> Objectiy, eS are spec achieve th Specific targets that the ization will pursue ji ben Ne the Goals I tells exactly how the Cal wil Be atained. Objective v eae They must be quantifiable and precise. They must answer Wj aa +» HOW, WHY, WHERE and WHEN. : easurable- They must allow the Entrepreneur to track progress. They Must be a dimension in your objectives that indicates the criteria joy Measuring success. It helps to keep you on track. They must answer How MUCH, HOW MANY, HOW WILL ONE KNOW WHEN Tr js ACHIEVED Y Achievable- \f an Objective is of value to the organization and is possible meaning can be accomplished and accomplished in the time allotted, careful planning will allow you to achieve them. Y Realistic- The organization must have the competencies and will, to work toward achieving them. Y Timely- There must be a time period specified, within which the objectives must be achieved, ‘The Execution of Formulated Strategies ‘The Strategies or Action Plans are to be properly implemented. Failing this, a great strategy may result in failure. Employees should be actively involved in the Implementation process as this will ensure commitment, Some of the Strategies that are employed will concern the following areas: © Production and Operations Management Function The Entrepreneur will focus on: optimizing the efficiency of the production processes ‘access and use of raw materials, use of division of labour and other procedures of work etc. Systems that are set up to maximize the use of human resource and capital (machinery and equipment) must include control procedures. This will enable the business to reap expected rewards. © Marketing Function The Entrepreneur employs strate; market in the most efficient manner, The strategies should be based on the 4 P’ Place, Price and Promotion. Satisfying the needs of the target market is paramount The Entrepreneur will aim to achieve and maintain the competitive edge. gies that will get the products and services to the target 's; Product, 0° Finance/Accounting The Entrepreneur focuses on making the enterprise financially sustainable and highly amount and profitable through the implementation of systems for the access of the right type of capital, managing and monitoring of cash flow, making wise investments: evaluating financial position etc. This function enables profitability to be tracked, costins systems to be implemented that will allow the entity to minimize costs and investors 4 prospective investors to have full confidence in the enterprise.