Competitive Advantage

Does your business have a defined competitive advantage? Can you clearly articulate your goals, objectives, and key performance indicators? Perhaps it’s time to go back to basics and understand your company’s identity, origin, and purpose to society.

Taking the time to conduct market research about your company will help align your company’s overarching purpose with its goals, objectives, and key performance indicators (KPIs).

Goals are generally broad desired outcomes such as increase sales or acquire new clients. In order for a company to achieve its goals, a set of objectives must be established for each goal.

Objectives should be SMART (specific, measurable, achievable, relevant, and time-based). They should also directly support the goal and be in alignment with your company’s purpose. You will typically have multiple objectives for each goal. As such, you will have multiple strategies for each objective.

KPIs are a series of benchmarks used to measure your progress towards the completion of your objectives. KPIs should be SMART and should relate to specific business outcomes.

Setting clear goals, objectives and KPIs are essential to the success of any business. Take the time to step back and analyze your company’s identity, origin, and purpose prior to starting the goal setting process.