Most Fortune 500 companies have operations all around the world – all of them have international customers. In a survey conducted by USForex, about 58% of small businesses already had international customers, with 72% planning on growing their customer base in the coming years.
Some of the benefits of business going international are:
By specializing in international business, you’ll play a critical role in the exciting journey of expansion for a company.
Working across countries and cultures is a necessity for the survival of most organizations. Whether you dream of working abroad or working in an organization that is engaged in business on a global scale, having an international perspective to business gives you a competitive edge in today’s workforce. These skills and business knowledge aren’t only necessary for senior managers, but employees on all levels and from every department.
International business education is growing and offered at the undergraduate and graduate levels. For example, at FIU the 12-month Master of International Business program tackles topics including:
This curriculum prepares you to take on a key role in a business that will compete in the global business arena. You’ll work on improving performance while managing the ever-changing challenges of global markets.
There are a variety of careers that need an internationally-focused education: trading specialists, policy advisors, business analysts, and others. These roles report an average annual salary ranging from $80,000 to $125,000.
Your interest in international business will take you around the world — from your studies to your new roles at work. Studying abroad is common among international business programs to prepare you to work with different cultures and leadership styles. After that, depending on the career you pursue, you’ll find yourself with the ability to travel to Europe, Latin America, Asia and other regions around the world for business.
International education can open doors to exciting and new opportunities that are otherwise harder to achieve with regular business education. You’ll be an asset to any company in any industry, providing much-needed knowledge and skills to take a business to another level. The higher salary isn’t the only great return on investment, but so is the ability to travel and interact with people from different parts of the world.
If you’re considering earning a Master of International Business degree, join us for an information session online or in person.
Anyone who has spent meaningful time in the corporate world will confirm this: Running a successful business necessitates the establishment of clear and precise goals that will drive you and your team. These are called business objectives and understanding how to create them is critical to your organization’s growth and prosperity. This guide offers an overview of why objectives are important, and how to define them to propel your company toward success.
Objectives for a business are clear, concise, and achievable goals that an organization sets to define its purpose, direction, and target outcomes. They are aligned with the company’s vision and mission and serve as a roadmap to success and guide decision-making, resource allocation, and performance evaluation.
Objectives are important because they provide focus, direction, and motivation for an organization and its employees. They help prioritize resources and efforts, increase efficiency and accountability, and enable measurement of progress and success. Effective business objectives drive innovation and adaptation to market changes and customer needs.
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The following are the standard types of business objectives:
The primary objective of a business is often to ensure its long-term viability and stability.
Focuses on: Maintaining operations, avoiding bankruptcy, and ensuring that the business can continue to operate for years to come
Keeping the company profitable is a crucial goal for businesses, and these objectives reflect that intent.
Focuses on: Boosting revenue, reducing costs, and increasing efficiency to maximize profits and financial stability
Service-based businesses aim to provide high-quality, effective services to their customers.
Focuses on: Meeting customer needs and expectations, improving service quality, and delivering a positive customer experience
The objectives delineate businesses’ social responsibility to operate ethically and sustainably.
Focuses on: Positively impacting society, reducing the business’s environmental impact, and promoting social and environmental responsibility
This set of objectives highlights customer satisfaction as a critical factor in the success of a business.
Focuses on: Understanding customer needs and preferences, delivering high-quality products or services, and providing excellent customer service
Market share refers to the proportion of a market that a business serves.
Focuses on: Increasing market share, expanding the business’s customer base, and becoming a leader in the market
Enterprise objectives refer to a business’s overall goal of growth and expansion.
Focuses on: Increasing revenue, improving efficiency, and expanding operations to become a larger and more successful business
The five main business objectives are:
Financial stability and profitability
Growth and expansion
Customer satisfaction
Employee satisfaction and development
Social responsibility and sustainability
Here are some tips for writing effective business objectives:
Define the mission and vision
Analyze internal and external factors using SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis
Set specific, measurable, achievable, and relevant objectives
Prioritize objectives and allocate resources
Develop a plan of action
Regularly review and adjust objectives as needed
Be clear and concise and not open to interpretation
: Make objectives quantifiable, so you can track progress and determine if you have achieved them
Directly related to the mission and goals of the business
Align with the overall priorities of the business and support its long-term success
Be challenging but realistic with achievable milestones and clear steps to reach them
Have a specific timeframe with deadlines for achieving milestones and reaching the final objective
Factor in key stakeholders, such as employees and customers, in the objective-setting process to ensure buy-in and support
In conclusion, business objectives should be specific, measurable, relevant, achievable, and aligned with the company’s mission and vision. A SWOT analysis and regular review can help ensure that the objectives remain effective and relevant. By setting clear objectives and following best practices, businesses can improve their chances of achieving their goals and succeeding in their respective industries. To learn more about business objectives, sign up for the online business management courses offered by Emeritus, in association with the best universities around the world.
Write to us at content@emeritus.org