Strategic objectives for a business Essay Example | Topics and Well Written Essays - 750 words

Strategic objectives for a business - Essay Example Its mission is offering excellent hair services and beauty products, to its customers. Its values include respect, leadership, integrity, diversity, and accountability. The paper will look at the business objectives in relation to the four pillars of balanced scorecard including the financial pillar, customer pillar, internal operations pillar, and employees’ pillar. One of the key objectives as far as the financial pillar is concerned is coming up with an effective internal control environment. Such an environment would prevent financial crimes such as fraud or embezzlement of the business’ financial resources. The second key objective is ensuring stability in revenue and profitability. This is important as far as growing the shareholder wealth. For example, ensuring profitability stability contributes to the stability of the shares’ prices, which is in the best interest of the shareholders. The third key strategic objective is maximizing the shareholder wealth. This would happen, for example, by a business operating at optimum level would maximize the shareholder wealth. One of the key strategic objectives as far as customer pillar is concerned is enhancing customer satisfaction. Since the business is offering both services and products, customer satisfaction is extremely important. It helps in ensuring that the customers make repeat visits in the business, which helps in growing the market share. A key metric for this objective is the number of absenteeism within a given period. The second key strategic objective is offering high quality services and products to the customers. The customers expect value for money when they purchase the beauty products (Chia-Chen, 2006). The hair services should be excellent, which would translate into increased customer satisfaction. An effective metric for this objective is the number of repeat customers per a given period. The third strategic