. Its benefits • To motivate people’s efforts towards a common desired/leading place in the firm’s competitive environment • To create synergy due to the common desired strategic direction, that is why an effective vision should in terms of ‘shared vision’ • It (its related strategic intent) makes people dream more, create and innovate more, be more committed, and work more to achieve that ‘star dream’ • Task-Brain storm others 09/24/13 nsserwanga@yahoo.com
  • 13. 2) Mission • Definition-is a fundamental unique aim or purpose for an organization’s/a firm’s existence that sets it apart from others of its kind. • It shows the world the unique reason why you are in business, in terms of the unique nature of business you are pursuing. 09/24/13 nsserwanga@yahoo.com
  • 14. Definition cont- • Defines the firms major/target industry scope, market scope, geographical scope • An invisible or common thread that positively sells the company to its external customers/markets ,and holds all internal parts( especially the human assets) of the company together by way of consistently guiding their decisions and actions • Defined in terms of the customers to be served, needs to satisfied, and the unique way of achieving this. 09/24/13 nsserwanga@yahoo.com
  • 15. Characteristics of a good mission i. It should clearly define the firm’s business in its environment ii. It should positively sell the company to its customers,employees,and publics iii. It should act as an ‘invisible hand or thread’ that competitively guides/holds all parts of the organization together (perspective). Promote teamwork focusing competitiveness. 09/24/13 nsserwanga@yahoo.com
  • 16. Cont- iv. Not too broad or too narrow v. Should reflect the firm’s fundamental uniqueness which motivates all those concerned. vi. Should not be a ‘mere nice statement’ which your staff will/do not follow. It should be shared/understood, accepted, and acted upon by your key stakeholders 09/24/13 nsserwanga@yahoo.com
  • 17. Why it is needed • To show how the company uniquely fulfills its purpose for existence by reflecting the company’s core perspective/philosophy (core values) to its internal and external customers. • To make the firm or organization to be acceptable among its publics especially its target customers (corporate image). • To consistently guide the firm’s strategic direction in relation to its present and future customers,markets,and competitiveness. 09/24/13 nsserwanga@yahoo.com
  • 18. Cont- • To guide the consistent formulation of your objectives, the strategies to achieve them, and how to put these strategies into action. • It acts as a rallying point hence maintaining a competitive sense of direction 09/24/13 nsserwanga@yahoo.com
  • 19. 3)Business objectives- definition/meaning • Objectives are desired end-results that the organization is aiming to achieve through its existence and what it does in terms of organizing, coordinating,leading,and controlling activities. • Objectives are specific aims that the organization has decided to achieve. 09/24/13 nsserwanga@yahoo.com
  • 20. Characteristics of generally good objectives-We set several objectives. • Should be clearly understood and accepted by key stakeholders • Should be set in line with the company’s mission statement, strategic intent, and core competence • Should be relevant to the firm’s external and internal environment • Especially the operational level objectives should be SMART • Set through and managed by MBO • Be hierarchical, measurable, relevant, and consistent 09/24/13 eabaho@mubs.ac.ug, 0782672898
  • 21. Benefits of having good objectives • Organizational members become goal focused/ focused to the right objectives (specific aims) • They give a sense of achievement of common desired ends towards which all management and staff functions/activities should be directed. 09/24/13 nsserwanga@yahoo.com
  • 22. To set the right mission/objectives • Consider; 1. Past company history-Past mission and objectives ,and past performance 2. Values/briefs of top management to establish a vertical fit with them 3. The relevant opportunities and threats 4. The relevant strengths and weaknesses 5. The companies core competence, mission statement, and strategic vision or intent 09/24/13 nsserwanga@yahoo.com
  • 23. MBO • A consistent cycle of clearly accepted procedures of involving all organizational members in the achievement of common organizational goals and objective • Aimed at ensuring commitment/ a goal contract (especially the unwritten goal contract) among all managers (and staff) concerned in the different functional areas and at the different levels of the entire enterprise 09/24/13 nsserwanga@yahoo.com
  • 24. MBO-cont • Also aimed at tapping the creativity and innovativeness, facit knowledge, experience, and other latent competences • Effective communication, team work, motivation/encouragement/mentoring from the managers, recognizing and rewarding excellent performance KSFs are necessary for MBO to succeed 09/24/13 nsserwanga@yahoo.com
  • 25. Steps involved in MBO 1. Central goal setting 2. Goal/objectives setting of individual departmental and operational level- through productive/effective meetings 3. Agreeing on how these objectives are to be achieved 4. Giving them autonomy to achieve (to tap their hidden competences) those agreed upon objectives 09/24/13 nsserwanga@yahoo.com
  • 26. Cont- 5. Clearly explaining how their performance is to contribute to the accomplishment of the overall company objectives 6. Measure their performance, identify the deviations, and why the results are that way 7. Reward performers, encourage and train those trainable non-performers 09/24/13 eabaho@mubs.ac.ug, 0782672898
  • 27. Tasks/Assignment • Brainstorm -the Merits and Demerits of MBO • Using a business/company of your choice, design a good vision & mission and good hierarchical objectives clearly reflecting your desired strategic direction. 09/24/13 nsserwanga@yahoo.com