Most common areas to focus strategic business goals.

1. Increase Market Share

In order to grow a business needs to increase their share of competitive markets. Marketing plans start with the overall strategic business plan of a company but explaining further how specific aims will be carried out. Marketing plans address this through defining product or service offerings, researching target markets, analysis of competition, then strategically placing, pricing and promoting the company offering.

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2. Strengthen Financial Resources

Included in the growth objectives of an organisation is the availability of capital resources to invest in future expansion projects. If a company’s financial resources are strong, capital will conceivably come from cash reserves. For many organisations, strengthening financial resources means to build cash flow or also to increase assets. This is done in order to attract investors and court creditors to fund expansion. Related Reading: Examples of Strategic Management Plans

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3. Physical Resources

To companies that produce tangible products and physical resources could mean the plant, machinery, and other equipment are integral to producing a product. Service businesses could define physical resources as office space or computer equipment to enhance customer service and other business processes. In either respect, the goal of increasing physical resources deals with using equipment or machinery. This is to better produce a product or offer a service.

Productivity for any organisation means fine tuning a business process to achieve the best result for a customer while increasing profit. A manufacturing organisation that fine tunes a process could reduce waste, reduce production time, and in the end, make a better product that gets to the customer faster. A service business that changes the handling of customers can decrease call times and increase customer satisfaction and loyalty.

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4. Innovation

Innovation is a goal that helps a business stay ahead of the competition. Placing resources into research and development to create a new product or into offering a better service. This can pay dividends by entering a new and unique product or service into the marketplace.

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5. Action Planning

A business cannot move forward without defining specific action steps to take them toward their goals and identified business objectives. Action planning involves identifying the top objectives for an organisation, then developing SMART goals — goals are specific, measurable, achievable, realistic and timely. Therefore by setting and meeting SMART goals, an organisation will meet specific business objectives along the way.

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