Strategic objectives are broadly defined targets set of an organization. For the organization to achieve their set strategy, it must have a well defined strategic objective. Traditionally, financial report was used to base the performance of the company. This was however not appropriate to predict the future performance. It was also not effective to control the strategic plan that was set. It was for this reason that a balance score card was introduced. It is an important management tool that maps the organization performance. It has been adopted by many organizations at present. It allows the companies to implement the set strategies faster and effectively. This is realized through integrating management systems with the measurement systems. It is a reality that measurement motivates a company performance as the use of measurements has brought about success in many organizations worldwide.
Apart from just measuring the current performance of the company, the balance scorecard evaluates the future improvement of the firm using the present customers, the process, growth metrics and learning. The term scorecard signifies performance that has been quantified. Service industry mostly requires high business ethics. It is only this that makes one remain buoyant in the existing market (Hall, 2008).
To be the preferred and profitable company in making quality and customer made services that will be desired by all the customers who prefer to realize the value of their money from the services rendered by the organization.
To bring ethics into the service industry by providing the best quality of services through innovative and cost effective business practice and mutually beneficial partnerships with employers and suppliers thereby delighting our customers while caring for the community and environment which we operate.
When evaluating the strategic objectives, a manager should consider the following; the measurability of the objective; continuous, ongoing and none dated of the objective; the objective should be able to convert the vision and mission into action; the objective must be able to sustain the competitive advantage.
Financial Growth objectives
- Increase profitability- this will be attained through improving on the capital investment returns and the general profit margin of the organization.
- To increase revenue by at least 15% yearly
- To improve the gross profit by 12% yearly
- The financial growth must exceed $10 million before the end of ten years
- To reduce the general expenses by 10%
- To increase annually the profits by 15%
- To improve the general efficiency of the services provided according to the throughput
- To enhance the general productivity that is, utilizing fully the available resources
- Competition- to always be ahead of our competitors producing innovative cutting edge new services while adhering to the ethical competitive practices and procedures
- To expand sales to the current customers
- Customer Satisfaction- to always ensure high quality provision of services to our customers that not only meet their need but also provide an element of satisfaction
Trust need to be developed between the company and its customers to ensure maximum online service provision. This will increase sales and reduce cost of production due to low charges incurred online.
- Increase the customer attraction and retention methods
- Improve on the customer loyalty
- Get the maximum sell from the existing customers by cross selling the existing services.
Get customer feedback as it will help to anticipate the customer needs that keep on fluctuating
Develop and put in use the customer database as it will assist boost the relationship between the customer and the organization
- Introduction of the existing service into the new market
- Introduce new services to the new and already existing customers. This improves diversity and makes the organization to remain buoyant in the market.
- Expand the service promotions globally as this will create new customers and thus improving the online market.
- Improving the services provided to both the new and the existing customers. This does not only retain new customer but attracts new customers through referrals from the existing customers.
- Customer Service standards- to ensure that all the services produced are customer focused. This will increase focus on retail standards in high street business that will be translated into improvements in mystery shopper scores and a reduction in the number of customer contacts into central customer service center.
Program Management/ service
- To ensure all the services reach international standards.
- Improve on the company structure. This will allow change for the new strategy to be implemented effectively
- To continually advance internal procedure to be able to realize efficiency and effectiveness.
- Take advantage of the physical facilities available in the organization.
- Involve the community in the normal activities by getting involved on the community work and giving support to the less fortunate in the immediate society that you operate in.
- The use of wireless technology will be of much assistance in this digital era.
- To sensitize employees and make them realize the importance of computer and software system in the organization. This is very important especially in the service industry.
- Productivity- To engage in modern technology in production process aimed at cutting down cash and promoting efficiency and quality.
- Communication in the organization should be improved to allow smooth running of the business. Communication should be both vertical and horizontal. This means that, communication must not only run from one department to the other but from top level management to the lower level management. It should also be from lower level to the top level.
- To not only execute but also to maintain a CRM process to get better results.
- To have customer database and update it with their most recent information
- To hire, train and retain the right people for the right job
- To hire professionals only who will interact with the customer and realize sales from the customer.
- Developing leadership skills from the training given to employees This will assist in grooming future managers as one will not have to recruit new managers incase of a future position.
- Training employees on various jobs in the organization will help one to fit in any given job. This will reduce costs in the recruitment process in that incase of leaves; one can sit in for a different position without necessarily employing a new employee.
- Integrity and Ethics- to always abide by the roles and laws of the country of operation by practicing modern and acceptable management activities at all time.
- Motivate customers and staffs though giving rewards and incentives. This will assist in the attraction and the retention of both the customers and employees.
- Employee Welfare- to ensure that employees are competitively remunerated rewarded and recognized and above all subjected to continuous training in order to boost their skills and knowledge hence delivery of efficient on professional services to our customers.
- Social responsibility- being in the front line in establishing initiatives at community level to tackle society problems and providing realistic and sensible solutions now and in the future.
- Raise awareness on values- to focus on helping staffs understand what the values mean and how to apply them in their role (Pearce, 2004).
- Keeping learning and training a continuous process in the organization. This will make the organization be at the top in terms of current information thus have competitive advantages over the others in the same industry.
- Accountability- To ensure that everyone is accountable in whatever one is doing. This will reduce careless work and production of high quality services.
- Drive for results- being optimistic of the results. This value will drive employees to be motivated to achieve the set goals of the organization.