Corporate Goal-Setting and Developing Business Objectives

Develop specific and time-limited business objectives. Image: jscreationzs

Setting business objectives involves clarifying an organization's strategy and aligning it with business resources. Effective business goals and objectives should be SMART: Specific, Measurable, Attainable, Realistic and Time-limited. The following examples of corporate goal-settings will give insights to managers who participate in developing corporate objectives, are responsible for interpreting corporate objectives and are charged with applying corporate objectives in the daily business operations of a company.

Marriott Hotels & Resorts

Marriott's broad business goal is to make its customers feel like they have a home away from home. Business goals, however, can be expressed as either broad business goals or as specific, time-scaled business goals. As an example, in 2010 Marriott announced it development goals for a three year period. As part of its growth forecast through 2013, it set goals to add 90,000 hotel rooms between 2011 to 2013 in the U.S. and projected adding up to 22,000 rooms across Europe andn Asia.

Boeing

The development goals of staff are central to a company's broad business goals and objectives. Boeing, a leader in the aeronautics field, has formalized its development program for management through its Boeing's Waypoint Project, which aims to improve leadership capabilities that in turn helps the company to accomplish its business goals and objectives. An example of a manager's development goal might be to to take classes or obtain certification that will accelerate improvement in operational responsibilities.

3M

One of many 3M subsidiary companies, the 3M Company Health Information System develops information technology infrastructures for healthcare facilities. It has integrated its business goal to improve accessibility to patient data into one of its project mission statements, which is "capturing and integrating patient healthcare information to improve accessibility." This has become part of its corporate branding and was even integrated into the third-party communication of Advanced Technology Programs, a federal government agency that partners with the private sector to advance technological innovation.

Johnson & Johnson

In 2005, Johnson & Johnson set sustainability-related business development goals that aimed to eliminate PVC packaging in products. One of its "Healthy Planet 2010" project goals was expressly stated on its website, namely, to "[e]liminate PVC in primary, secondary and tertiary packaging across the corporation by year-end 2010." This is an example of a developmental goal. The company has also kept consumers and investors abreast of goal performance. On its website, it states that it has eliminated 97 percent of the secondary and tertiary PVC packaging and 100 percent of consumer sector primary PVC packaging.


References:

• Advanced Technology Program; 3M Company Health Information Systems: Capturing and Integrating Patient Healthcare Information to Improve Accessibility
• Johnson & Johnson: Healthy Planet 2010 Goal Performance
• Daily Finance; Marriott Outlines Growth Goals for Next Three Years; Hugh Collins; October 2010
• Harvard Business School Working Knowledge; Pulling Yourself Up Through the Ranks - The Smarter Way Toward Self-Development; Lorey Gary; December 2003