Objectives are the stepping stones – the measurable results – that tell you where your are in relation to your vision. While the vision statement expresses where you want to be quantitatively, objectives clarify and quantify the components that will get you to your ultimate goal.
The key to setting meaningful Objectives is to identify goals which are:
Why create measurable objectives?
Measurement leads to obvious insights into what works and what doesn’t, so decisions become easy to make.
Measuring gives you numbers you can trust and that trust turns into confidence about your decisions. Confident decisions lead to rapid profit increases. Confidence also leads to peace of mind. It makes operating your business so much easier, with less stress, less pressure, more clarity and results. However, you should write objectives only for your most important goals – more is NOT better!
And here’s the best part: By creating these metrics you can focus on “finding money from nowhere”. Every business has it, and you will “find” this money by knowing what, when and where to measure in your business. Measuring always releases money, like magic. The more you measure, the more magic you create and the more profit you find.
Jeff Prager has founded, run, grown and sold dozens of businesses, small and large. Along the way he's developed the 7 Key Numbers that drive revenue in every business - the core of Cash Flow Engineering. Jeff is an author, speaker, consultant, and business coach, and an adjunct professor of economics at UC Denver.