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How to find New Business Objectives

mitStil.net Lifestyle Magazine Digital otential new business objectives

Your business is successful, your clients are happy, your employees enjoy their work but you want more? Then it’s time to have a look at potential new business objectives. It doesn’t matter if your are a business owner, an agency CEO or just a “normal” employee. I promise you, if there is a good idea there will be a way to implement this idea.

If you are a native business analyst in heart like me, who has a “creating the perfect business” approach you probably thought a few times how you can optimise processes or implement new ones. In an article I found this exciting definition of an business analyst “a business analyst is an agent of change” and yep.. I guess that’s true.

What is important to become a capable business analyst? I – for example – love analysing current status quo’s, analysing competitors and everything else which is needed (especially the way to get this basis information is pretty exciting for me!). Therefore I got several chances to implement new business objectives within digital agencies in the last few years and it is always a new and exciting challenge from the start to the end.

Now I want to share my experience and the most important steps with you. Enjoy it and keep the ball rolling!

Get through the following steps to find and implement new objectives:

1. Analyse your business and identify the main focus of the different departments and services
  • Define the different departments
  • What is the main focus of each department?
  • What offers the department at the moment?
    • Talk about:
      • Which tools they use
      • What they could offer without new/external resources
      • What the could offer with new/external resources
2. Competitive Analysis

A comprehensive analysis of the activities of the competition should be an ongoing business objective for your organization. Understanding where your products rank in the marketplace helps you to better determine how to improve your standing among consumers and improve your revenue.

This step from a digital agency point of view:
Analyse your key markets regarding offered services of your competitors. I used to do this with a simple Excel file to generate valid and simple data outcomes. First have a look on official agency rankings like digitalagencies.econsultancy.com to get an overview of the most important competitors in your market. Then start to set-up the services into umbrella terms and separate than the services into more detailed sections. You get this insights through analysing the most important public visible information on the several agency/competitor websites.

Example:

Umbrella term: analytics
Detailed services within the term: audience insights, social media monitoring, competitor analysis, brand analysis, business insights, customer journey analysis, marketplace analysis, social analytics, traffic analysis, trend exploration,….

3. Define your business objectives and goals

Your business objectives are the results you hope to achieve and maintain as you run and grow your business. Some goals deal with operational, employee, management, and business-development issues. Others deal with marketing issues, including goals such as “Increase brand awareness” or “Develop new markets for products and services.” These business goals become goals of your marketing plan.
What should you keep in mind?

Profitability
Maintaining profitability means making sure that revenue stays ahead of the costs of doing business. Focus on controlling costs in both production and operations while maintaining the profit margin on products sold.

Productivity
Employee training, equipment maintenance and new equipment purchases all go into company productivity. Your objective should be to provide all of the resources your employees need to remain as productive as possible.
Customer Service
Good customer service helps you retain clients and generate repeat revenue. Keeping your customers happy should be a primary objective of your organization. Ask yourself which additional services you can provide your existing and potential clients.

Growth
Growth is planned based on historical data and future projections. Growth requires the careful use of company resources such as finances and personnel, according to Tim Berry, writing on the “Entrepreneur” website.

3. Implementation of the new business objectives

This step will be the most exciting part, because now you have to challenge the different business units on their assumptions of how they will successfully execute the new business plans. Don’t forget to keep the management and team members informed about progress, daily activities, and technical issues.

4. Check and optimise the implementation if needed

 

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