Whether it’s business, pleasure, or personal, your goals and objectives are important.
You may use different terms to define your objectives such as goals, aims, intentions, ambitions, aspirations, KPIs or targets, to mention a few.
You may use the different terms to represent different areas of your business or personal aims; the essentials, the non-negotiables, bonuses, or nice-to-haves.
However you choose to describe your ambitions, in this blog we aim to look at the definition of the word ‘objective’ to give you a foundation from which to start your important work, examples of objectives, and time frames for consideration.
Definition of 'objective'
Here’s a dictionary definition of the word ‘objective’ that I found helpful [1]
something toward which effort is directed : an aim, goal, or end of action
a strategic position to be attained or a purpose to be achieved
The objective is something you don’t currently have but want for yourself or your business. It is something you want to achieve or attain and are prepared to work towards to realise such an outcome.
There are also two key terms here; ‘effort’ and ‘action’. Your objective(s) require work from you. Your objectives will not achieve themselves and no one can achieve them for you.
Examples of business objectives
An objective could be something tangible such as new business premises or asset such as IT equipment, or something intangible relating a position or status that you want to reach that has meaning for you, or an area of work in which you wish to enter and excel.
An objective can take many forms (financial or economical, health, physical, emotional, stability, growth, ethical, environmental, or time orientated for example).
Financial and economic objectives tend relate to the money or cash elements of your objectives such as sales turnover and profit, or specified income you would like to derive from your business. These might be more target-based. For example, aiming for six- or seven-figure sales turnover, or drawing down an expected wage.
Money might be one of the tools you require to work towards a goal such as paying your bills, improving your circumstances, or aspirations concerning your home, holidays, and experiences.
In both cases, knowing your numbers is really important to set specific targets to meet your needs.
Whilst I am primarily referring to your business-related objectives, it is an excellent time to consider and incorporate your personal aspirations such as health, emotional, or physical needs. Whether that involves blocking time out for personal or mental space, making the most of that gym membership, or making time for friends, and family, your hobbies, and interests – being realistic about your personal circumstances is essential to make sure you can fit it all in.
Going back to our theme of business objectives, stability and or growth may be top of your list this year. Whether you want to achieve more predictable outcomes, or perhaps you want to expand your business and service offerings, outsource or delegate more, or grow your client base and your team – growth-related objectives require planning and implementation.
Your objectives may incorporate ethical or environmental factors as we are encouraged to seek better ways of working, or perhaps your requirements are industry or government led. Making such requirements part of your objectives and planning can be very beneficial and support other areas of your planning in terms of financial and time management or knowledge gaps.
Can I change my goals and objectives?
Ideally, your objectives are authentically yours, and most of which will be in your control, but there are external factors that will impact on your objective setting, particularly where you require the input of other people, or suppliers for example.
There are also your personal circumstances to consider, and what commitments you must meet outside of your work, particularly if work-life balance is important to you and your goal setting.
Understanding what internal and external factors can impact on your and your objectives is really important. Some things might be predictable such as seasonal changes, or unexpected such as illness.
Remaining flexible means you can adjust the proverbial sails to navigate those challenges should they arise.
You might also decide that a perceived objective wasn’t as important as you initially felt or your priorities have changed.
Objective time frames
Objectives are typically defined as short-, mid-, or long-term. So traditionally this might look like one, three, or five years.
But as with all goal setting, considering your business and personal circumstances and requirements is essential.
So, for example, you might have more urgent targets that must be achieved within say six months. Whilst this still forms part of your one, three, or five plan, being realistic about your time, availability, and circumstances will help you to prioritise accordingly.
Your short-term goals will typically have more detail about what they are and how you intend to achieve them (a plan), whereas your longer-term goals maybe bigger picture in style, but ultimately all your work should lead towards your defined objectives.
Clarification in terms of your availability, deadlines, reliance on external factors, in addition to being honest with yourself as to how much you can and want to do means you are less likely to fail or burnout.
Conclusion
Definitions are helpful, but it is more beneficial to define what the goal is to you and what it means to you. You are more likely to achieve an authentic aspiration that you are truly prepared to work for.
Objectives can take many forms: business, personal, tangible, intangible, professional, or financial, but make sure you list them all to understand where the work is to be done and what challenges will lie ahead.
Opt for the early reality check. Being honest with yourself is a key early-stage requirement to give yourself the best chance to succeed, this means being honest about your aspirations and your time availability and constraints.
If you would like help with your goal and objective setting then do get in touch.
Photo by Priscilla Du Preez 🇨🇦 on Unsplash
[1] “Objective.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/objective. Accessed 29 Dec. 2024.