What are the strategic,tactical and operational objectives for
1.Finance
2.Marketing
3.Production
4.Assets
5.Purchasing/ Stock
6.Housekeeping
7.Human Resources
8.Administration
9.Public Relations
10.Management
That is when starting a business
Wouldn't those depend on the competetion, the local community, financial struture (debt mainly), health and envirnomental laws, local and federal laws relating to employee rights, the local base for hiring, local transportation infrastructure, communication infraststructure, ...and many other factors?
How can one formulate goals and operating performance objectives without consideration of these?
When starting a business, it's important to establish objectives that align with the overall goals of the organization. Here are some examples of strategic, tactical, and operational objectives for different functional areas of a business:
1. Finance:
- Strategic objective: Achieve financial stability and profitability.
- Tactical objective: Develop financial forecasting models to plan for future expenses and revenue.
- Operational objective: Implement effective financial controls to track expenses and optimize cash flow.
2. Marketing:
- Strategic objective: Build brand awareness and establish a strong market presence.
- Tactical objective: Conduct market research to identify target audience and develop marketing campaigns.
- Operational objective: Implement marketing initiatives to generate leads and increase customer acquisition.
3. Production:
- Strategic objective: Optimize production process to maximize efficiency and minimize costs.
- Tactical objective: Implement lean manufacturing principles to reduce waste and improve productivity.
- Operational objective: Ensure production schedules are met and quality standards are upheld.
4. Assets:
- Strategic objective: Acquire and manage assets to support business operations.
- Tactical objective: Develop asset management strategies to optimize utilization and minimize downtime.
- Operational objective: Conduct regular maintenance and repair to ensure optimal performance of assets.
5. Purchasing/Stock:
- Strategic objective: Establish efficient procurement processes and manage inventory effectively.
- Tactical objective: Develop vendor partnerships to negotiate favorable terms and prices.
- Operational objective: Maintain accurate stock records and optimize inventory levels.
6. Housekeeping:
- Strategic objective: Ensure a safe and clean working environment for employees and customers.
- Tactical objective: Develop cleaning and maintenance schedules to uphold hygiene standards.
- Operational objective: Train and equip staff to maintain cleanliness and orderliness.
7. Human Resources:
- Strategic objective: Attract and retain talented employees to support business growth.
- Tactical objective: Develop recruitment and selection strategies to hire qualified candidates.
- Operational objective: Implement training and development programs to enhance employee skills and performance.
8. Administration:
- Strategic objective: Establish efficient administrative processes to support business operations.
- Tactical objective: Implement technology solutions to streamline administrative tasks and improve productivity.
- Operational objective: Manage documentation and record keeping to ensure accuracy and compliance.
9. Public Relations:
- Strategic objective: Develop and maintain a positive image and reputation in the public eye.
- Tactical objective: Create and distribute press releases to media outlets.
- Operational objective: Organize and participate in public events or sponsorships to enhance brand visibility.
10. Management:
- Strategic objective: Set clear organizational objectives and align all functional areas towards achieving them.
- Tactical objective: Develop performance metrics to monitor progress and make informed decisions.
- Operational objective: Communicate effectively with teams, provide guidance, and monitor progress towards goals.
Remember, these are just examples of objectives for each functional area. The specific objectives will vary depending on the nature and goals of the business. It's important to define objectives that are specific, measurable, achievable, relevant, and time-bound (SMART) to ensure they can be effectively monitored and achieved.